Saskatchewan reported the highest monthly real estate sales ever reported in October, according to the Saskatchewan Realtors Association's latest report. (DragonImages/Depositphotos.com)

By CKOM News

Real Estate

October breaks real estate records in Saskatchewan

Nov 10, 2024 | 10:51 AM

Saskatchewan reported the highest monthly real estate sales ever reported in October, according to the Saskatchewan Realtors Association’s (SRA) latest report.

The SRA recorded 1,520 sales in October, over 21 per cent higher than in 2023 and 36 per cent above long-term, 10-year historical averages.

Sales in all regions of the province improved in October, contributing to a year-to-date gain of over eight per cent, SRA says, and nearly all Saskatchewan communities reported year-over-year benchmark price gains.

However, the 16th consecutive month of above-average sales in Saskatchewan led to October inventory being at the lowest point since 2007.

SRA said the steepest inventory declines were experienced in homes priced below $300,000, while the only monthly inventory gains were reported in homes priced above $600,000.

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Strong monthly sales, combined with lower inventory, resulted in the months of supply falling to just above three months across the province, according to SRA — an exceptionally low figure for the month of October.

The province had a residential benchmark price of $343,400 in October, down slightly from $343,800 in September. The October benchmark price is nearly six per cent above October 2023, with prices improving across all property types compared to last year, according to SRA.

“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said said SRA CEO, Chris Guérette.

“Recent rate cuts are expected to support even stronger demand — with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now.”

The Saskatoon-Biggar (2.41 months of supply) and Regina-Moose Mountain (2.62) regions continue to report the tightest market conditions in the province, while conditions remain tight in all other regions relative to long-term trends. The SRA said the most significant year-to-date growth was in the Saskatoon-Biggar region.

The City of Moose Jaw again had the largest monthly price gains, with prices over 11 per cent higher than last year.

New Regina listings struggle to keep pace

The City of Regina reported 364 sales in October, an increase of 18 per cent year-over-year and 47 per cent above long-term, 10-year trends. Further sales gains in October contributed to 3,447 year-to-date sales, the highest year-to-date sales figure ever reported through October in the Queen City, SRA said.

New listings continue to struggle to keep pace with surging sales, resulting in a 31 per cent year-over-year inventory decline and less than two months of supply available on market.

Regina reported a residential benchmark price of $321,000 in October, up from $320,700 in September and five per cent higher than October 2023.

Prices up, inventory down in Saskatoon

The City of Saskatoon reported a record-high 444 sales in October, a year-over-year increase of 17 per cent and nearly 30 per cent above long-term, 10-year averages.

Strong sales levels continue to prevent any significant inventory relief in the Bridge City, as the 803 units available on market reflect the lowest level reported in October since 2006, with less than two months of supply available across the city.

Saskatoon reported a residential benchmark price of $402,600 in October, up from $401,800 in September and nearly seven per cent higher than October 2023.