Last week in Saskatoon there were 65 sales, which is rather active for this time of year. The average price of those sales last week $328,079 which suggests that there was more activity in the lower of the end of the market as this price is lower than usual. Over the past month in Saskatoon we have seen a weekly average sales volume of 75 per week and an average price of $347,731. During the same period in 2012, the average price was $4425 lower, while there were on average 9 sales less per week. Currently homes are sitting on the market for 7 days on average longer than they were in 2012. This is a direct correlation to the high number of inventory on the current MLS at the moment. When places sit on the market, they tend to take a little bit of a hit in value which is evident when looking at the average selling price under asking. The current selling price under asking is currently at $9252, whereas during 2012 with a lower inventory count, the average for the same period was just $7670. Ultimately when comparing the past month with the same period in 2012 prices have gone up slightly and sales volume is up.
Over the past month the most active sales areas are:
Evergreen - 21 sales
Stonebridge - 20 sales
Hampton Village - 16 sales
Wildwood - 12 sales
Confederation Park - 10 sales
Nutana - 8 sales
Currently there are 1202 active listings on the MLS (742 single family, 348 condominiums) which remains high. However inventory is slowly beginning to fall each week, which is a good thing for sellers and more importantly some more balance in the market. Last week there was only 91 new listings (69 single family, 12 condominiums) posted to the market. Look for inventory to decrease in the coming weeks as the market should cool off over the next month or so.
If you have any questions about the current market, or if you’re thinking about buying or selling contact us here.