December 2023 Regina Real Estate Market Update
Regina Real Estate Market Update December 2023
FIVE CONSECUTIVE MONTHS OF ABOVE-AVERAGE SALES DESPITE INVENTORY WOES
There were 1,006 sales reported across the province in November, a 10 percent year-over-year increase, marking the fifth consecutive month of year-over-year sales increases in Saskatchewan. Much of the monthly sales gains were driven by rising activity in the Regina and Saskatoon Regions. As seen in previous months, year-to-date sales remain well above long-term, 10-year trends, as the province continues to report strong sales.
A slight year-over-year increase in new listings was not enough to offset above-average November sales, causing further retractions in inventory levels, specifically in homes priced below $400,000. Inventory levels decreased by over 16 percent on a year-over-year basis and remain over 30 percent below long-term, 10-year averages.
“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” said Association CEO, Chris Guérette. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”
The months of supply rose above five months in November, slightly higher than levels reported earlier this year, but still over 40 percent below the 10-year average. Despite a slight gain in the months of supply compared to October, nearly all of the growth was in higher-priced products, as the more affordable segment of the market continues to face significant inventory challenges.
In line with typical seasonal factors, Saskatchewan reported a slight decrease in the benchmark price of $324,400 in November, down from $327,300 in October and up nearly 2 percent from November 2022.
“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” said Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”
City of Regina
The City of Regina reported 240 sales in November, up nearly 16 percent year-over-year and 14 percent above long-term, 10-year trends.
Strong sales and a decline in new listings failed to offer any supply relief in November, as inventory levels were down 21 percent on a year-over-year basis and remained over 30 percent below long-term, 10-year trends.
With only 3.5 months of supply, Regina continues to experience significant supply challenges in the more affordable segment of the market. Despite strong sales and relatively tight market conditions, the Queen City reported a benchmark price of $305,000 in November, down from $308,500 in October and nearly 3 percent below November 2022.
Data and quotes from SRA (Saskatchewan REALTORS® Association).