FEBRUARY 2024 | REAL ESTATE OVERVIEW

MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:

Saskatchewan's real estate market saw an impressive upswing, with February sales hitting 999, marking a significant 17% jump from the same month last year and soaring 24% past the decade's average. This leap in sales wasn't just a typical seasonal uptick but an exceptional growth that stood out for the period.

The new listings inched up a bit from last year, yet the strong sales over eight consecutive months kept any potential supply increase in check. Strong sales led to a steep 17% drop in inventory year-over-year, placing available properties at a level 38% lower than the ten-year average. The provincial benchmark price reflected this robust market activity, climbing to $330,800 in February, a noticeable rise from January's $319,600 and nearly 5% higher compared to the previous February.

The price uptick was felt across the board, but the row/townhouse and apartment segments saw the most significant year-over-year price increases. Meanwhile, the detached homes sector took the lead with the most pronounced month-to-month price growth in February.

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https://mlssask.ca/market-watch-february-2024/