The real estate market in Regina continues to surprise us, with a decrease in home prices 4 months in a row while the amount of inventory remains at record lows and the number of home sales increase. It’s surprising to see a decrease in prices with such low inventory, or such tight market conditions as the media is saying. Interest rates are definitely affecting affordability, with homes in the lower price ranges (under $400,000) being in significant demand.
STATISTICS FOR SEPTEMBER:
Total Sales: 305
New Listings: 442
Total Inventory: 979
Months of Supply: 3.21
DOM (Days on Market): 51
Benchmark Price: $308,700
Percentage of new listings to sales: 68%
Ask to Sale Price Ratio: 97%
INSIGHTS FROM CHRIS GUÉRETTE:
The CEO of the Saskatchewan Realtors Association reported 1,295 sales across the province in September, a year-over-year gain of 2.5 per cent and 6.3 per cent above long-term, 10-year averages. While year-to-date sales have eased compared to last year, Saskatchewan continues to report sales well above long-term trends. Supply challenges continued across the province in September, as inventory levels were over 12 per cent lower than levels seen last year and nearly 32 per cent below the 10-year average. As inventories improved in higher-priced properties, much of the inventory decline is once again being driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.
“As seen in previous months, significant supply challenges continue to persist across Saskatchewan, specifically in the more affordable segment of our housing continuum,” noted Association CEO, Chris Guérette. “Inventory challenges and higher lending rates are, without question, impacting sales activity across the province, but relative affordability paired with strong economic growth is supporting above-average sales in our market.”
Strong September sales and ongoing supply challenges translated to 4.8 months of supply across the province, the lowest level reported in September since 2009. The provincial benchmark price reached $328,000 in September, up slightly from $327,800 in August and 1.1 per cent above September 2022.
“Provincial prices remain stable as price gains in Saskatoon, Prince Albert, and Yorkton offset price declines in Regina and Swift Current in September,” said Guérette. “Ultimately, real estate is local, and conditions vary across the province. That said, supply challenges in the lower-priced, more affordable segment of our market remain a significant concern provincially.”
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