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
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