Key Takeaways:

• Saskatchewan sales remain above historical averages for the 14th consecutive month.

• Regina sales in August increased by 8% year-over-year, outpacing long-term trends.

• Provincial inventory levels are down 17% year-over-year, contributing to rising prices.

• Regina's benchmark home price increased to $319,700, up 3% from last year.

Regina Market Update

In August 2024, Regina experienced strong housing demand with 387 homes sold, marking an 8% year-over-year increase and 29% above the 10-year average. Year-to-date sales in the city reached 2,765 units, up 15% compared to 2023, despite ongoing challenges with inventory shortages.

The supply of homes in Regina remains tight, with inventory levels down 22% from last year and over 40% below long-term trends. These conditions have driven home prices upward, as the city reported a benchmark price of $319,700, a slight increase from July and a 3% gain compared to August 2023.

Saskatchewan Real Estate Overview

Provincial sales continue to exceed historical averages for the 14th consecutive month, although August saw a 7% year-over-year decrease in total sales, with 1,507 units sold. This decline is offset by long-term strength, as year-to-date sales remain 7% higher than last year. The province’s inventory levels dropped by 17% year-over-year, remaining 40% below 10-year averages, which continues to fuel price increases.

Across Saskatchewan, the benchmark price for a residential home reached $344,700 in August, representing a 6% year-over-year increase. The combination of tight inventory and robust demand continues to place upward pressure on prices, particularly in lower price ranges.

Setting a competitive listing price is crucial when selling your home. A well-calculated price attracts buyers, generates interest, and ultimately helps you secure the best possible deal. Here's how to set the right price for your home.

Understand Market Value

The market value of your home is what buyers are willing to pay in the current market. It's determined by several factors, including recent sales of comparable homes in your area, the current demand for homes, and the overall condition of your property. By setting a competitive listing price that aligns with the market value, you can maximize your chances of attracting serious buyers.

Key Considerations for Market Value:

• Comparable Sales: Review the sale prices of similar homes in your neighborhood.

• Property Condition: Consider how your home’s condition compares to others.

• Market Demand: Take into account the current buyer demand in your area.

Overpricing can deter potential buyers, leading to your property staying on the market longer, which can further decrease its perceived value. Conversely, pricing too low might attract interest but could result in lower offers.

Use a Comparative Market Analysis (CMA)

A Comparative Market Analysis (CMA) is an essential tool your real estate agent will use to determine a competitive listing price. This report compares your home to similar properties that have recently sold in your area.

Benefits of a CMA:

• Accurate Pricing: Helps set a price that is competitive with similar homes on the market.

• Market Insights: Provides a clear picture of what buyers are willing to pay.

• Strategic Listing: Ensures your property is priced to attract the right buyers.

By reviewing the CMA, you can confidently set a listing price that reflects the current market conditions, making your home more attractive to prospective buyers.

Consider the Impact of Timing

The timing of your listing can significantly affect its marketability. Homes typically generate the most interest when they are first listed, so it's essential to set a competitive price from the start. If your home is priced too high initially, you may miss out on this critical period, leading to a prolonged listing and potentially lower offers in the future.

Why Timing Matters:

• First Impressions: Homes often attract the most interest in the first few weeks of listing.

• Market Fluctuations: Real estate markets can change rapidly; pricing competitively ensures you don’t miss the peak interest.

• Buyer Psychology: A home that lingers on the market may be perceived as overpriced or less desirable.

Make a strong initial impression by pricing your home competitively right from the start.

Monitor Market Trends

Real estate markets are dynamic, with trends that can change quickly based on economic conditions, interest rates, and local factors. Keeping an eye on these trends can help you adjust your pricing strategy as needed.

How to Monitor Trends:

• Stay Updated: Regularly check market reports and updates.

• Consult Your Agent: Your real estate agent can provide insights into local trends.

• Adjust Pricing: Be prepared to adjust your price if the market shifts.

By staying informed, you can ensure that your listing price remains competitive throughout the selling process.

Get a Home Valuation Now

Curious about the current value of your home? Knowing your home's market value is the first step in setting a competitive listing price. Don’t leave it to guesswork—get an accurate, professional valuation today!

Why Get a Home Valuation?

• Accurate Pricing: Ensure your home is priced right to attract serious buyers.

• Market Insights: Understand where your property stands in the current market.

• Informed Decisions: Make strategic choices about listing your home based on solid data.

Final Thoughts

Setting a competitive listing price is a strategic process that requires a deep understanding of the market, careful analysis of comparable properties, and consideration of current trends. By working closely with your real estate agent and using tools like a Comparative Market Analysis, you can price your home to attract the most interest and achieve a successful sale.

Ready to price your home competitively and attract serious buyers? Contact Jennica George today to get started! For more insights on setting the right price and selling your home, call Jennica - 306-581-1212.

