The Saskatoon Home Team

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The Saskatoon real estate market hasn’t quite heated up since holiday season, as last week there were only 42 firm sales (27 single family, 14 condominiums) reported to the local MLS. In 2013 for the same week period there were 37 firm sales in Saskatoon, while two weeks ago there were 48 firm sales.  The average sale price in Saskatoon last week was higher than usual and closed at $374,302, while the average home sold in 58 days on market. Over the past month there have been an average of 39 sales per week , while the average price is a little closer to normal at $353,280 and the average house sold in 52 days on market. Last year during the same month period there were an average of only 32 sales per week, while the average price was substantially lower at $324,593, while the average house sold in 46 days on market.

 

Currently there are 1163 active listings in Saskatoon (689 single family, 357 condominiums). These numbers have grown over the past few weeks as listing inventory has replenished itself nicely. In terms of overall listing inventory, there are more listings currently than any of the past five years for the same week period. In 2013 there were 591 single family and 299 condominiums on the market during the same time period. Last week there were 125 new listings posted to the Saskatoon MLS (77 single family, 35 condominiums).

 

Currently in Saskatoon, sales volume, average prices and listing inventory figures are well ahead of a record breaking 2013.These numbers suggest that we’re in for an incredibly active 2014. Interest rates have dropped over the past week and are at 3.39 for a 5 year fixed. If you’re willing to lock in for 2 years, there are rates at 2.99 at the moment. So make sure to lock in, if you may be buying within the next 3 months.

 

Contact us here if you have any questions about the current market, if you’re buying/selling, or if you would like to get some information on where to get the lowest rates.

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