May is often one of the busiest months for the Saskatoon real estate market, with great weather and an eagerness to move before summer holidays begin. May 2023 was no exception. Sales continued to exceed expectations and more new listings hit the market. Inventory continues to remain challenging, though. Here are the details of the current Saskatoon real estate market as of May 2023:
Saskatoon Home Sales in May 2023
Home sales in Saskatoon climbed just slightly above last year’s levels, with 538 residential properties sold in May. At a mere 0.2% above last year’s sales, it may not seem like a significant increase. However, considering it is almost 23% above the 10-year average for this time of year, this is significantly busier than normal. This indicates strong potential for anyone who may be interested in selling a home in Saskatoon—demand certainly hasn’t ebbed.
Saskatoon New Listings in May 2023
While new listings in Saskatoon rose above the April 2023 numbers, they remain far fewer than typically seen at this time of year. There were only 765 homes listed in May 2023, which is more than 10% lower than last year and over 18% lower than long-term averages. With fewer listings to increase inventory, the current real estate market in Saskatoon continues to challenge home buyers. Homes are moving quickly, and the assistance of an experienced Saskatoon REALTOR® is becoming increasingly invaluable to remain competitive as a buyer.
Saskatoon Real Estate Inventory in May 2023
As we’ve seen indicated by increasing home sales and decreasing new listings, inventory continues to remain a challenge in the Saskatoon real estate market. Inventory has now fallen to almost 12% below last year’s levels, and over 41% lower than long-term averages. Months of supply continued to decrease, now sitting at just 1.94 months. This is 12% below last year’s levels and more than 54% lower than the 10-year average for this time of year. It is simple: the demand continues to outweigh the supply, leaving Saskatoon in a clear seller’s market for now.
Saskatoon Home Prices in May 2023
Despite tight inventory levels—which should, in theory, lead to significant price increases—average home prices in Saskatoon only saw a slight increase in May 2023. As of the month’s end, the current benchmark price was $380,100. This is just 0.1% above last year’s levels, but still 14% above the 10-year average, meaning home values have undoubtedly increased.
Townhouses, in particular, saw the most increase, with the average benchmark price of $302,400 bringing them 5% above last year’s prices. Single family home prices remained steady, with the average benchmark price sitting at $428,000. Meanwhile, apartments saw a slight decrease of 1% from last year’s prices, now sitting at an average benchmark of $212,400.
Another busy month in Saskatoon real estate, May 2023 showed a continued demand for a supply that just isn’t keeping up. If you’ve been asking yourself, “Should I sell my home?”, now is a great time—particularly for townhouses and single family homes. And if you are hoping to buy a home, it’s more important than ever to enlist the help of a real estate professional to keep you as informed as possible to remain competitive in this market.
June is quickly progressing, though, with new listings and sales happening every day. Plus, mortgage rates continue to climb with inflation, so the market is changing every day. Wondering how this could affect your buying and selling plans? Contact me to discuss the market today!