After failing to make any gains in April, Saskatoon home sales spiked higher as local REALTORS® reports 538 residential sales, up from 396 the previous month, and even making some very modest gains over May of last year to break 16 consecutive months of year-over-year sales declines.
New listings grew from last month by close to 100 units as 765 Saskatoon homes were offered for sale. down 10.7 percent from last May.
The total inventory of active MLS® listings remained stagnant as we finished the month with just 1,043 active listings, down about 12 percent from a year ago, and nearly 37 percent below the ten-year average for May. This pushed “months of inventory” to 1.9 in the residential category and led to a bit of a buyer bloodbath as multiple offers seemed to present themselves on a regular basis.
Prices grew on a month-to-month basis for each measure we track, except for apartments which fell about two thousand dollars from last month (MLS Home Price Index Benchmark). It finished the month down on an annual basis as well, by $1,600.
Meanwhile, the average price of a Saskatoon home grew more than 20K from last month to reach $389,442. That’s up roughly 12K from last May, and just slightly lower than our peak average price over the last five years. Last June, it got close to $392,000. I won’t be surprised if we top that in June of 2023 given the bleak inventory situation.
The benchmark price of a Saskatoon single-family home went from $421,000 in April to $430,000 in May to finish higher on an annual basis by $2500.
Townhomes saw a larger jump as the benchmark price grew by just $4,000 from last month but finished higher than they were last year by more than $13,000.
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