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.

Posted by Kent Braaten on
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