Saskatoon Real Estate Market Update: February 2025

It seems like spring has already sprung in the world of real estate and we have the data that shows this to be true. My active buyers (incredibly patient buyers, I may add!) have got a glimpse of what is in store.

Homes in Saskatoon are not sticking around for long! The average days on market in February was 37... just over a month. For most homes in mature neighborhoods on the east side of Saskatoon & in the north end of Saskatoon, the days on market are less.

There were 323 homes sold in the month of February in Saskatoon, and only 381 new listings. When compared to the ten year average, this is about 57% below the level at where we norally are. With the significant increase in demand, and reduction in new listings, we have seen the benchmark price of homes move from $403,400 in January to $405,400 in February.

Another important note to make is the increased rise of delayed presentation of offers. The majority of the homes being listed in mature east side & north end neighbourhoods are listed with Form 917- "Presentation of Offers". If you're not familiar with this form, it allows sellers to state a date & time at which they will consider all offers.

This allows buyers time to get into a home and make a rational decision as to whether they actually want to place an offer and if they do, for how much. While this is a luxury in a hot market like we have, it is a double edged sword. This type of listing can elicit multiple offers so a strong offer will typically be the one the seller opts to go with.

What is a strong offer? Well, typically no conditions. "All cash" offers are becoming a bit more common so if you are financing the home it is imperative that a pre approval is in place. It is also becoming increasingly more common for sellers to ask for a pre approval to be submitted with offers so if you haven't already, make sure to get it done! If anything changes on your end (employment, debt ratio, etc) to update your mortgage specialist to ensure your pre approval limit is accurate.

Sellers, if you are thinking of upgrading this spring, it will be a great time to take advantage of the market as many first time home buyers are looking to enter the market and your home could be exacty what they are looking for. Reach out for a complimentary, no obligation home evaluation!

As always, any questions about real estate or what is happening in the market, please don't hesitate to reach out- I am always happy to answer your burning questions. 

Chat soon, 

-Joanne