April 2024 – Market Minute

Market Report

Saskatoon’s Real Estate Market Update – In under 3 minutes.

As we move into the heart of spring, the Saskatoon real estate market is showing signs of robust activity, reflecting both opportunities and challenges for buyers and sellers alike. Let’s dive into the latest statistics and see what they tell us about current market conditions with our April market minute.

Sales Trends

Sales Volume Increases: Residential sales have shown a remarkable increase in April 2024, with 521 homes sold, up from 406 in April 2023. This represents a notable rise, indicating a strong buyer interest as we enter the prime selling season. Competition among buyers for homes is very strong in this market.

Inventory Levels

New Listings on the Rise: The market is responding well to demand, with new listings in April 2024 climbing to 728, up from 669 in April 2023. This increase in inventory is a positive sign for buyers looking for more options in their home search.

Stable Inventory Levels: Despite the increase in listings and sales, the months of inventory remain stable at 2 months, consistent with April 2023. This balance suggests a steady market, but still leans towards a seller’s market where demand outpaces supply.

If you’re thinking about selling – call me for details and all the information you need to make the right decisions for your home sale.

Market Dynamics: Price and Time

Decreasing Days on Market: Homes are selling faster, with the average days on market reducing to 32 days in April 2024, down from 40 days in April 2023. This faster turnaround time underscores the urgency among buyers.

Price Movements (Detached, Attached, Freehold and Condo)

Rising Prices Indicate a Competitive Market:

  • Average Sales Price: The average sales price in April 2024 was $394,307, which is up from $366,626 in April 2023, reflecting an increase in market value and buyer willingness to pay premium prices.
  • Detached Homes: The average price for detached homes has also increased, standing at $466,707 in April 2024 compared to $433,246 in the previous year.
  • Attached Freehold and Condo Prices: Both attached freehold and condo segments have seen price increases. The average price for attached freehold properties reached $428,612 in April 2024, up from $406,220 a year earlier, while condos showed a significant jump from $278,291 in March 2023 to $314,731 in March 2024.

Conclusion

The current trends indicate a dynamic market that benefits sellers with higher prices and quicker sales, but also offers more choices for buyers with the increase in new listings. Whether you are looking to buy or sell, the data suggests now is an opportune time to enter the market. Stay informed and proactive to make the most of these conditions!

Ready to make your move in the Saskatoon real estate market? Connect with Tim Bomboir at Boyes Group Realty, your local real estate expert committed to providing personalized guidance and advice. Whether you’re selling your home or searching for your dream house, Tim is here to help every step of the way. Don’t let common mistakes hold you back—reach out to Tim Bomboir today and start your journey with confidence! Call to learn more.