After the record-breaking numbers the Saskatoon real estate market has seen in the past couple of years, you may be curious as to how things are looking in the busy spring season of 2023. While year-over-year numbers are still declining, we are still seeing above-average sales in comparison to long-term trends. And inventory remains a challenge for the residential real estate market in Saskatoon. Here’s a breakdown of how things are looking as of April 2023:
Saskatoon Home Sales in April 2023
Sales in Saskatoon real estate declined year-over-year in April 2023, with 396 residential properties sold. This is just 14% below residential sales in April 2022, showing that the market is cooling in comparison to recent record years. Trends, however, still remain 1% above the long-term trends, showing that the market is still slightly busier than average at this time of year. This is good news for those considering selling a home in Saskatoon, but also indicates a balancing of the market coming for homebuyers, as well.
Saskatoon New Listings in April 2023
New listings continued to drive inventory issues in April 2023, with only 669 residential properties listed. Though it was technically a slight increase from April 2022 (only 0.6%), this is still 17% lower than the average number of new listings seen in April over the past 10 years. Without the new listings available to bulk up inventory and refresh interest, Saskatoon home buyers continue to struggle with selection and availability in their home searches.
Saskatoon Real Estate Inventory in April 2023
Residential real estate inventory in Saskatoon continues to pose difficulties for the market, still 5% below last year’s levels and 36% below long-term trends in April 2023. Months of supply sat at about 2.6 months, which was 10% above last year’s levels, but nearly 42% the 10-year average at this time. This means fewer homes for sale from which buyers can choose, driving up demand and, subsequently, home prices.
Saskatoon Home Prices in April 2023
Average home prices in Saskatoon continued to increase in April 2023, with the current benchmark price sitting at $375,600. Though only up 1% over last year, this is still 12% above the average home prices we typically see in the spring real estate market in Saskatoon. This makes it a great time to consider selling your home, with more potential for a return on your investment.
The spring real estate market is always a busy time in Saskatoon. April 2023 was no exception. Though sales were on the decline in comparison to last year, we continue to see more demand than typical at this time of year. But with fewer new listings to add to the inventory, buyers continue to be limited. It will be interesting to see how these ongoing trends influence the market as we move into summer, though only time will tell!
Wondering what this could mean for your buying and selling plans? Contact me today to discuss.