MOOSEJAWTODAY.COM — Saskatchewan reported 999 sales in February, a 17-per-cent year-over-year gain and 24 per cent above long-term, 10-year averages, the Saskatchewan Realtors Association's February 2023 report shows.
Although sales followed common seasonal trends in rising above levels from January, growth was significant and above levels this time last year.
While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth — resulting in a 17-per-cent year-over-year decline in inventory, with levels nearly 38 per cent below 10-year trends.
“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 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.”
Saskatchewan reported a benchmark price of $330,800 in February, up from $319,600 in January and nearly five per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.
“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.”
