Real Estate Blog

As we wrap up 2024, the Saskatoon real estate market has shown impressive resilience, reflecting both challenges and opportunities for buyers and sellers. With inventory at historically low levels and demand staying strong, the landscape remains competitive and fast-paced. Whether you're thinking of selling or entering the market as a buyer, it's essential to understand the nuances of the current market conditions. Here’s an in-depth look at what’s happening and what both sellers and buyers need to know.

Saskatoon’s Market Conditions in 2024: A Snapshot

2024 has been a year of contrasts in the Saskatoon housing market. The city saw 5,035 total residential sales, an 8% increase compared to the previous year, and 12% higher than the 10-year average. This strong performance came despite ongoing challenges in the broader economy.

What’s standing out the most is inventory levels. As of December 2024, Saskatoon’s housing inventory was down 25% compared to last year and remains nearly 50% below the 10-year average. This tight inventory, combined with high demand, has driven the benchmark price up by 7.1% year-over-year, reaching $395,300 by the end of December combining all property types.

The demand for homes in Saskatoon has kept pace, with 2024 marking the second-strongest year on record for the city. With only 2.17 months of supply remaining, homes are selling quickly, and competition is fierce.

Benchmark price for Saskatoon with including all property types

Would you like the chart in a downloadable format instead? ​

What Sellers Need to Be Aware of in 2025

1. Pricing Strategy Is Critical

With inventory so low, sellers in Saskatoon have a distinct advantage. However, it’s important to keep in mind that pricing still plays a crucial role. While the market is hot, buyers are becoming more discerning. Overpricing a property, even in a strong market, can still result in extended days on market or price reductions down the road.

Sellers should consider market trends, including seasonal fluctuations, and aim for a price that balances strong demand with realistic expectations. Consulting with Bird Realty with in-depth knowledge of Saskatoon’s market is essential to get pricing right.

2. Expect Shorter Time on the Market

Homes are moving quickly due to limited supply. Buyers are acting fast, especially for well-priced, move-in-ready homes. Sellers should be prepared for a shorter listing period and should have their property presentable and ready for showings to take advantage of the swift pace. ( you never want to turn away a showing)

This quick movement also means that multiple offers are becoming more common. Sellers may encounter situations where they receive several offers in a short window of time. In these cases, it’s essential to weigh all factors, not just price—terms, contingencies, and the buyer’s financial qualifications are all critical.

3. Condition and Presentation Matter

In a market with so few listings, a home that is clean, well-maintained, and show ready effectively can stand out. Sellers should focus on ensuring their home is market-ready, from fresh paint to minor repairs, to maximize its appeal to potential buyers. The more attractive the home, the more likely it will receive multiple offers, potentially driving the price even higher.

4. Be Prepared for a Competitive Market

With so few homes available, sellers should be prepared for competition among buyers who are willing to negotiate or adjust terms to secure the property. While this can be an advantage, it also means sellers need to be strategic with offer negotiations, ensuring they choose the best offer overall, not just the highest price.

How Are Buyers Getting Into the Market in 2025?

While the market is still heavily skewed in favor of sellers, buyers are finding ways to enter the market despite the challenges of limited inventory and rising prices.

1. Adapting to Tight Inventory

For buyers, it’s critical to be prepared and flexible in a market with such low inventory.

Being ready to act fast is paramount. Buyers who are pre-approved for mortgages and have their finances in order are gaining a competitive edge in this environment. In some cases, this means submitting offers quickly and without conditions to stand out in a multiple-offer situation.

2. More First-Time Homebuyers

Despite rising prices, many first-time homebuyers are still entering the market. With interest rates fluctuating, buyers are having to be more strategic in their financing. Some are opting for variable-rate mortgages to take advantage of lower rates, or stretching their budgets for a more affordable home in hopes of refinancing later.

Government programs designed to support first-time buyers, such as down payment assistance and tax incentives, are also providing buyers with the tools they need to get into the market.

3. Buyers Are Embracing Virtual Tools

With limited inventory and high demand, virtual tours and digital tools have become more important than ever. Buyers are often viewing homes remotely first to avoid wasting time on properties that aren’t a good fit. Once a buyer has narrowed down their options, they are then scheduling in-person showings, often with short notice, to ensure they don’t miss out on new listings.

4. Looking Beyond the City

As inventory within Saskatoon itself remains scarce, buyers are also looking to surrounding areas for more affordable options. Towns and communities on the outskirts of the city, such as Warman or Martensville, are seeing an uptick in demand, with many buyers willing to commute to the city for work or leisure.

Key Takeaways for Sellers and Buyers

• For Sellers: 2024 is still a strong seller’s market, but pricing and presentation are crucial to ensuring you don’t miss out on top offers. Buyers are competitive, so being prepared for quick showings and multiple offers will set you up for success.

• For Buyers: Inventory is tight, so flexibility and readiness are key. Buyers who are pre-approved, have a clear idea of what they want, and can act quickly are most likely to secure a home in this competitive market. Consider widening your search radius or being open to new financing strategies to make your offer stand out.

The Saskatoon market in 2024 has proven that even with challenges, opportunities exist for both buyers and sellers. Understanding the current conditions, knowing when to act, and being prepared for a fast-paced, competitive environment will help you succeed in navigating the market.

Want to stay ahead of the market? Whether you’re buying or selling, working with a knowledgeable local agent is your best bet for understanding the latest trends and making smart moves in today’s competitive real estate environment.

Contact Bird Realty to help your real estate needs in & around Saskatoon

Jill 306-221-1350

Cam Bird 306-221-0654