Saskatoon Real Estate Market Update for July 2024

The Saskatoon real estate market continues to demonstrate robust and positive trends. Here’s a detailed look at the latest statistics from June 2024.

Sales Volume

This year has seen a significant uptick in property sales. In June 2024 alone, there were 540 homes sold, maintaining the same number of sales as June 2023. This consistency highlights the market's resilience and strength, even with fewer homes available. Overall, sales are up 9% year-to-date, showcasing a healthy demand for properties in Saskatoon.

Inventory

As of July 2nd, there are 631 active MLS listings in Saskatoon. In June, the market welcomed 668 new listings, marking a 15% decrease from the previous month and a slight 3% decrease compared to June last year. This reduction in new listings has tightened the market, creating a competitive environment for buyers.

Average Price

The average sale price for a home in June 2024 was just under $402,000, reflecting a 3% increase from May. Year-to-date, the average sale price stands at approximately $393,000, which is a 5% rise compared to last year. Saskatoon has achieved a record high with average home prices surpassing the $400,000 mark for the first time. Surrounding communities like Humboldt, Martensville, and Warman are also experiencing record prices, indicative of the strong demand in the region.

Market Dynamics

Despite fewer homes being available for sale, the eagerness to purchase, especially higher-priced homes, keeps the market lively. With higher mortgage rates and rising home prices, there’s a significant push for more affordable homes. However, the limited supply means buyers need to act quickly and be ready to compete, often facing bidding wars, particularly in the mid to higher price ranges.

Summary

These figures indicate a healthy and growing real estate market in Saskatoon, making it an opportune time for both buyers and sellers. Whether you’re considering buying or selling, it’s essential to stay informed and work with a knowledgeable real estate professional.

If you have any questions or need real estate advice, feel free to reach out to us at Tait Real Estate. We're here to help you navigate the market and find the perfect home or investment.

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Courtney Tait
📞 Phone: 306-221-2321
📧 Email: ctait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

Welcome to our monthly real estate market update for Saskatoon. We’re excited to bring you the latest insights and trends. Let's dive into the numbers and what they mean for you!

Current Market Overview

As of July 2nd, there were 631 homes listed for sale in Saskatoon. In June, we saw 540 homes sold, matching the sales figures from last June. This steady number indicates a resilient market, even with fewer homes available. Overall, sales are up 9% this year, signalling strong demand.

Listings and Pricing Trends

June brought 668 new listings, which is a 15% decrease from the previous month and slightly down by 3% compared to June last year. This drop in new listings is making our market feel tighter. The average sale price for a home last month was just under $402,000, a 3% increase from May. Year-to-date, our average sale price is about $393,000, which is a 5% rise from last year. Prices are definitely on the rise!

Record High Prices

Home prices in Saskatoon have hit a record high, with the average home price crossing the $400,000 mark for the first time. Communities like Humboldt, Martensville, and Warman are also experiencing record prices, reflecting strong demand across the region.

Market Dynamics

Even with fewer homes for sale, the eagerness to buy, especially higher-priced homes, is keeping our market vibrant. Higher mortgage rates and rising home prices have created a push for more affordable homes. However, with fewer options, buyers need to act quickly and be prepared to compete.

Advice for Buyers and Sellers

For buyers, this means being ready to move fast and possibly face bidding wars, especially in the mid to higher price ranges. For sellers, it’s a fantastic time to list your home with demand being so high.

Conclusion

Overall, the Saskatoon real estate market remains strong, with steady sales and rising prices. Whether you’re buying or selling, it’s essential to stay informed and work with a knowledgeable real estate professional. If you have any questions or need real estate advice, feel free to reach out to us at Tait Real Estate. We're here to help you navigate the market and find the perfect home or investment.

Thanks for tuning in!

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Courtney Tait
📞 Phone: 306-221-2321
📧 Email: ctait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

In this months update, we break down the current Saskatoon market trends, and what they mean for you. 

