MARCH 2024 | REAL ESTATE OVERVIEW
MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:
In March 2024, Saskatchewan's real estate market experienced a slight year-over-year decline in sales by 2%, with 1,183 properties sold, yet remained 6% above the decade's average. Despite this dip, year-to-date sales were up by 10% from last year, driven by strong activity in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions.
A decrease in new listings led to a ninth month of above-average sales and contributed to a 15% reduction in inventory levels, significantly below the 10-year average by nearly 40%. This shortage in supply has continued to push prices upward, with the provincial benchmark price reaching $334,500 in March, marking an almost 4% increase from March 2023. The most notable price gains were seen in apartments and row/townhouses, reflecting a market where demand consistently outstrips supply.
“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.”
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https://mlssask.ca/market-watch-march-2024/
