DECEMBER 2024 | REAL ESTATE OVERVIEW

MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:

Saskatchewan recorded 776 home sales in December, a 3% increase year-over-year and 15% above the 10-year average. This capped off the province’s second-strongest year for resale housing, with 16,119 sales in 2024, reflecting a 9% rise from 2023.

Consistent demand throughout the year was met with declining listings, resulting in record-low inventory. December’s new listings dropped 16% compared to last year and were 30% below the 10-year average. Despite seasonal trends raising months of supply to nearly five, overall inventory fell 20% year-over-year and remains 40% below long-term levels.

The benchmark price for Saskatchewan was $337,800 in December, down slightly from November but 7% higher than December 2023. CEO Chris Guérette attributed the market’s resilience to population growth, employment gains, and rate cuts, anticipating continued supply challenges in 2025.

City Highlights

Prince Albert & Area: 112 December sales, down 6.3%, with 2,491 annual sales – The benchmark price was $244,995 in the city & $242,125 in the surrounding area.

Saskatoon: 256 December sales, up 12%, contributing to 5,035 annual sales. The benchmark price was $395,300, reflecting a 7% year-over-year increase.

Saskatchewan’s housing market continues to thrive, driven by strong demand and tight inventory.

Your family real estate team:

306.370.8474 | hello@morrison87.com | @morrison87

https://mlssask.ca/market-watch-december-2024/