Saskatoon home sales continued to cook through December as local REALTORS® reported 230 firm sales to the multiple listing service®. That’s down from 314 in November, but up by 28 units compared to December of 2022, despite continuing struggle of low inventory.
All of the gains would be counted in the condo category. Sales grew to 85 this December, up from 58 for the same month last year.
Sales for the year came in at 2790, down one percent from 2022.
The number of new listings to hit the Saskatoon market in December showed some modest gains as they grew by 17 annually to reach 248, barely replacing what was sold.
The number of options available to Saskatoon home buyers slipped to just 691 by the close of December. That’s down by 126 from last month’s close, and lower annually by 179. This is the smallest number of active listings for December in more than 15 years. As you can see by the graph below, active listings just continue to fall lower as each year passes, even as our population grows.
“Months of supply” improved from 2.6 to 3.0 but that will change quickly as sales begin to grow, as they always do after bottoming out in December.
A total of 4,256 Saskatoon homes were listed on the MLS in 2023, down 17 percent from the previous year.
With strong sales over the back half of 2023, and weak new listing activity it’s no surprise that Saskatoon home prices reached new highs for December by every measure.
The average price of a Saskatoon home took a hefty upward bounce from November as it grew by a little less than eight thousand dollars to $373,422 to record an annual increase of just under 2K.
The Benchmark price of a single-family home slipped by just over 6K from last month to settle at $420,300. That’s higher than it was last December by just over $26,000.
The Benchmark price of a Saskatoon townhouse dipped $2700 from the previous month to $311,300 to record a significant annual gain of $20,300.
The Benchmark price of a Saskatoon apartment fell $5,000 from last month setting at $223,400, still higher from December of last year by $5800.
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