Following a typical seasonal sales pattern, Saskatoon home sales reached peak numbers in June at 541 and fell by 43 units in July to settle at 497, enough to show gains over the same month last year for the third consecutive month. This is an impressive run given that interest rates are higher than they’ve been for years, and also considering that prior to this three-month tear, sales had been lower annually for 17 months in a row.
Monthly declines are consistent between single-family detached homes and condominiums, while detached homes show a larger annual increase growing from 258 last July to 287 this July.
Meanwhile, the number of new listings processed by the Saskatoon MLS® took an even bigger slide as they fell to just 703, down from 791 last month. That’s eight fewer homes than were listed for sale last July.
The inventory of active MLS® listings grew for the fourth month in a row but remained well below historical levels. We finished the month with 1092 Saskatoon homes for sale, up 34 from the previous month’s close, but down from 1260 at the end of July 2022.
Fewer sales and a larger inventory of homes for sale pushed the “months of supply” higher to 2.2. That’s up .2 months from June’s close but still so firmly in seller’s market territory that buyers continued to struggle to find a home, or to get there fast enough to make an offer.
The average price of a Saskatoon home fell lower by roughly $12,000 from last month to reach $376,620. That’s up roughly 13K from last July.
The benchmark price of a Saskatoon single-family home went from $428,800 in June to $432,600 in July to finish higher on an annual basis by $1400.
Townhomes prices slipped lower on the month as the benchmark fell by $800 from last month to settle at $304,500 but finished higher than they were last year by more than $8,800.00.
Apartment prices continued to grow for the second consecutive month in July when the benchmark price increased $4400 to $221,700, also up $4400 from where it was at the end of July 2022.
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Norm Fisher
Royal LePage Vidorra
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