With persisting inventory challenges and rising interest rates, we have all been curious to see how the Saskatoon real estate market continues for fare this year. The summer season can already be tumultuous enough on its own, with vacation plans disrupting both buyers and sellers. Add the current conditions of market influences, and continued successes as we saw in the June 2023 real estate market, and you have a unique season that is harder to predict. Here’s how the current Saskatoon real estate market looks as of July 2023:
Saskatoon Home Sales in July 2023
Saskatoon home sales continued their upward trend in the July 2023 real estate market. There were 497 homes sold in July, about 11% more than last year’s levels and 16% above the long-term average. This tells us buyers still have plenty of demand for Saskatoon homes for sale, despite inventory troubles and rising interest rates. For those still wavering on the decision of whether or not to list your home for sale, this continues to remain a strong argument as to why you should!
Saskatoon New Listings in July 2023
New listings in the July real estate market in Saskatoon still remain below the year-over-year and long-term averages. The stress was alleviated slightly, however, with 703 homes listed last month. This is 12% below long-term averages, but just 1% below last year’s level—far better than the 16% below year-over-year seen in June 2023—still indicating a need for more new listings in Saskatoon.
Saskatoon Real Estate Inventory in July 2023
Real estate inventory levels are determined by the ratio of homes selling in relation to new listings hitting the Saskatoon real estate market—demand versus supply. As we’ve covered, home sales continue to remain strong in Saskatoon with new listings not keeping up as they typically have in years past. This leaves us with inventory still 18% lower than last year’s levels and almost 40% lower than the 10-year average. Without more new listings to bulk up real estate inventory in Saskatoon, conditions will continue to favour sellers as we move toward the fall market.
Saskatoon Home Prices in July 2023
As we have been seeing in the Saskatoon real estate market over the past few months, home prices only saw a minor increase over last year. The average benchmark price for residential properties in Saskatoon is $384,200 as of July 2023, just 0.3% above prices seen in 2022. However, it is still 15% above the 10-year average, showing that homes continue to be worth more now than before.
The most notable increase in value was seen, again, in Saskatoon townhouses, rising 3% above last year’s prices for a new average benchmark price of $304,500. Condos saw the next highest increase of 2%, with a new benchmark price of $221,700; while single family homes still only rose 1%, with a new benchmark price of $432,600.
The Saskatoon real estate market continued to exceed expectations in July 2023, with home sales persisting and new listings buffing up low inventory levels just slightly. Sellers continue to have the most favourable conditions, making it a great time to contact your trusted Saskatoon REALTOR® to discuss listing today!