Following an explosion in residential sales in February, sales continued to grow through March as local REALTORS® reported 364 firm sales to the Saskatoon MLS® for a monthly gain of 55 units. While sales for the month were 1.8 percent above the ten-year average, they were lower by 8.3 percent when compared to sales for March 2023. However, an unusually robust market over the first two months of 2024 allowed us to finish this first quarter, year-with sales up by 11 percent year-over-year.
The number of single-family homes to trade hands grew to 219 for a monthly increase of 39. Meanwhile, condo sales took even larger gains as they were up by 12 units compared to last month to finish higher at 123 units.
Residential listing activity grew as 540 Saskatoon home sellers opted to take advantage of limited inventory and high demand. That’s higher than the previous month by 175 units, but lower annually by 40.
The number of Saskatoon homes listed for sale on the MLS system grew to 765 from 687 a month earlier. That number is lower than a year ago by just over 200 units or 21.4%.
Months of supply fell again dropping from 2.3 to 2.1 as March closed
The average price of a Saskatoon home jumped to $402,832 for a year-over-year increase of seven percent, due in part to heightened activity at the upper end of the market.
The benchmark price of a single-family home in Saskatoon rose nearly $6,700 from last month to hit $443,500 reaching its highest point ever, up five percent from a year ago.
Townhomes saw a more modest gain monthly growing by close to 5K reaching $325,500 to grow by six percent annually.
Apartment prices grew the most, up $7200 from last month as the benchmark price hit $239,000 to finish higher on a year-over-year basis by ten percent.
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