Saskatoon home sales remain strong as inventory sits at its lowest point since 2008: SRA

It was another exceptionally strong sales month despite continuing inventory challenges. Saskatoon REALTORS® reported 587 residential sales to top production last May by seven percent, and beating the average sales for the past five years by 20 percent.

Buyers are challenged to act quickly, or someone else will so there’s no time to waste, and even when you do put the pedal to the metal, you’re likely to encounter competitive bids, at least on the shiny polished listings that are priced realistically.

As is typical, detached homes accounted for a large chunk of total sales with 330 trades, up 36 from last week, and ten more than last May. Meanwhile, 207 condos changed hands, up 32 from April, and ahead of last May by 20 units.

Over the month, 799 Saskatoon home owners listed a property for sale. That’s 71 more than last month, and it tops last May’s listing numbers by 34.

With that, active listing inventory did manage to grow by about 43 units from last month’s close, to reach 878 but finished 16 percent lower on an annual basis and 50 percent below the ten-year average. The high watermark for active listings in May over the past six seasons is 2019 when 1944 residential listings were available to buyers.

Months of supply fell again from 1.6 at the end of April to 1.5 at the close of May. Again, supply levels of less than four months signal a seller’s market.

The average price of a Saskatoon home grew from $394,232 lat month to $397,200 when the dust settled in May.

The benchmark price of a single-family home in Saskatoon rose nearly $5,300 from last month to hit $455,000 to establish a new all-time high, up seven percent from a year earlier.

Townhomes saw a more modest dip as they fell from $329,200 last month to $325,600 at the close of May, but handily gained ten percent year-over-year.

Apartments came down $4400 from last month to leave the benchmark price at $234,600 for an annual price increase of 15 percent.

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Royal LePage Saskatoon Real Estate