Key Takeaways:
Strong Sales Growth: Regina saw a 10% year-over-year increase in sales for July 2024, marking a significant rise above the 10-year average.
Price Stability: Regina's benchmark price in July 2024 was $318,400, showing a steady increase compared to the previous month and year.
Tight Market Conditions: Inventory levels remain low, with months of supply in Regina down by over 26%, keeping market conditions competitive.
Regina Market Update
In July 2024, Regina's real estate market experienced notable growth, with sales reaching 381 units, a 10% increase compared to July 2023. This surge in sales also represents a 26% boost above the long-term, 10-year averages, reflecting the ongoing demand for housing in the region.
The benchmark price for residential properties in Regina climbed to $318,400 in July 2024, up slightly from $318,100 in June and 0.5% higher than the same period last year. Despite a modest year-over-year increase in new listings, inventory levels have decreased significantly, down by 26% compared to July 2023, which continues to put pressure on prospective buyers in the city.
Regina continues to experience tight market conditions, with just over two months of supply available. The limited inventory, combined with strong buyer demand, has maintained upward pressure on home prices. This situation is particularly evident in the more affordable segments of the market, where the lack of available homes has restrained even higher sales volumes.
Saskatchewan Market Overview
Provincially, Saskatchewan reported 1,667 sales in July 2024, a 7% increase from the previous year and significantly above the long-term average by over 20%. The ongoing strong demand for housing across the province has kept sales robust, despite the ongoing inventory challenges. New listings did see a slight increase, but this had little impact on overall inventory, which remains over 40% below the 10-year average.
Saskatchewan’s residential benchmark price stood at $344,800 in July 2024, showing steady growth from the previous month and a near 5% increase compared to July 2023. Prices are on an upward trend across all property types, driven by sustained demand and limited supply.
While the market remains challenging for buyers, especially in larger urban centers like Regina, the overall outlook for the province’s real estate market remains positive, with continued growth expected in the coming months.
