Home sales in the state are up 18% compared to the 10-year average. (980 CJME file photo)
Saskatchewan has recorded above-average home sales for the seventh month in a row.
The Saskatchewan Association of Realtors announced Tuesday that there were 776 sales across the province in January, an increase of 24 per cent compared to January 2023 and nearly 18 per cent above the 10-year average.
The association said the increase was primarily due to strong single-family home sales.
However, the number of new listings has declined, with 4,562 units available across the state in January. This was the lowest level reported in January since 2010.
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Inventory levels are down 18% from a year ago and more than 36% below the 10-year average, the association said. Much of the decline was driven by homes priced under $400,000, while the inventory of homes priced over $600,000 increased.
“Rising lending rates are causing many buyers to seek more affordable products, which in turn pushes the market towards a more affordable end of the market,” Chris Guerret, CEO of the association, said in a release. This resulted in a further decline in inventories.”
“January has failed to bring new property relief to this sector of our market. Potential buyers can expect continued challenging market conditions as they search for more affordable properties.”
All regions reported increases in sales activity in January compared to the same month last year, with the largest increases recorded in the Regina-Moose Mountain and Saskatoon-Biggar regions. But the Saskatoon-Biggar region had the lowest inventory in the province last month, with less than four months' supply.
Prices increased year-over-year across all property types, according to the release. The base price in Saskatchewan was $319,600 in January, up from $319,300 in December.
Year-over-year price increases were recorded in Estevan, Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Prince Albert, Saskatoon, and Weyburn, while prices increased year-over-year in Regina, Swift Current, and Yorkton. It fell.
Regina reported 179 sales in January, a 35% increase compared to 12 months ago. In Saskatoon he sold 245 cars in January, an increase of 22% over the previous year.
