Saskatoon Real Estate Market Minute: May 2024

Saskatoon Real Estate Market Minute: May 2024

As we dive into the real estate market stats for May 2024, it’s clear that Saskatoon is experiencing a robust seller’s market. Let’s break down the numbers and see what they mean for buyers and sellers alike.

Residential Sales Surge

The residential sales figures for May 2024 have reached an impressive 573, up from 537 in May 2023. This upward trend indicates a highly active market, with buyers eager to secure properties despite the competitive landscape. The increase from April 2024’s 521 sales further underscores this momentum.

Limited Inventory Challenges Buyers

New listings for May 2024 stand at 799, slightly up from 765 in May 2023. However, the market remains tight with high sales and only 2 months of inventory available. This limited inventory means properties are moving quickly, creating an urgency among buyers to act fast.

Speedy Sales

The average number of days on the market has decreased to 29 in May 2024 from 33 days in May 2023. This reduction highlights the swiftness with which properties are being snapped up, further emphasizing the competitive nature of the current market.

Rising Prices

Prices are also on the rise across all property types:

• Average Sales Price: Increased to $396,701 in May 2024 from $389,706 in May 2023.

• Average Detached Sales Price: Rose to $475,820 in May 2024 from $468,554 in May 2023.

• Average Attached Freehold Price: Went up to $438,925 in May 2024 from $419,335 in May 2023.

• Average Attached Condo Price: Despite a slight dip in March 2024 to $314,731 from $322,077 in February 2024, condos remain in demand.

• Average Apartment Price: Increased to $227,670 in May 2024 from $206,603 in May 2023, showing significant growth.

What Does This Mean for Buyers and Sellers in Saskatoon?

For sellers, this is an opportune time to list properties. The high demand and quick sales mean sellers can achieve favorable terms and prices. With limited inventory, well-priced homes will likely attract multiple offers, often above the asking price.

For buyers, it’s crucial to be prepared. With properties spending fewer days on the market, pre-approved financing and a clear idea of desired features can help make swift, decisive offers. Working with a knowledgeable real estate agent who can navigate this competitive environment is also essential.

Conclusion

The Saskatoon real estate market is buzzing with activity, presenting opportunities and challenges for both buyers and sellers. As we continue through 2024, staying informed about market trends and conditions will be key to making successful real estate decisions. If you’re considering buying or selling, now is the time to act and leverage the current market dynamics to your advantage.

For more detailed insights and personalized advice, feel free to reach out. Happy house hunting and selling!

Tim Bomboir
Boyes Group Realty Inc.

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