The Saskatoon real estate market ended 2024 with remarkable trends that both buyers and sellers should take note of. December brought strong sales, tight inventory, and rising prices, making it crucial for anyone in the market to stay informed. Whether you’re considering buying a home or selling one, understanding these market shifts can help you make the best decisions.
For Sellers: Why It’s a Great Time to List
- Demand Remains Strong – In December 2024, Saskatoon saw 256 home sales, a 12% increase year-over-year. This demand doesn’t just signal a healthy market—it’s a golden opportunity for sellers to take advantage of motivated buyers.
- Low Inventory Creates a Seller’s Market – With only 555 available homes in December, inventory levels are 25% lower than a year ago. This scarcity gives sellers the upper hand, as fewer listings mean less competition and more chances to attract multiple offers.
- Higher Prices Are in Your Favor – The benchmark residential price rose to $395,300, a 7.1% increase compared to December 2023. This steady appreciation in home values ensures you can secure a strong return on your property.
Seller Tip:
- Stage your home well and price it strategically to maximize interest in this competitive market. Working with a knowledgeable real estate agent can help you navigate the selling process with ease.
For Buyers: How to Navigate a Competitive Market
- Act Quickly in a Tight Market – With just 2.17 months of supply, Saskatoon’s market is moving fast. Homes are selling quickly, so it’s essential for buyers to stay prepared. Get pre-approved for a mortgage and work with a trusted real estate professional to spot opportunities as soon as they arise.
- Prices Are on the Rise – While the benchmark price reflects a seasonal dip from November, it remains 7.1% higher than a year ago. This upward trend means acting now could save you from higher prices in 2025.
- Know Your Priorities – Low inventory can make it harder to find your dream home. Be flexible and focus on the features that matter most, whether it’s location, size, or layout.
Buyer Tip:
- Partner with an experienced agent who can guide you through bidding strategies and identify off-market opportunities in this competitive environment.
Stats
235
New Listings
256
Homes Sold
12.3%
Sales Year over year up
24.7%
Inventory Year to Year Down
$467,472
Avg Price Single family
$322,871
Avg Price Townhouse
$191,456
Avg Price Condominium
41
Days on Market
Looking Ahead:
Whether you’re buying or selling, Saskatoon’s real estate market offers unique opportunities and challenges. Sellers can benefit from low inventory and rising prices, while buyers must act quickly and strategically to secure the right home.