Sask. Realtors Association reports another increase in housing sales

Saskatchewan has recorded its seventh straight month of above-average home sales.

The Saskatchewan Realtors Association said Tuesday there were 776 sales across the province in January, an increase of 24 per cent over January of 2023 and nearly 18 per cent above 10-year averages.

The association said the increase was primarily due to strong detached home sales.

However, there was a decline in new listings, with 4,562 units available provincewide in January. That was  the lowest level reported in a January since 2010.

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The association said inventory levels fell 18 per cent year over year and were more than 36 per cent below the 10-year average. Much of the decline was driven by homes priced under $400,000, while the inventory of homes priced above $600,000 increased.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” association CEO Chris Guérette said in a release.

“January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

All areas reported an increase in sales activity in January compared to a year earlier, with the largest increases being recorded in the Regina Moose-Mountain and Saskatoon-Biggar regions. However, the Saskatoon-Biggar region had the lowest inventory in the province last month, with less than four months of supply.

According to the release, prices rose in all property types year over year. Saskatchewan had a benchmark price of $319,600 in January, up from $319,300 in December.

Year-over-year price gains were recorded in Estevan, Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Prince Albert, Saskatoon and Weyburn, while prices fell in Regina, Swift Current and Yorkton compared to a year earlier.

Regina reported 179 sales in January, up 35 per cent from 12 months earlier. Saskatoon saw 245 sales in January, a year-over-year gain of 22 per cent.