Sales activity slowed relative to last year’s record highs but remained well above long-term trends. At the same time, the province also saw a pullback in the number of new listings in the market causing some easing in inventory levels. With adjustments in both sales and supply levels, conditions remained relatively unchanged as the sales to new listings ratio remained over 60 per cent and the months of supply stayed above five months.
“Prior to covid, Saskatchewan had excess supply in the market. However, since July of last year, sales reached new record levels for most months, causing a steady decline in inventory levels. Over the past quarter we have seen that pace of sales ease from the record high; however, some of this can be related to declines in new listings and low inventory levels in the market.” Comments Chris Guérette, Saskatchewan REALTORS® Association CEO.
While driven by slower sales activity, the market is demonstrating more balance between supply and demand compared to levels recorded in the spring. The market continues to favour the sellers; however, this recent shift toward more balanced conditions is taking some of the pressure off prices. Benchmark home prices did ease slightly relative to levels recorded over the past few months but remain well above last year’s levels.
On a year-to-date basis, residential home prices have risen by eight per cent. Shifts in sales over the past three months was not enough to derail earlier gains as year-to-date sales are sitting at record levels and are over 30 per cent higher than long-term averages. While detached sales account for over 74 per cent of all sales, there have been improvements across all property types, especially attached properties which now account for nearly 12 per cent of all the sales in the province.