The Saskatoon real estate market remains competitive in September 2024, with continued strong sales figures and record-high benchmark prices. However, limited supply continues to be a challenge for buyers.

Sales in September 2024 were up 16% year-over-year and 24% above the 10-year average. This indicates a continued strong demand for housing in Saskatoon.

Key Highlights:

• Rising Benchmark Prices: Despite the limited supply, the benchmark price for total residential properties in Saskatoon reached a record high of $401,800 in September 2024. This is down slightly from August 2024’s benchmark price of $404,900 but is nearly 7% higher than September 2023.
• Decreasing Inventory Levels: Inventory levels in September 2024 were 46% below the 10-year average, the lowest reported for September since 2007. This limited supply is preventing even stronger sales figures and is contributing to the competitive market conditions.
• Sales Activity: 432 sales in September, up 16% year-over-year and 24% above the 10-year average.
• Months of Supply: 2.13 months, indicating a seller’s market.
• Strongest Sales by Property Type:
  • Detached homes: Average price $486,344 (up 21% year-over-year)
  • Semi-detached homes: Average price $332,077 (up 19% year-over-year

Stats

What does this mean for buyers and sellers?

BUYERS:

• Increased Competition: With high demand and low supply, buyers face a competitive market where they may need to act quickly and offer above asking price.
• Affordability Challenges: Record high prices can create affordability challenges, especially for first-time buyers.
• Need for Pre-approval: Getting pre-approved for a mortgage is crucial to be prepared in a fast-moving market.
• Be Prepared for Bidding Wars: In a competitive market, buyers may find themselves in bidding wars for desirable properties.

SELLERS:

• Strong Market Position: Sellers have an advantage in the current market, with high demand and low supply.
• Potential for Higher Sale Prices: Sellers may be able to sell their homes for more than asking price.
• Faster Sales: Homes may sell more quickly due to high demand.
• Importance of Proper Pricing: While the market is strong, pricing a home correctly is still important to attract buyers.

The Saskatoon real estate market in September 2024 The Saskatoon real estate market is expected to remain competitive in the coming months, as demand for housing continues to outpace supply. Buyers may need to be prepared to act quickly and compete with other offers. Sellers, on the other hand, are in a strong position to get top dollar for their homes.

Disclaimer: The information in this blog post is based on data from the Saskatoon Region Association of REALTORS®. It is intended for informational purposes only and should not be construed as financial advice. Please consult with a qualified professional before making any financial decisions.