The Saskatchewan Realtors® Association has just published their most recent (November 2023) Sask Residential Market update for the province. This gives a look at how the 2023 fall market is progressing and they are reporting that:
FIVE CONSECUTIVE MONTHS OF ABOVE-AVERAGE SALES DESPITE INVENTORY WOES
There were 1,006 sales reported across the province in November, a 10 per cent 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 per cent on a year-over-year basis and remain over 30 per cent 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 per cent 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 per cent 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.”
Check out the image gallery below to see some key information in this market update. Details on the 2023 Summer statistics from each local region across the province can also be found in the full media release from the SRA in the news section of their website by clicking here.
Local regions covered by this Sask residential market update include:
- Saskatoon and Region (including Martensville, Warman, and Humboldt)
- Regina and Region
- Melfort and Region
- Moose Jaw and Region
- North Battleford and Region (including Meadow Lake)
- Prince Albert and Region
- Swift Current and Region
- Yorkton and Region (including Melville)
- South East Saskatchewan and Region (including Estevan and Weyburn)
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