Key Takeaways
March observed a minor 2% decrease in sales from the previous year in Saskatchewan but remained 10% higher than last year’s figures overall.
Inventory struggles persist, with a 15% year-over-year reduction, nearly 40% below the decade’s average.
Regina’s housing market experienced a nearly 7% increase in sales, with benchmark prices rising to $313,100.
Saskatchewan’s average home price increased to $334,500, indicating a near 4% rise from March 2023.
Regina Market Update
In March 2024, Regina's real estate landscape demonstrated resilience and growth amidst challenging conditions. The city reported a significant rise in transactions, recording 312 sales, marking a nearly 7% increase compared to the same period last year and outperforming the long-term trend by 23%. This surge comes despite a reduction in new listings, which has led to a static inventory level, maintaining just over two months of supply.
The benchmark price for homes in Regina witnessed an uptick, reaching $313,100, a growth of nearly 2% from February 2024 and illustrating a continued upward trajectory in property values. This price adjustment reflects the ongoing demand in Regina’s market, fueled by a scarcity of available listings and a steady influx of buyers. The competitive landscape has underscored the necessity for prospective homebuyers to act swiftly in a market where options are quickly diminishing, especially in the more affordable segments.
Saskatchewan’s Overview
Across the broader Saskatchewan province, the real estate market has shown a similar pattern of strength and tight supply. Despite a slight 2% decline in sales when compared year-over-year, the market remains buoyant, with sales figures for March staying 6% above the ten-year average and 10% higher than the previous year on a year-to-date basis. The persistently low inventory, which has dipped by 15% from last year and is nearly 40% below the ten-year trend, poses significant challenges, echoing sentiments across many regions within Saskatchewan.
The province's average benchmark price in March was reported at $334,500, marking a growth from the previous month and a near 4% increase from March 2023. This continued appreciation in home values across Saskatchewan highlights the prevailing market conditions that favor sellers, driven by high demand and limited supply.
Chris Guérette, CEO of the Saskatchewan Real Estate Association, emphasizes the ongoing struggle with inventory shortages, particularly in affordable housing segments. The anticipation for the spring market has highlighted the existing gaps in supply, making it a challenging season for those looking to enter the housing market.
In summary, Regina and the broader Saskatchewan region are experiencing a dynamic real estate market characterized by strong sales, limited inventory, and rising prices. The trends indicate a seller’s market, where competition is fierce, especially for affordably priced homes. Prospective buyers in Regina and across Saskatchewan are advised to navigate the market with urgency and preparedness as the spring season unfolds.
Source
https://saskatchewanrealtorsassociation.ca/market-watch-march-2024/
