With the onset of winter in the Saskatoon region, one would anticipate the impending seasonal slow-down in the real estate market. However instead of cooling off, the unpredictability of the Saskatoon real estate market surprised once again in 2013. After witnessing sales dip to a 2013 weekly low of 56 due to the Thanksgiving long weekend, figures rebounded in a big way as 91 sales were recorded to the Saskatoon MLS last week. In 2012 there were 81 sales during the same week period, which is 10 less than last week. Over the past 4 weeks in Saskatoon we have seen an average of 85 sales/week, which is 10 more per week than in 2012. The current 4 week average price is $349,163 which is $13,317 more than the 4 week average price during the same period in 2012. Ultimately sales and average prices are up from a very strong 2012, which are good signs for the current Saskatoon real estate market.
Currently listing inventory is at 1385 active listings (871 single family, 415 condominiums) which is still very high for this time of year. These numbers are 18% higher than 2012 figures and once again, the greatest difference is the amount of single family homes, as the condo market remains relatively status quo in terms of inventory. Buyers currently have a lot to choose from in the single family market, however everything should balance out quite soon as listings are not replenishing themselves as briskly as they were during the spring and summer. Last week there were only 124 new listings (82 single family, 30 condominiums) posted to the market. We have recently seen new listing numbers around 150-200/week.
With sales on the uptick and listing numbers decreasing, we will start to see more balance in the market going forward. If you require more information about the current market, or are thinking about buying/selling, contact us here.