The Saskatoon real estate market is currently showing strong and encouraging trends. There's been a noticeable increase in sales, with 29% more homes sold this month compared to last year. Additionally, home prices are on the rise, with a 7% rise year-to-date.

This healthy market growth makes it a great time to consider buying or selling a home in Saskatoon. We are seeing properties sell quickly, in some cases with multiple offers and even over asking price.

In April 2024, the Saskatoon real estate market experienced vibrant and positive trends.

Sales Volume - This year has seen a significant uptick in property sales, with a 29% increase this month alone, and a 14.5% rise year-to-date. Specifically, there have been 522 properties sold this month, a substantial increase from the 406 sold during the same period last year. This represents an impressive addition of 116 units sold compared to April last year.

Inventory - There are 582 active MLS listings in the city as of May 1st, 2024. the market welcomed 728 new listings in April marking a 9% increase over last April. However, looking at the year-to-date figures, new listings have slightly decreased by 1.2%.

Average Price - The average sale price also shows a robust growth, with the month-to-date average reaching $394,213—an 8% increase from $366,626 in April last year. The year-to-date average sale price stands at $388,891, up 7% from $364,713 in the same period in 2024. 

Summary - These figures indicate a healthy and growing real estate market in Saskatoon, making it an opportune time for both buyers and sellers.

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

In the ever-evolving real estate market, one question seems to perennially loom over prospective homeowners: "Should I wait for interest rates to drop before buying my dream home?" It's a complex decision, with potential savings in interest payments on one side and the risk of rising property prices on the other. Let's explore what waiting for that seemingly perfect interest rate really means for your wallet and whether it truly aligns with smart home buying strategy.

The Interest Rate Dilemma

Imagine you've found your ideal home priced at $445,000. The thought crosses your mind: would it be wiser to wait for interest rates to fall? After all, even a 0.50% drop in rates could save you a significant amount in interest over the years.

Taking a hypothetical scenario where waiting does result in a 0.50% rate reduction, you could save around $10,547 in interest over five years. At first glance, waiting appears financially savvy. However, this calculation doesn't consider the full picture.

The Reality of Real Estate Prices

While you wait for rates to drop, the real estate market isn't standing still. Property prices tend to increase, especially when interest rates decrease and more buyers enter the market. This influx of buyers, driven by the more attractive rates, can push prices up due to increased demand and limited supply.

If the type of home you're eyeing appreciates by $20,000 to $30,000 during your waiting period, the initial savings on interest quickly diminish. In essence, the delay could end up costing you more than if you had purchased the home at the higher interest rate.

Timing vs. Opportunity

The timing in the housing market is a delicate dance. While aiming for the perfect moment to buy can seem like a prudent strategy, it often leads to missed opportunities. The market's unpredictable nature means prices could escalate beyond your savings on interest rates, leaving you in a less advantageous position.

The Bigger Picture: Saskatoon's Real Estate Market

To put this discussion into context, let's look at the current dynamics of the Saskatoon real estate market:

Active Listings: Sitting at 548. While new listings have slightly increased by 2% for the month, they've decreased by 5% YTD, suggesting a tightening inventory.

Sales Increase: There's been a notable +22% rise in sales, both monthly and year-to-date (YTD), highlighting a bustling market.

Sold Properties: With 309 properties sold, it demonstrates robust activity.

Comparison to Last Year: Sales have surged by +56 units sold compared to the previous year, further emphasizing the market's growth.

Average Sale Price (YTD): The average sale price has reached $374,787, marking a 6.3% increase from last year, illustrating the upward trend in property values.

Conclusion

Navigating the decision to buy a home amidst fluctuating interest rates and changing market conditions can be daunting. However, understanding the broader implications of waiting for the perfect rate is crucial. The Saskatoon real estate market statistics serve as a tangible reminder of the market's dynamic nature and the importance of weighing the potential cost of waiting against the backdrop of overall market trends.

