Saskatoon benchmark home price rises 10K in one month, with too-few homes to meet demand

A new home for sale in Saskatoon. (Carla Shynkaruk / CTV News)

The Saskatoon housing market continues to produce eye-catching numbers, revealing just how red-hot things are.

Saskatchewan’s largest city saw a new record benchmark home price in March, reaching $415,900. That’s a jump of $10,500 over the month of February.

The number of home sales in March jumped 11 per cent year-over-year and 13 per cent above the 10-year average. Meanwhile, new listings declined one percent in the same time frame.

As a result, there were less than one month’s supply of homes available heading into April — the lowest number of new listings for this time of year since 2007.

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“Of the 602 available units at month’s end, 195 were conditionally sold, leaving just 407 units on the market with active status — less than one month of supply when conditional sales are factored in,” the Saskatchewan Realtors Association CEO Chris Gurette said in a news release.

“The spring market is here. We continue to see near-record demand, and there isn’t enough inventory to meet that demand right now”.

In Regina, sales in March were down three percent year-over-year but were still ahead of the 10-year average by 15 percent.

The residential benchmark price in the provincial capital reached $326,300, a jump of four percent year-over-year.