Key Takeaways:
Saskatchewan saw an 8% year-over-year increase in sales during September, with detached homes making up 73% of the total.
Regina’s housing market continues to thrive with strong sales activity and a nearly 5% increase in benchmark prices from September 2023.
New listings are down in both Regina and Saskatchewan, leading to tighter market conditions and a reduction in available inventory.
Regina Market Update
The City of Regina continues to show robust real estate activity. In September 2024, 320 homes were sold, marking the second-highest sales figure on record for the month. This represents a 5% increase compared to the same period last year and 19% above the 10-year trend. Despite the high sales volume, the number of new listings has seen a significant decline, contributing to a 23% year-over-year reduction in available inventory. Currently, inventory levels are 40% below the long-term average.
With increased buyer demand and fewer available homes, Regina's real estate market remains competitive. The benchmark price for residential properties in the city hit $320,700 in September, slightly up from $319,700 in August and representing a 5% year-over-year increase compared to September 2023.
Saskatchewan Real Estate Trends
Across the province, Saskatchewan reported 1,398 sales in September, an 8% year-over-year increase. Sales activity has been above the 10-year average for 15 consecutive months, fueled by population growth and favorable economic conditions. Detached homes led the surge, accounting for 73% of the total sales in the province. However, new listings have dropped, with September seeing a 2% year-over-year decline and inventory down 17%.
The provincial benchmark price in September was $343,800, reflecting a slight drop from August but 6% higher than September 2023. The tight inventory and continued demand suggest further price stability going forward.
