999 homes were sold in Saskatchewan in February, according to numbers released by the Saskatchewan Realtors Association.
Reduced inventory has been part of what is fuelling a 10 thousand dollar increase the average sale price. Overall sales were up 24 percent compared to the 10 year average, while inventory declined by 17 percent.
“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,” said Association 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.”
The benchmark price for a home in Saskatchewan has climbed to $330,800 from $319,600 the month before.
“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,” said 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.”
In Regina there were 273 reported sales in February, a year-over-year gain of over 33 per cent and nearly 50 per cent above long-term trends.
The benchmark price for a home in the City of Regina was $310,600 in February, up from $301,900 in January and over 3 per cent above February 2023.
In Saskatoon, there were 309 reported sales in February, a year-over-year gain of 22 per cent and 20 per cent above long-term, 10-year averages.
Despite some new houses coming on the market, strong sales prevented any inventory gains.
Saskatoon is reporting a year-over-year inventory decline of 26 per cent, nearly 50 per cent below long-term trends.
The City of Saskatoon reported a benchmark price of $388,300 in February, up significantly from $372,800 in January and nearly 6 per cent above February 2023.
