The Saskatchewan Realtors® Association has just published their most recent (August 2024) Sask Residential Market update for the province. This gives a look at how the 2024 summer market is progressing and they are reporting that:
ABOVE-AVERAGE SALES CONTINUE TO DRIVE PRICE GROWTH IN AUGUST
Saskatchewan reported 1,507 sales in August, a seven per cent year-over-year decrease but over 12 per cent above long-term, 10-year averages. Despite a slight pullback in sales, August marked the fourteenth consecutive month of above-average sales, and year-to-date sales remain seven per cent higher than levels reported last year.
A modest gain in new listings relative to sales resulted in the sales-to-new-listings ratio trending down from levels reported over the last few months, preventing an even more significant monthly decline in inventory levels. However, inventory levels slid by 17 per cent year-over-year and remain 40 per cent below long-term averages.
“Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month,” noted Association CEO, Chris Guérette. “Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province.”
Easing supply levels, especially in the lower price ranges, are again placing upward pressure on home prices. In August, Saskatchewan reported a residential benchmark price of $344,700, a six-percent year-over-year gain.
“Inventory levels remain over 40 per cent below average province-wide and in our two largest centres – and we’re seeing the impact that can have on prices,” said Guérette. “Nearly all regions of the province saw year-over-year price growth in August, as high as 11 per cent in Moose Jaw and 9 per cent in Saskatoon – that’s very significant.”
Check out the image gallery below to see some key information in this market update. Details on the 2024 Spring 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)
If you have questions or concerns about needing to buy a property right now or about real estate you own… Feel free to reach out to us. We are here to give you service and advice. Initial consultations are always free.
