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!

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!

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!

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.