We’ve seen the Saskatoon real estate market reach the century mark in sales for 3 consecutive weeks. Last week there were an impressive 107 firm sales reported to the Saskatoon MLS with an average price of $339,541. The average price is skewed lower because 75% of all sales last week occurred under the $400,000 range.
Over the past 4 weeks there has been an average of 104 sales per week in Saskatoon with an average price of $357,744, 45 days on market and an average selling price $7,260 under asking price. Last year during the same 4 week period there was an average of only 83 sales per week, with an average price of $349,438, 34 days on market and an average selling price $6,709 under asking price. What these numbers tell us is that sales volume is way up from 2013 (21 more sales per week) and average prices have gone up. Homes are sitting on the market a little bit longer due to the high amount of inventory on the market and sellers are giving up a little more on their asking prices.
Last week there were 193 new listings (111 single family homes, 63 condominiums) posted to the market. As of Monday morning April 14th, there are 1403 listings in Saskatoon (847 single family, 454 condominiums). The amount of inventory on the market at the moment is much higher than the same time period in 2013 by nearly 250 listings.
The market is far outperforming expectations at the moment. If you’re looking to sell your home, the re-sale market is especially hot. If you’re looking to buy, interest rates are as attractive as ever! For any questions about the market, contact us here!