JANUARY 2024 | REAL ESTATE OVERVIEW

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

In January, Saskatchewan experienced a noteworthy uptick in property transactions, clocking in at 776 sales, marking a substantial 24% increase from the previous year and surpassing the decade-long average by nearly 18%. This surge, the seventh in a row where figures exceeded the norm, was primarily fueled by a robust demand for detached homes.

The period also saw a dwindle in new listings, leading to a tightened squeeze on the housing inventory. This January was the most deficient January inventory since 2010, underscoring a significant 18% dip from the year prior and trailing the ten-year average by over 36%. The tighter inventory was especially pronounced in homes valued below the $400,000 mark, maintaining competition in this market segment. On the flip side, the luxury market, with homes above the $600,000 threshold, saw some easing in inventory.

Prices increased across all property categories, with row and townhouse styles witnessing the most pronounced hikes. The province set a new benchmark in pricing at $319,600 in January, a slight nudge up from December's $319,300, and registering a near 1% increase from the same period last year. The province saw increased sales activity, with Regina-Moose Jaw and Saskatoon-Biggar areas leading the pack in year-over-year sales growth.

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