Saskatoon home prices reach new highs in June 2024: SRA

The Saskatoon real estate market lost some of the strong momentum it’s been showing all year during June, as just 540 homes traded hands through the multiple listing service®. That does match sales for last June, but most months this year have shown solid year-over-year growth. Still, that was enough to close the first half of the year with year-to-date sales gains of 9.2 percent.

The single-family homes category held its own with 309 sales, down one from last June, while condo sales grew from 294 last year to 304 this June.

The remaining categories (lots, semi-detached, duplexes, etc.) lost a handful of sales to bring even the totals for the two successive Junes.

After showing promising growth for two consecutive months, new listing activity slowed falling more than 15 percent compared to last June to 668 homes. That’s about 25 percent below the ten-year average, but higher annually by 3.2 percent.

After reaching peak numbers in May, the inventory of Saskatoon homes for sale began to decline. We finished June with 834 active listings on the MLS®, down 43 from the previous month’s close, and down 228 from the same time last year.

Months of supply were steady at just 1.5 as the month closed. Again, supply levels of less than four months signal a seller’s market.

The average price of a Saskatoon home grew to a new all-time high this month reaching $401,949. That’s up from $397,200 at the close of May, and higher than it was at the end of June last year by 3.3 percent.

The benchmark price of a single-family home in Saskatoon rose by $7600 from last month to hit $462,500 to establish a new all-time high, up eight percent from a year earlier.

After a modest dip in May, townhomes came back from $325,600 at the close of May to $329,500, holding on the a ten percent year-over-year gain.

Apartments also recovered from a bit of a slide in May growing by $3500 to reach $237,800 and claiming a 14 percent annual gain.

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