March 2024 – Market Minute

Market Report

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

Spring is here, and with it, a fresh look at Saskatoon’s real estate dynamics.

Sales are steady, but what does that mean for you? With a brief dive into March 2024, compared to the last year March 2023, we’ve got your concise market summary right here.

Sales Trends

The City of Saskatoon reported 364 sales in March, a year-over-year decline of 8 percent and 2 percent above long-term, 10-year averages.

Sales Trends

Inventory Levels

Inventory levels decreased by 21 percent year-over-year and continue to sit nearly 50 percent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, which is placing upward pressure on prices and likely preventing even stronger sales numbers.

Inventory Levels

Market Dynamics: Price and Time

Homes are selling fast (32 days on average), down 24% from last month and nearly 30% from last March. The average sale price is up 6.5% from last March 2023.

Price and Time

Price Movements (Detached, Attached, Freehold and Condo)

Detached single-family homes continue to increase in value. Starter homes (that show well) at the $400,000 price are in very hot demand and difficult to find. They sell almost immediately when they do come on the market.

Average Prices - Detached and Attached Freehold
Average Prices - Attached and Apartment Freehold

Selling and Buying Insights

Optimal Timing – With sales times decreasing and prices increasing, the next three months are prime for sellers. Buyers, note that there will be increasing competition, especially for well-priced homes that show well.

Next Steps?

Whether you are buying, or selling, I can give you the advice you need to make smart educated decisions.

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