Ultimately, the decision to buy should align with your financial readiness and personal circumstances, rather than trying to time the market perfectly. Remember, the right time to buy is when it feels right for you, keeping in mind that the market waits for no one.

As always, if you have any questions about the current market conditions in Saskatoon, please reach out to us. We are always happy to help!

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

In February 2024, the Saskatoon real estate market showed significant activity, with some notable trends in sales, listings, and average sale prices.

Sales Volume

Compared to the previous year, sales saw a substantial increase both for the month and year-to-date (YTD), with a 22% rise. Specifically, there were 309 properties sold, marking an increase of 56 units or 22% over the 253 sales recorded during the same period last year.

Inventory

The market had a total of 548 active MLS listings. The number of new listings in Saskatoon also experienced a slight change, totaling 434 for the month. This represents a modest 2% increase from the previous February, which had 426 new listings. However, when looking at the year-to-date figures, there's a slight decrease of 5%, indicating a mixed trend in new market entrants.

Average Price

The average sale price for homes in Saskatoon during February 2024 was $366,485, which is a 2.8% increase from the $356,597 average sale price recorded in February of the previous year. Moreover, the year-to-date average sale price showed more substantial growth, reaching $374,787. This marks a 6.3% increase from the $352,601 average in February 2023, showcasing a healthy appreciation in property values over the year.

Summary

Overall, the Saskatoon real estate market in February 2024 demonstrated robust sales growth and a slight increase in new listings, alongside a notable rise in average sale prices both monthly and year-to-date, reflecting a positive trend for the local real estate landscape.

Saskatoon Real Estate Market Statistics at a glance:

Active Listings: 548

Sales Increase: +22% (Month and YTD)

Sold Properties: 309

Comparison to Last Year: +56 units sold

New Listings: 434, up 2% for the Month and down 5% YTD

Average Sale Price (YTD): $374,787, up 6.3% from last year

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

In January 2024, Saskatoon's housing market was buzzing, reflected in both the sales volume and average sale price movements.

Inventory

As of February 1, 2024 there were 698 homes listed on the Saskatoon MLS. January experienced a slight downturn in the number of new listings, which totalled 364, marking a 12% decrease both for the month and YTD when compared to the previous year's count of 414 new listings in January. This reduction suggests a tightening market, where demand could potentially outstrip supply. This means, as a seller, you'd find a bit less competition for your listing. There are fewer homes on the market, making it a bit easier for your listing to stand out.

Sales Volume

Sales performance saw a significant increase, with the number of properties sold rising by 22% for the month, as well as year-to-date (YTD), reaching a total of 245 sales. This marked a considerable growth compared to the same period last year, which recorded 201 sales, translating to an increase of 44 units. Such an upward trend underscores a growing buyer interest which is pretty great news for sellers.

Average Price

Also, for sellers, it keeps getting better. The average price for a home sold in January was $385,259, which is a pretty big jump—about 10.8% more than last year. So, homes are not only selling, but they're also selling for more.

Summary

All in all, January was a great month for Saskatoon's real estate market. More homes were sold, there were fewer new listings, and prices were up. It's a good time to be selling a house in Saskatoon!

Saskatoon Real Estate Market Statistics at a glance:

• Active Listings: 698

• Sales Increase: +22% (Month and YTD)

• Sold Properties: 245 (in areas S1 - S5)

• Comparison to Last Year: +44 units sold

• New Listings: 364, down 12% (Month and YTD)

• Average Sale Price (MTD and YTD): $385,259, up 10.8% from last year

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

Hey there! Dreaming of buying or selling a home in Saskatoon? Whether you're looking to step into a new home, sell your current one, or simply enhance where you live, understanding the power of renovation can be your key to success. With the current tight listing inventory, finding or creating the perfect home might require a bit of creativity.

For buyers, the challenge of finding a home that ticks all the boxes right away might seem daunting. However, purchasing a home with solid fundamentals in your desired area and renovating it to suit your tastes and needs can turn it into your dream space. It's a strategy that can unlock potential you might not have seen at first glance.

