Regina Real Estate Market Statistics

Regina Real Estate Market Update February 2024

STRONG DETACHED SALES LEAD THE SEVENTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES IN SASKATCHEWAN

Saskatchewan

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 percent and nearly 18 percent above long-term, 10-year averages. Strong detached home sales primarily drove the seventh consecutive month of above-average sales in the province in January.

Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

Inventory levels declined by 18 percent year-over-year and remain over 36 percent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 percent higher than January 2023.

“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guèrette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan.”

City of Regina

The City of Regina reported 179 sales in January, a year-over-year gain of over 35 percent and 25 percent above long-term trends.

New listing growth in January was not enough to offset strong monthly sales, as inventory levels dipped by nearly 19 percent year-over-year and remained over 33 percent below the 10-year average.

The City of Regina reported a benchmark price of $301,900 in January, up from $299,800 in December and nearly 2 percent below January 2023.

Data and quotes from SRA (Saskatchewan REALTORS® Association).

Regina Real Estate Market Update Feb 2024

Regina Real Estate Feb 2024

Regina Real Estate HPI Feb 2024


Regina Real Estate Market Update for the year 2023

🏡 Prices are down 3%. Benchmark price is $309,775.
🏡 Days on the market is 50.
🏡 Total Sales 3,444, down 5% from 2022.
🏡 New listings are down 12% at 4,852, down 12% compared to the 10-year average.
🏡 Inventory is down 14% from last year at 956 and down 24% compared to the 10-year average.
🏡 The months of supply is 3.33, down 10% from 2022, compared to the 10-year average, down 37%.
🏡 The sales-to-new-listings ratio is 71%, compared to the 10-year average of 54%.


Regina Real Estate Market Update January 2024

SASKATCHEWAN CLOSES 2023 WITH SIXTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES

Saskatchewan

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 percent and 13 percent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 percent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 percent year-over-year in December and remained nearly 35 percent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 percent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 percent and 24 percent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 percent in 2023. This resulted in further reductions in inventory levels, which remain over 33 percent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 percent below December 2022.

Data and quotes from SRA (Saskatchewan REALTORS® Association).

Regina Real Estate Market Update Jan 2024

Regina Real Estate Jan 2024

Regina Real Estate HPI Jan 2024

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