Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Wow, wow, wow! The Regina Real Estate market continues to perform! 95% of new listings are selling, prices are increasing and inventory is remaining low. The amount of total sales Regina that occurred October is well above the 10 year average and sales year to date are up 14%. It’s been an incredible year to sell and chances are prices will continue to increase well into 2025.
Statistics for October:
Total Sales: 364
New Listings: 384
Total Inventory: 691
Months of Supply: 1.90
DOM (Days on Market): 40
Benchmark Price: $321,000
Percentage of new listings to sales: 95%
Ask to Sale Price Ratio: 0.98
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 1,520 sales in October, the highest monthly sales level ever reported for the month. Sales were over 21 percent higher than last year’s levels and 36 percent above long-term, 10-year historical averages. Sales levels improved across all regions of the province in October, contributing to a year-to-date gain of over 8 percent.
Despite modest monthly growth in new listings, the sixteenth consecutive month of above-average sales in Saskatchewan led to further inventory declines – with inventory at the lowest point in October since 2007. The steepest inventory declines were experienced in homes priced below $300,000, while the only monthly inventory gains were reported in homes priced above $600,000.
“Saskatchewan continues to benefit from several positive economic factors supporting above-average housing demand across our province,” said Association CEO, Chris Guérette. “Unlike some parts of the country, housing demand remains strong despite significant inventory challenges – as demonstrated by a sixteenth consecutive month of above-average sales.”
Strong monthly sales, combined with lower inventory, resulted in the months of supply falling to just above three months across the province—an exceptionally low figure for the month of October. The relatively tight market conditions throughout much of 2024 continue to place upward pressure on prices, as nearly all Saskatchewan communities reported year-over-year benchmark price gains this month.
Saskatchewan reported a residential benchmark price of $343,400 in October, down slightly from $343,800 in September. While a slight month-over-month price decrease is expected and in line with seasonal factors, the October benchmark price is nearly six percent above October 2023 – with prices improving across all property types compared to last year.
“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said Guérette. “Recent rate cuts are expected to support even stronger demand – with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now.
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