Real Estate MarketReal Estate Market July 6, 2023

Saskatoon Real Estate Market Update: June 2023

It’s not out of the ordinary to see a bit of slowing down in the Saskatoon real estate market as we move into summer. People take advantage of warmer weather for their family vacations and head out to enjoy our many Saskatchewan lakes. This means fewer buyers and sellers sticking around, and therefore fewer listings both coming on and off the market. June 2023 seems to have been a bit of an exception, turning out to be even busier than we saw in the May 2023 real estate market! Here’s how the current Saskatoon real estate market looks as of June 2023:

 

Saskatoon Home Sales in June 2023

Home sales in the June 2023 real estate market in Saskatoon rose about 2% above the levels seen last year. There were 541 residential properties sold in June, more than 16% above the long-term average. This shows market demand remains strong for homes for sale in Saskatoon. However, as we’ll talk about in just a moment, inventory troubles continue to persist, making it an ideal time to list your home, if it has been something you have been considering.

 

Saskatoon New Listings in June 2023

It is no wonder that inventory continues to trouble the Saskatoon real estate market, as fewer new listings hit the market than we usually see this time of year. Only 791 homes hit the market in June 2023 which, while more than we saw in May, is more than 16% lower than last year’s levels. This is just under 11% lower than the long-term average, but still not helping to create more selection for buyers hoping to find their dream home.

Again, this is excellent news for sellers, with less competition for homes hitting the market. This increases both the potential for exposure and a more profitable sale, especially for in-demand property styles.

 

Saskatoon Real Estate Inventory in June 2023

As we’ve said before, inventory levels continue to challenge the current Saskatoon real estate market. Home sales remain strong, while new listings continue to drop, leaving lower supply than there is demand. Inventory as of June 2023 is now more than 20% last year’s levels and almost 42% lower than the 10-year average. Until we see more new listings, Saskatoon will remain firmly in a seller’s market for the foreseeable future.

 

Saskatoon Home Prices in June 2023

A seller’s market is typically ripe for increases in home prices, but Saskatoon only saw a slight year-over-year increase in June 2023. Currently, the average benchmark price for residential properties in Saskatoon is $381,400. This is just 0.5% above the 2022 price, but 15% above the long-term average. So while it may not seem like a large increase, it is well above the norm seen at this time of year, making homes undoubtedly more valuable than before.

Townhouses again saw the most significant increase in their value, with a new average benchmark price of $305,300—4% above the 2022 price. Single family homes and condos only saw a slight increase of 1% each, with new benchmark prices of $428,800 and $217,300, respectively.

 

Despite persistent inventory challenges and fewer new listings, the June 2023 real estate market in Saskatoon proved to be another busy month. Firmly remaining in favour of sellers, anyone toying with the idea of listing their residential property should at the very least talk with their trusted Saskatoon real estate professional to discuss!