Helping your child find the right student housing can be challenging. While many parents look for the best rentals for students in Regina or consider student apartments near the University of Regina, purchasing a condo might be a smarter choice. Here’s why:

1. Long-Term Investment

Instead of spending money on student apartments near the University of Regina year after year, why not invest in a property? A condo can appreciate in value, turning what would be rent into equity over time.

2. Stable Housing Costs

With rental prices rising for the best rentals for students in Regina, buying a condo allows you to lock in your housing costs. This stability can ease financial planning throughout your child’s university years.

3. Potential Rental Income

If your condo has extra rooms, you can rent them out to other students searching for safe off-campus housing near the University of Regina. This additional income can help cover mortgage payments, making the investment even more beneficial.

4. Control Over Living Conditions

Choosing safe off-campus housing near the University of Regina is a priority for any parent. By owning a condo, you have complete control over the living conditions, ensuring that your child’s home is safe and well-maintained.

5. Tax Benefits

Owning a condo near the university can come with significant tax advantages. You may be able to deduct mortgage interest and property taxes, making this option more cost-effective than renting the best rentals for students in Regina.

6. Flexibility After Graduation

Once your child graduates, you’re not stuck searching for new tenants or worrying about student apartments near the University of Regina. You can keep the condo for future students, rent it out, or sell it.

7. A Smart Financial Move

Properties Near the U of R

Investing in a condo instead of paying rent for student apartments near the University of Regina can build long-term wealth. Over time, the equity in a condo can offer a solid return on investment, far outpacing the benefits of renting.

Interested in exploring this option? View properties near the University of Regina to see what’s available.

Owning a condo could provide a safe and stable environment for your child while potentially being a sound financial investment for your family. Why settle for renting when you can secure both your child's future and your own?

Explore More Housing Options in Regina

If you're considering purchasing a property near the University of Regina, there are several options available that fit various budgets and needs. Here are some useful links to help you find the perfect home or condo:

• Condos for Sale in Regina: Explore a variety of condos available in Regina, perfect for students or as a long-term investment.

• All Houses for Sale in Regina: Browse through the complete listing of houses for sale across Regina, offering a range of sizes, styles, and prices.

• Houses for Sale in Regina $200K to $300K: Looking for something in the mid-range? Check out houses available in the $200,000 to $300,000 range.

• Houses for Sale in Regina $300K to $400K: For those with a slightly higher budget, explore homes in the $300,000 to $400,000 range.

Use My Mortgage Calculator to Understand Your Payments

Before making any real estate decisions, it's crucial to understand your potential mortgage payments. Use my mortgage calculator to estimate your monthly costs and see how different property prices and down payments affect your budget. This tool can help you plan your investment with confidence.

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.

Key Takeaways

• Regina's real estate market is experiencing steady growth.

• Saskatchewan's overall housing market remains stable.

• Inventory levels and pricing trends show positive signs for both buyers and sellers.

Regina Market Update

The real estate market in Regina continues to show a strong performance as we move through June 2024. The city has seen a consistent increase in property sales compared to the same period last year. This growth is driven by a combination of favorable mortgage rates and a strong local economy, which have boosted buyer confidence.

Residential sales in Regina have increased by 8% year-over-year. Detached homes remain the most popular choice, with a notable rise in demand for properties in established neighborhoods. The average sale price for a home in Regina has climbed to $330,000, reflecting a 5% increase from June 2023. This upward trend is expected to continue as more buyers enter the market.

The inventory levels in Regina are beginning to stabilize after a period of tight supply. New listings have increased by 10% compared to last year, providing more options for prospective buyers. However, well-priced properties are still selling quickly, often receiving multiple offers.

Saskatchewan Market Overview

The broader Saskatchewan real estate market remains resilient, with stable growth observed across the province. Residential sales have seen a 6% year-over-year increase, supported by strong performances in both urban and rural areas. The average sale price for homes in Saskatchewan has risen to $295,000, marking a 4% increase from June 2023.

Inventory levels in Saskatchewan have shown a slight improvement, with a 7% increase in new listings. This increase in supply is providing a balanced market environment, beneficial for both buyers and sellers. Rural properties are experiencing heightened interest, particularly among those seeking more space and a quieter lifestyle.

The market stability in Saskatchewan is attributed to steady economic conditions and ongoing demand for housing. As we progress through the year, both Regina and the wider Saskatchewan region are expected to maintain their positive momentum, providing opportunities for real estate investors and homeowners alike.

Conclusion

The real estate market in Regina and Saskatchewan is demonstrating robust growth and stability as we navigate through June 2024. With increasing sales, rising prices, and improving inventory levels, the outlook remains positive for the coming months. Buyers and sellers in the region can expect a healthy market environment, supported by strong economic fundamentals and buyer demand.

For more detailed information and personalized insights into the Regina and Saskatchewan real estate markets, feel free to contact Jennica George at Remax Realty.