Local real estate agents reported 253 Saskatoon homes sold in January, up from the same month last year by over three percent and above the ten-year average by close to 19 percent.
This was the strongest January since 2021 when lockdown fatigue and working from home caused a strong sales surge as people scrambled to find more suitable digs the sustain themselves through that time.
The “new listings” category saw a welcome surge as those needed to sell recognized the perfect storm of circumstances including high demand, low inventory, and falling interest rates.
A total of 451 Saskatoon homes were listed for sale during January, up 24 percent from the same month last year, and 20 percent higher than the 10-year average.
As the month closed, the total inventory of MLS® listings was at 618 (168 of which were subject to a conditional sale), higher than the previous month’s close by 63 units, but lower annually by 15 percent, and over 52 percent below the 10-year average. As you can see by the “active listings chart” below, a rather troubling trend continues, now for its tenth year. Each year, that left-to-right line falls lower.
In terms of total months of supply, we did see a small uptick from 2.2 to 2.5.
Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.
The average sale price of a Saskatoon home grew nearly 12K on a monthly basis to reach $409,017. That’s the highest average sale price for any January, ever. It’s higher than it was a year ago by $23,758.
The benchmark price of a single-family home as recorded on the MLS® Home Price Index grew by nearly $15,000 compared to December settle at $463,900 to take a nine percent annual gain of 47K.
Meanwhile, the benchmark price of a townhome slipped $26,200 from December to $319,400 to contain annual gains to the single-digit realm, nine percent. This category had consistently shown double-digit gains through 2024. The benchmark price remains higher annually by $15,200.
The benchmark price of a Saskatoon apartment inched higher again, growing by $1300 from December to $242,100. That’s higher annually by $17,668.
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TeamFisher, your Saskatoon real estate market specialist.
Royal LePage Saskatoon Real Estate
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