Saskatoon’s housing market remained a standout performer in November 2024, continuing to demonstrate strong demand and tight inventory conditions. With 380 home sales recorded, the city achieved a 21% year-over-year increase and an impressive 32% above the 10-year average, reflecting the sustained strength of buyer interest in Saskatchewan’s largest urban center.
Sales and Inventory Trends:
- Sales Growth: November’s 380 sales marked one of the strongest performances for the month, driven by demand across various property types.
- Inventory Challenges: Saskatoon reported only 693 units available, translating to less than two months of supply. This inventory shortage continues to constrain options for buyers and intensify competition.
Pricing Insights:
- Residential Benchmark Price:
- November: $398,800, reflecting a slight seasonal dip from October’s $402,600.
- Year-over-Year: A 6% increase, highlighting continued price growth fueled by tight supply.
Tight Market Conditions:
The combination of strong demand and limited inventory has created a highly competitive market. With buyers vying for a shrinking pool of available properties, Saskatoon’s housing market has defied typical seasonal trends and maintained its upward trajectory in sales and pricing.
Stats
434
380
21.4%
20.8%
$459,932
$318,120
$273,263
35
Expert Commentary:
“Saskatoon’s market continues to exceed expectations with robust sales and rising prices, even as we approach the year’s end,” noted Chris Guérette, CEO of the Saskatchewan Realtors Association. “The city’s ongoing inventory challenges emphasize the sustained demand in this vibrant urban center.”
What This Means for Buyers and Sellers:
- Sellers: Leverage the high demand and low inventory to secure favorable returns.
- Buyers: Act swiftly and work closely with a REALTOR® to navigate the competitive landscape.
Looking Ahead:
With consistent sales growth and tight market conditions, Saskatoon is poised to remain a hotspot for real estate activity into 2025. Buyers and sellers alike should be prepared to adapt to these dynamic conditions.