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Market Update - January 2024

Market Update - January 2024

Posted: Wednesday February 7, 2024

STRONG DETACHED SALES LEAD THE SEVENTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES IN SASKATCHEWAN

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 per cent and nearly 18 per cent above long-term, 10-year averages. The seventh consecutive month of above-average sales in the province was primarily driven by strong detached home sales in January.

Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

Inventory levels declined by 18 per cent year-over-year and remain over 36 per cent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 per cent higher than January 2023.

“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guèrette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan.”

Regional Highlights

All regions of the province reported increased year-over-year sales activity in January, with the largest gains occurring in the Regina Moose-Mountain and Saskatoon-Biggar regions.

Meanwhile, inventory levels remained below levels reported last year, resulting in many regions reporting declining months of supply. The Saskatoon-Biggar region continues to report the tightest conditions in the province, with under four months of supply.

Price Trends

January price movements ranged from a year-over-year increase of 10 per cent in Melfort, to a year-over-year decline of nearly 3 per cent in Swift Current.

The communities of Estevan, Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Prince Albert, Saskatoon, and Weyburn all experienced year-over-year price gains – while Regina, Swift Current, and Yorkton experienced a slight decrease in prices.

City of Regina

The City of Regina reported 179 sales in January, a year-over-year gain of over 35 percent and 25 percent above long-term trends.

New listing growth in January was not enough to offset strong monthly sales, as inventory levels dipped by nearly 19 per cent year-over-year and remain over 33 per cent below the 10-year average.

The City of Regina reported a benchmark price of $301,900 in January, up from $299,800 in December and nearly 2 per cent below January 2023.

City of Saskatoon

The City of Saskatoon reported 245 sales in January, a year-over-year gain of 22 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales relative to new listings prevented a significant change in inventory levels, which decreased by 26 per cent year-over-year and sit nearly 50 per below long-term, 10-year averages.

The City of Saskatoon reported a benchmark price of $372,800 in January, down from $374,100 in December and over 2 per cent above January 2023.


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