May 2023 Regina Real Estate Market Update
Regina Real Estate Market Update May 2023
SASKATCHEWAN SHIFTING TOWARDS MORE BALANCED CONDITIONS
Saskatchewan reported 1,216 sales in April, down 21 percent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 percent year-over-year decline and remain over 30 percent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.
“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”
The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.
“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.
City of Regina
Year-over-year sales activity in Regina slowed for the fourth consecutive month. Despite the decline, sales levels are only slightly below long-term, 10-year averages. Inventory levels remain over 25 percent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.
Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5 percent lower than April 2022.
Data and quotes from SRA (Saskatchewan REALTORS® Association).