For sellers, sprucing up your property before listing can make a huge difference. Strategic renovations can not only help your home sell faster but also potentially increase its sale price. It’s about showcasing your home’s best features and making it stand out in the market.

And for those not looking to move, renovating your existing space can rejuvenate your love for your home, adding functionality, style, or even value if you decide to sell down the line.

Looking to Buy and Renovate for Personal Enjoyment or Resale?

If the perfect home seems just out of reach you might want to consider these strategies:

• Purchase Plus Improvements - For buyers, this option allows you to add renovation costs into your mortgage, making it easier to transform an almost-right house into your ideal home from the start.

• Government Assistance Programs - Available to both buyers and sellers, these programs offer financial support for renovations that improve energy efficiency, accessibility, and more, potentially increasing your home's appeal and value.

Enhancing Your Current Home

Looking to boost your home's value or enjoy your space more? Here are some financing options to consider:

• Home Equity Loans and HELOCs - A great way to fund significant renovations, whether you’re aiming to increase your home's market value or just upgrade your living conditions.

• Mortgage Refinancing - Refinancing can provide the funds for extensive renovations by tapping into your home’s increased value, allowing for a wide range of improvement projects.

Expert Guidance for Your Real Estate Journey

Choosing a realtor with construction knowledge and experience can be a game-changer. Jamie and Ross at Tait Real Estate are not just experts in the Saskatoon real estate market; they also bring a wealth of construction know-how to the table. This expertise is invaluable, offering personalized suggestions for potential modifications and renovations to make any house feel uniquely yours.

Having an agent with a background in construction means you’ll get insights into what aspects of a home you can (and cannot) renovate, along with advice on the renovations that will bring you the most value, whether you're planning to sell in the future or want to enjoy your home for years to come. They can help you see beyond a property's current state, envisioning the transformation that can turn a potential home into your dream space. This perspective is especially crucial in a market where finding a ready-to-move-in home that meets all your criteria can be challenging. With their guidance, you can make informed decisions, ensuring your investment is not just safe but also potentially more rewarding.

Financing Your Renovation Dreams

Whether you’re eyeing renovations to sell for a higher price, buying a new place to make your own, or just wanting to love your home a little more, we recommend contacting Deb Murdoch to help with all your financing needs.

Deb Murdoch
The Mortgage Group
(306) 222-7900
debm@mortgagegroup.com

Together, we’ll navigate the best options to fund your renovations, aligning your projects with your financial goals.

Get in touch today, and let’s make your home dreams a reality!

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

The Saskatoon real estate market in December 2023 showed noteworthy trends, reflected in several key statistics:

Active Listings: The total number of Active MLS listings is 692.

Sales Performance: There was a significant increase in sales for the month, up by 14%, with a modest year-to-date (YTD) increase of 1.5%. A total of 230 properties were sold during the month, which is a notable increase from the 202 properties sold in the same period last year, representing an addition of 28 units. This upward trend in sales volume is a positive indicator for the Saskatoon real estate market.

New Listings: The market witnessed 248 new listings in December. This figure represents a 7% increase compared to the same month last year. However, when looking at the year-to-date numbers, there is a decrease of 7%, from 418 last year to the current number.

Average Sale Prices: The Average Sale Price for the month was $373,422. This is a slight increase of 0.48% from $371,646 in December 2022. The Year-to-Date Average Sale Price also saw an increase. Standing at $375,123, it represents a 2% increase from the previous year's $368,891.

Summary: Overall, the Saskatoon real estate market in December 2023 experienced a boost in sales volume with a moderate increase in average sale prices. The number of new listings rose for the month but showed a decrease on a year-to-date basis. These figures suggest a steady demand in the market, coupled with a relatively stable pricing environment, making it a potentially attractive time for both buyers and sellers in the region.

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟
Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

Hello and Happy New Year!

