The Saskatchewan Realtors Association (SRA) reports the province had 999 sales in February, which was up by 17 per cent year-over-year and 24 per cent from 10-year averages. Growth was significant and higher than levels typically seen at this time of year.
Stagnant supply and quick-acting buyers
As for new listings, there was a small increase. But, the month marked eight in a row for above-average sales, meaning supply didn’t grow. Rather, the province saw a 17 per cent year-over-year drop in inventory, with levels about 38 per cent below 10-year averages.
“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” notes SRA’s CEO, Chris Guérette.
“Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth — even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”
Inventory in many markets shows “no signs of improving”
The province’s benchmark home price was $330,800 in February, up from $319,600 the previous month and almost 5 per cent higher than the previous year. Row/townhouse and apartment-style properties saw the largest year-over-year price gains, the detached sector experienced the highest month-over-month price jumps.
“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” says Guérette.
“We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”
Regional highlights
Many Saskatchewan regions report higher year-over-year sales in February, with the largest gains in the Swift Current-Moose Jaw and Regina-Moose Mountain regions.
The two biggest regions continued to experience inventory challenges — Regina-Moose Mountain and Saskatoon-Biggar reported under four months of supply.
Last month, prices trended up across most of the province, with the largest monthly gain being in the Saskatoon-Biggar region, followed by the Regina-Moose Mountain region. Prices were nearly 10 per cent higher than the same time last year, and the Moose Jaw and Meadow Lake communities had significant year-over-year price growth.
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