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Six consecutive months of year-over-year sales gains for the Saskatoon real estate market, November 2023: SRA

Despite ongoing challenges related to low inventory and interest rates that remain at levels much higher than we’ve seen in years, the Saskatoon real estate market recorded its sixth consecutive month of year-over-year gains in November of 2023. A total of 314 residential properties changed hands, down from 382 in October, and up from 266 in November of 2022.

The gains were well distributed across the two major categories with 105 sales in the condo category, up from just 79 over the same month last year, and 190 single-family homes sales, up from 166 during the same month last year.

The number of new listings to hit the Saskatoon market in November fell lower from 518 in October to just 428 in November, which is ten units higher than November of last year.

Things continue to look pretty bleak in the inventory department.

After falling to their lowest levels since 2007 in October, options for Saskatoon home buyers just got worse in November. We finished the month with just 817 Saskatoon homes for sale, down from 899 at the close of October, and lower than last year by 159 units.

That left “months of supply” unchanged at 2.6.

Meanwhile, prices showed a little give in three of the four price measures we track, when compared to October numbers, while producing larger year-over-year gains.

The average price of a Saskatoon home slipped lower on a month-over-month basis by about 18K but was higher annually by $27,000.

The Benchmark price of a single-family home by $4300 from October to settle at $426,300. That’s higher than it was a year ago by $22,400.

The Benchmark price of a Saskatoon townhouse dipped $1800 from the previous month to $313,000 to record a significant annual gain of $23,900.

The Benchmark price of a Saskatoon apartment was the outlier as it continued to reach higher ground. It came in at $228,400 for the month, up five thousand from October, and up by $13,100 for the year.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate


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Canadian Home Sellers Joining Buyers on the Sidelines in November 2023: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for November of 2023.

Home sales recorded over Canadian MLS® Systems edged down by 0.9% from October to November 2023. It was the smallest decline since July.

"I wouldn’t expect anything too headline-grabbing from the resale housing market for the next few months," said Larry Cerqua, Chair of CREA. "That’s a good thing because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario. For information and guidance about buying or selling a property in this current market, or to get started on plans for the spring, contact a REALTOR® in your area," continued Cerqua.

"While it was clear from about August that a lot of buyers were probably going to head back to the sidelines until at least next spring, a surprising number of sellers nonetheless chose to try their luck this fall," said Shaun Cathcart, CREA’s Senior Economist. "Not getting offers they were willing to accept, it’s looking like many of them are also now resigned to hunker down until next year. It’s probably a good move given that recent expectations around interest rate cuts suggest it might be a somewhat more active spring market than we thought."

Highlights of this report:

  • National home sales edged back 0.9% month-over-month in November.

  • Actual (not seasonally adjusted) monthly activity came in 0.9% below November 2022.

  • The number of newly listed properties declined 1.8% month-over-month.

  • The MLS® Home Price Index (HPI) decreased 1.1% month-over-month but was still up 0.6% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted a 2% year-over-year increase in November.

  • Read the recently released national sales statistics for November of 2023.

Read also: CREA’s updated (October) Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
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