The Saskatchewan Realtors® Association has just published their most recent (Feb 2024) Sask Residential Market update for the province. This gives a look at how the 2024 winter market is progressing and they are reporting that:
STRONG SALES AND RISING DEMAND PUSH INVENTORY TO LOWEST POINT SINCE FEBRUARY 2006
Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10-year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.
While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.
“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”
Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.
“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”
Check out the image gallery below to see some key information in this market update. Details on the 2024 Winter 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.
