Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Heading into the fall of 2024, real estate is *on sale!* As interest rates and revised mortgage rules make it easier for people to buy homes, it's anticipated the market will be even busier next year than it was this year. If you're sitting on the fence, get to looking for your new home before it's 20K more expensive in 6 months! Prices are up 5% from last year and inventory is still low. We are planning for 2025 and would be happy to discuss any real estate goals you may have!
Statistics for September:
Total Sales: 320
New Listings: 407
Total Inventory: 809
Months of Supply: 2.53
DOM (Days on Market): 37
Benchmark Price: $320,700
Percentage of new listings to sales: 79%
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 1,398 sales in September, an eight percent year-over-year increase and nearly 15 percent above long-term, 10-year trends. September marked the fifteenth consecutive month of above-average sales in Saskatchewan, with sales levels across the province amongst the strongest ever reported for the month.
Strong gains in the detached sector drove much of the year-over-year sales growth, accounting for nearly 73 percent of monthly sales. Sales levels also improved across nearly every region of the province, with year-to-date sales currently on pace to be the second highest on record.
“Record population growth, favourable economic conditions, and an improving labour market continue to support strong demand in Saskatchewan’s housing market,” said Association CEO, Chris Guérette. “When paired with easing lending rates, these factors are, without question, contributing to a fifteenth consecutive month of above-average sales.”
New listings trended down in September, a two percent year-over-year decline and over 16 percent below long-term trends. The pullback in new listings relative to sales resulted in a 17 percent year-over-year inventory decline, nearly 40 percent below the 10-year average—the lowest level reported in September since 2007.
Saskatchewan reported a residential benchmark price of $343,800 in September, down from $344,700 in August and nearly six percent above September 2023. Meanwhile, all Saskatchewan cities reported year-over-year benchmark price increases – with the largest increase (13 percent) in the City of Moose Jaw.
Are you looking to buy, sell, or invest in the local Regina real estate market? Our team is here to guide you every step of the way. Fill out the online contact form or call at 306-552-7047 for a personalized consultation and let us help you achieve your real estate goals.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.