Welcome to January 2024! If this year you've set your sights on buying or selling a home in Saskatoon, you're in for an exciting journey. The Saskatoon real estate market is unique and can feel like a labyrinth, especially in a year like 2024 where inventory levels are low, but don't worry. Whether you're eyeing Saskatoon homes for sale or preparing to list your own we're here to guide you through the essential steps you need to take to turn your housing dreams into reality.

1. Partner with a Top Realtor in Saskatoon

The first step? Connect with a Saskatoon real estate agent. In a market like ours, having a knowledgeable Realtor in Saskatoon is invaluable. We can provide insight into Saskatoon real estate listings, trends, and invaluable advice whether you're looking to buy a home in Saskatoon or sell a home in Saskatoon.

2. Get Pre-Approved for Mortgage Financing

First things first, it's crucial to know your financial footing especially in the competitive Saskatoon housing market. Getting pre-approved for a mortgage does just that. It's not just about knowing your budget; it's about being ready to leap when the perfect listing appears in Saskatoon. With Saskatoon listing inventories at a low this year, the ability to act swiftly is more important than ever. This pre-approval is your golden ticket in a competitive Saskatoon market.

3. Declutter Your Current Home

Whether you're selling or just preparing to move, decluttering is a must. As top Saskatoon real estate agents, we can provide tips on decluttering. It's not just about creating a more appealing space for potential buyers in the Saskatoon housing market; it's about easing your eventual move in Saskatoon. Start sorting through your belongings now - donate, sell, or discard items you no longer need. Trust me, your future self will thank you during moving day.

4. Depersonalize Your Space

When selling, you want buyers to envision themselves in your home. That means depersonalizing your space. Remove family photos, personal collections, and anything that screams 'you.' Think of it as setting the stage for buyers to imagine their own story in your home.

4. Deep Clean

This step is crucial. Whether it's Saskatoon's residential real estate or elsewhere, a sparkling clean home not only makes a great first impression but also signifies that the house is well cared for. Consider professional cleaning, especially for carpets and hard-to-reach areas. It's an investment that can pay off in the selling process, and make your home stand out in Saskatoon real estate listings.

5. Tend to Minor Repairs

Don't let a dripping faucet or a creaky floorboard be a turn-off for potential Saskatoon buyers. Fixing these minor issues can make a significant difference. It’s about presenting a home that looks cared for and maintained.

6. Educate Yourself on the Saskatoon Real Estate Market

Start scoping out listings in your ideal Saskatoon neighbourhoods. MLS Saskatoon (Multiple Listing Service) is an excellent resource for understanding the current market. Familiarize yourself with the Saskatoon market trends, prices, and what's available. This insight is invaluable. We can set you up with an auto-email service that sends listings matching your criteria directly to your inbox. This way, you're always in the loop.

Additional Steps for Success in the Saskatoon Market:

Understand Market Timing: Real estate markets can be seasonal. The best realtors in Saskatoon can advise on the optimal time to make your move.

Enhance Curb Appeal: First impressions in the Saskatoon real estate market are crucial. Simple landscaping, a clean entrance, and a fresh coat of paint can work wonders.

Financial Health Check-Up: Beyond mortgage pre-approval, ensure your overall financial health is in check. This includes reviewing credit scores, debt-to-income ratios, and saving for additional costs like closing fees.

Plan for the Move: Begin researching moving companies or rental options well in advance. This is especially important if you're planning a move during peak times in a busy market like Saskatoon’s.

Stay Flexible and Patient: The 2024 Saskatoon real estate market can be unpredictable. Stay flexible in your expectations and patient in your search or sale process.

By following these steps and partnering with a top Realtor in Saskatoon, you're setting yourself up for success in the 2024 real estate market. Remember, whether you’re buying your dream home or selling a cherished space, it's a journey worth taking. Here's to making your real estate dreams a reality in 2024!

Wishing you all the best on your real estate adventure,

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟
Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!