SEPTEMBER 2024 | REAL ESTATE OVERVIEW
MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:
In September, Saskatchewan saw 1,398 property sales, marking an 8% rise compared to last year and sitting almost 15% higher than the 10-year average. This was the fifteenth consecutive month of above-average sales in the province, with September ranking among the strongest sales months ever recorded.
The detached housing market propelled most of this growth, which accounted for a substantial 73% of the monthly sales. This sector's dominance is evident as most regions across Saskatchewan witnessed improvements in their sales figures, with year-to-date sales on course to be the second-highest ever recorded.
Chris Guérette, CEO of the Saskatchewan Realtors Association, attributed this sustained demand to a combination of factors, including record population growth, favourable economic conditions, and an improving labour market. Guérette also highlighted that lower lending rates have significantly fueled demand, contributing to fifteen months of higher-than-average sales.
Despite strong demand, more supply options are needed to ensure even higher sales. Inventory in Saskatoon remains more than 46% below the 10-year average, reaching its lowest point in September since 2007. The benchmark price in the city was $401,800 in September, down from $404,900 in August but still nearly 7% higher than September 2023.
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https://mlssask.ca/market-watch-september-2024/
