May home sales down, but above long-term trends: Realtors Association

Despite persistent challenges with inventory, the 1,736 home sales recorded across the province in May managed to top the 10-year average.

That’s according to the Saskatchewan Realtors Association, which said the May sales figures surpassed the 10-year average by 20 per cent, despite representing a four per cent drop from 2022.

“Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages,” association CEO Chris Guérette said in a statement.

A seasonal boost in new listings helped alleviate the inventory challenge over the past month, the association said, but inventory levels still remain lower than they’ve been in May since 2008.

“While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges,” the association said in a statement.

Saskatchewan’s benchmark price grew to $329,600 in May, the association noted, which is nearly two per cent higher than April.

“Supply levels do vary across different regions of the province,” Guérette added. “For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains.”

Across the province, the association said most regions reported year-to-date sales declines last month, but the Swift Current and Moose Jaw region was the only one that saw sales fall below the long-term average.

Regina saw 418 sales in May, the association noted, while Saskatoon saw 538.