JULY 2024 | REAL ESTATE OVERVIEW

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

Saskatchewan saw a notable increase in sales in July, recording 1,667 transactions. This represents a seven percent rise compared to the same month last year and is over 20 percent higher than the 10-year average. This marks the thirteenth consecutive month of above-average sales, pushing year-to-date figures 10 percent above July 2023 levels and 19 percent above the long-term average.

Despite a slight increase in new listings year-over-year, inventory levels remained low, down 20 percent from the previous year and over 40 percent below long-term trends. In July, home prices rose across various regions of the province, with the most significant increases in the Saskatoon-Biggar area (seven percent year-over-year) and the Swift Current-Moose Jaw area (five percent).

Saskatoon experienced the largest price gains, with a rise of over seven percent compared to last year. Other cities, including Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, Melfort, North Battleford, and Prince Albert, also reported year-over-year price increases in July.

“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”

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