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Market Update - March 2024

Market Update - March 2024

Posted: Thursday April 4, 2024

ABOVE-AVERAGE SALES CONTINUE IN MARCH DESPITE INVENTORY WOES

Saskatchewan reported 1,183 sales in March, a 2 percent year-over-year decline and nearly 6 percent above long-term, 10-year averages. Despite a slight year-over-year dip in March sales, year-to-date sales remain 10 percent above levels seen last year. The strong start to the year was primarily driven by gains in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw economic regions.

A ninth consecutive month of above-average sales in the province was met with declining new listings, preventing supply growth in March. As a result, inventory levels dipped by 15 per cent year-over-year and remain nearly 40 per cent below long-term, 10-year trends.

“Our province continues to report above-average sales despite persistent inventory challenges, which are approaching concerning levels in some of our major centres,” said Association CEO, Chris Guérette. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now. Without question, it’s a difficult time for prospective homebuyers, specifically for those searching for properties priced below $400,000.”

Tight market conditions across many regions of the province continue to support price growth, as Saskatchewan reported a provincial benchmark price of $334,500 in March – up from $330,800 in February and nearly 4 per cent higher than March 2023. While prices rose across all property types, the largest year-over-year gains occurred in apartment and row/townhouse-style units.

“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” said Guérette. “It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”

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Regional Highlights
First-quarter sales activity improved across the province’s larger regions, with the most significant gains (14 per cent year-over-year and 26 per cent above the 10-year average) occurring in the Regina-Moose Mountain region.

Meanwhile, in the two largest regions of the province (Regina Moose-Mountain and Saskatoon-Biggar), declines in new listings continue to be met with strong sales, resulting in steeper inventory declines and tighter market conditions.

Price Trends
Home prices trended up across most regions of the province in March, with the largest monthly gain occurring in the Swift Current-Moose Jaw region, followed by the Saskatoon-Biggar region.

With prices nearly 9 percent higher than in March 2023, the communities of Moose Jaw and Humboldt experienced significant year-over-year price growth. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Swift Current, Melville, Meadow Lake, and North Battleford all reported year-over-year price gains in March.

City of Regina
The City of Regina reported 312 sales in March, a year-over-year gain of over nearly 7 per cent and 23 per cent above long-term trends.

Strong monthly sales were met with a year-over-year decline in new listings, preventing any significant change in inventory levels. With just over two months of supply in the Queen City, persistent inventory challenges and above-average sales continue to place upward pressure on home prices.

The City of Regina reported a benchmark price of $313,100 in March, up from $310,600 in February and nearly 2 per cent above March 2023.

City of Saskatoon
The City of Saskatoon reported 364 sales in March, a year-over-year decline of 8 per cent and 2 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, which is placing upward pressure on prices and likely preventing even stronger sales numbers.

The City of Saskatoon reported a benchmark price of $394,300 in March, up from $388,300 in February and over 5 per cent above March 2023.


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