May 2022 Market Stats – Regina Region

Posted by Joyce Tourney on Tuesday, June 14th, 2022 at 2:07pm.

Similar to the month of April, sales in May have increased compared to the start of the year. Although sales have increased since the beginning of 2022, compared to last May’s sales of 1,853, this May’s sales were 1,814, dropping by 1.8%. Since the beginning of the year, sales in Saskatchewan totaling 6,682, have dropped 11% compared to last year’s January-May sales, but the long-term trend which is the compiled 10-year average from the current year to 10 years from now is more than 27% higher.

According to Chris Guérette, CEO of Saskatchewan REALTORS® Association, “While demand for homes in Saskatchewan has remained relatively strong so far this year, we did not go through the same early demand surge as some markets. In fact, our market is exhibiting trends that we typically see in the spring. What we are still struggling with is lower supply levels, which is keeping conditions relatively tight and causing further upward pressure on prices.”

In May, there was a 1.8% increase in new listings compared to May of last year. This increase helped drive inventory levels to 6,607 but levels still remain close to 20% lower than last year’s levels and over 30% below the long-term trends for the month. Saskatchewan’s Month of Supply has decreased to 3.64, which is 17% lower than May 2021 and 46.5% below long-term trends.

The Regina + Region, on the other hand, has increased its sales by 9% compared to May last year, and the long-term trends have increased as well by 41%! With trends similar to the province, the Regina Regions New Listings total has risen almost 7% since last year and 4.8% in long-term trends. Even though New Listing numbers have risen, inventory levels still remain low and are 13.6% lower than May of last year and 21.3% lower than the long-term trends. With Inventory levels dropping, the Months of Supply has also decreased, by nearly 21% compared to last year and 45.9% below the long-term trends.

With the increase of interest rates, according to the MLS® Home Price Index, the Regina + Region’s price has increased since last May, to $318,000 (i.e., up 4.0% from$305,400). The high prices are derived from a combination of high interest rates and the single-family market condominium prices that have yet to recover from the previous highs set in 2015.

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