The Saskatoon Home Team

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The Saskatoon real estate market was extremely active in March 2014, in fact it was the most active March in the past 5 years in terms of sales volume. Not only was it the most active March, sales prices were also the highest last month as compared to any of the past five years during the same month period. Here is how everything breaks down.

 

Year       Sales            Average Price                Average Under List       Days on Market

 

2014        382                $353,973                                 -$6,411                            44

 

2013        344                $336,068                                 -$5,597                            37

 

2012        367                $326,627                                 -$6,129                            33

 

2011         346                $294,025                                 -$7,308                            36

 

2010         359               $282,393                                  -$5,681                           30

When analyzing these numbers, it’s evident that the average prices of Saskatoon real estate listings have increased incrementally each year. However the largest increase was from May 2013 to May 2013 as average prices increased $17,905 in one calendar year. This past month of May 2014 you will notice that homes are sitting on the market a little bit longer and the average sale price under list is also lower. These statistics are skewed slightly because of the high amount of product available in the luxury home market.

 

Here is a breakdown of the number of single family home and condominium sales in Saskatoon broken down by area (S1 – East, S2 – South East, S3 – North, S4 – West, S5 – North West).

 

March 1st to 31st 2014 single family home sales

 

Area    Sales           Average  Price         Avg. Under List           Days on Market

 

S1          90                  $477,896                     -$7,071                            47

 

S2          51                  $391,875                     -$4,060                            37

 

S3          24                  $368,596                     -$11,633                          33

 

S4          39                  $236,458                     -$8,203                            42

 

S5          44                  $354,772                     -$5,573                            37

The S1 area is by far the most active in Sales volume  as it has 3 of the most active neighbourhoods in all of Saskatoon, including Evergreen (26 sales), Rosewood (16 sales) and Willowgrove (23 sales) which are all new development areas. However the S2 area has the most active neighbourhood in all of Saskatoon in Stonebridge which allotted for 32 sales last month.

 

March 1st to 31st 2014 condominium sales


Area    Sales       Average Price             Avg. Under List                  Days on Market

 

S1           60              $279,845                       -$4,340                                45

 

S2           28              $293,677                       -$6,752                                43

 

S3            8               $231,488                        -$7,687                               44

 

S4            4               $244,125                        -$9050                                75

 

S5           12              $242,177                        -$2465                                40

 

The sample size of some of the condos that sold especially in the S3 and S4 areas are a little too small to read into the numbers too much. It is evident that the S1 and S2 areas are the most popular for condos in Saskatoon and feature some new developments.

 

Currently there are plenty of buyers entering the market in the under $400,000 market due to attractive interest rates. Homes in the $200-$400 range seem to be selling very quickly, especially in the re-sale market as demand is high. The same can’t be said in the luxury market however, as there is so much inventory to compete with for sellers.

 

Within the past few weeks in Saskatoon we have seen over 100+ sales in on the local MLS. This is the first time in 2014 that the Saskatoon real estate market reached the century mark during back to back weeks. Look for more positive things to come!

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