Last week in the Saskatoon real estate market, sales and listing inventory were up considerably. There were 91 sales (59 single family, 28 condominiums) reported to the Saskatoon MLS which is a rather impressive number considering its October. Last week the average price was $356,753 which is higher than usual as the current 4 week average is only $347,761. Over the previous few months the average sales prices were much lower, due to a high amount of activity in the lower end of the market. Over the past few months we had seen a high amount of activity in the under $300,000 market, however this seems to no longer be the case as the market seems balanced again. Over the past month, the average home sells in 38 days on market and the average selling price under asking was $7469.
We have seen a high amount of listing activity in the Saskatoon real estate market of late and this past week was no different. There were 209 new listings (130 single family, 66 condominiums) in Saskatoon last week, which is a very high number for October. Two weeks ago there were 41 less listings posted to the market and 60 less in 2012 during the same week period. This brisk listing activity has pushed inventory levels to 1402 active listings (883 single family, 419 condominiums). In 2012 there were over 140 less single family homes listed during the same week period, while condominiums were nearly equal. Ultimately competition in the single family market has been a lot tougher of late due to the high amount of competition.
The market has been active and very unpredictable of late, who knows what next week will bring us. If you have any questions or are thinking about buying/selling contact us here.