Despite ongoing challenges related to low inventory and interest rates that remain at levels much higher than we’ve seen in years, the Saskatoon real estate market recorded its sixth consecutive month of year-over-year gains in November of 2023. A total of 314 residential properties changed hands, down from 382 in October, and up from 266 in November of 2022.
The gains were well distributed across the two major categories with 105 sales in the condo category, up from just 79 over the same month last year, and 190 single-family homes sales, up from 166 during the same month last year.
The number of new listings to hit the Saskatoon market in November fell lower from 518 in October to just 428 in November, which is ten units higher than November of last year.
Things continue to look pretty bleak in the inventory department.
After falling to their lowest levels since 2007 in October, options for Saskatoon home buyers just got worse in November. We finished the month with just 817 Saskatoon homes for sale, down from 899 at the close of October, and lower than last year by 159 units.
That left “months of supply” unchanged at 2.6.
Meanwhile, prices showed a little give in three of the four price measures we track, when compared to October numbers, while producing larger year-over-year gains.
The average price of a Saskatoon home slipped lower on a month-over-month basis by about 18K but was higher annually by $27,000.
The Benchmark price of a single-family home by $4300 from October to settle at $426,300. That’s higher than it was a year ago by $22,400.
The Benchmark price of a Saskatoon townhouse dipped $1800 from the previous month to $313,000 to record a significant annual gain of $23,900.
The Benchmark price of a Saskatoon apartment was the outlier as it continued to reach higher ground. It came in at $228,400 for the month, up five thousand from October, and up by $13,100 for the year.
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