Saskatchewan reported 1,841 sales in May 2024, marking a 6% year-over-year increase and a 24% rise above the 10-year average. Significant gains were seen in the Swift Current-Moose Jaw and Northern regions. Despite seasonal increases in new listings, strong sales have kept inventory levels at their lowest since 2008, especially for homes priced below $300,000.
Chris Guérette, Association CEO, highlighted the impressive eleventh consecutive month of above-average sales despite inventory challenges. The residential benchmark price reached $340,400 in May, up slightly from April and over 4% higher than May 2023, with notable price gains in apartment and row/townhouse properties.
The months of supply fell below three in May, with Regina and Saskatoon reporting less than two months. Anticipated rate cuts are expected to spur demand, maintaining upward pressure on prices due to tight inventory.
Regional Highlights:
- Year-to-date sales improved across all regions, with significant gains in Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw.
- Regina-Moose Mountain and Saskatoon-Biggar reported the tightest market conditions with 2.59 and 2.04 months of supply, respectively.
Price Trends:
- Home prices increased across many regions, with the highest gains in Saskatoon-Biggar and Swift Current-Moose Jaw.
- City of Melfort saw the highest year-over-year price gain at over 13%.
- Cities like Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, and Prince Albert also reported year-over-year price gains.
City of Regina:
- Reported 440 sales in May, up 5% year-over-year.
- Inventory levels remained nearly 50% below long-term trends with 1.69 months of supply.
- Benchmark price was $320,000, slightly up from April and 2% higher than May 2023.
City of Saskatoon:
- Reported 573 sales in May, up 7% year-over-year.
- Inventory levels decreased by 21% year-over-year, remaining nearly 50% below long-term trends.
- Benchmark price was $397,200, down slightly from April but nearly 6% higher than May 2023.
FAQs
What was Saskatchewan’s residential benchmark price in May 2024, and how did it change?
Saskatchewan’s residential benchmark price reached $340,400 in May 2024. It was slightly higher than April and more than 4% above May 2023, with notable gains in apartment and row or townhouse properties.
How tight was Saskatchewan’s housing supply in May 2024?
Months of supply fell below three across Saskatchewan in May, showing that inventory remained very limited. Regina and Saskatoon were especially tight, with less than two months of supply, while inventory was at its lowest level since 2008, particularly for homes priced below $300,000.
Is May 2024 a better market for Saskatchewan buyers or sellers?
May 2024 continued to favour sellers because strong sales were outpacing available inventory. Buyers faced more competition and fewer choices, while sellers benefited from steady demand and upward pressure on prices.
How did Regina and Saskatoon compare in the May 2024 real estate market?
Saskatoon reported 573 sales in May, up 7% year over year, while Regina reported 440 sales, up 5%. Saskatoon’s benchmark price was $397,200, nearly 6% higher than May 2023, and Regina’s was $320,000, up 2% year over year. Both cities had inventory levels nearly 50% below long-term trends.
Will interest rate cuts affect Saskatchewan home prices after May 2024?
Anticipated rate cuts are expected to bring more buyers into the market by improving affordability and borrowing conditions. With inventory already tight, additional demand could maintain upward pressure on Saskatchewan home prices.
Enjoy this blog post? Click here to subscribe for updates
Leave A Comment