Prices dipped but supply dropped even more. (Nigel Maxwell/paNOW Staff)

By Susan McNeil

Real estate

P.A.’s supply of housing for sale drops to 3 months

May 7, 2024 | 5:00 PM

Despite a slight dip in the benchmark price of a home in Prince Albert, April real estate data shows a continuing reduction in the supply of homes for sale.

At the end of the month 3.3 months of supply remained, a 20 per cent reduction over last year at the same time and almost 53 per cent drop compared to the 10-year average.

In April of 2013, Prince Albert had 309 listings in the residential inventory but as supply dwindles, that has now dropped to 135 residential listings with just under 100 of those detached homes.

While the average number of homes over the last decade has been 267, the available listings have been dropping steadily since late 2018.

The graphic from the Sask. Realtors Association shows a continuing divergence between home prices and supply.

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So far this year, the City of Prince Albert has issued six permits for single family homes and another four for multi-family homes. That is almost one -half of the permits issued last year at the same time, but interest rates remain high.

Saskatchewan saw a 32 per cent increase in home sales compared to the same time last year.

Home priced below $300,000 have the biggest decline while new supply is coming in houses priced over $500,000.

Swift Current and Moose Jaw followed by Regina had the strongest sales in April – and price gains – while Saskatoon followed in third place.

Other communities such as Humboldt, Meadow Lake and North Battleford also had price gains for the month.

Prince Albert’s benchmark price dropped 1.56 per cent to $239,800. The average price has increased by $306,000, a 40 per cent increase over last year.

Benchmarks are calculated based on a three bedroom, two bath home with attached single garage and about 1,100 square feet of living area and built in 1973. Those attributes make up 90 per cent of the sales of homes in the last three years.

Homes with a value of $300,000 and lower remain the highest in demand. (Sask. Realtors Association)

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susan.mcneil@pattisonmedia.com