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Sales volume in the Saskatoon real estate market has been on the decline so far in 2015. When comparing the past month of total sales in Saskatoon to the same month in 2014, volume is down nearly 16%. The lower interest rates haven’t been enough to entice buyers to choose from the high amount of inventory currently on the market. Last week in Saskatoon there were 40 single family homes which sold for an average of $407,635, while 17 condominiums sold for an average $272,056.

 

When analyzing the data from over the past month it is evident that while sales volume is down, prices haven’t dropped. In fact, in the single family market they’ve increased nearly 4%, while the condo market has seen a slight drop. Both the condominium and single family markets have greater competition than usual, however the lower rates will in fact protect prices over the short term.

 

Year       Type     Sales     Avg. Price        DOM     Selling Price Under Asking

2015       SF        136       $406,505            51           $8,427

2014       SF        154       $388,941            44           $8,304

2015       Con       58        $254,237            62           $4,406

2014       Con       76        $261,591            62           $6,982

Legend: SF = Single Family, Con = Condominium

 

At this time there are 816 single family homes showing as active in Saskatoon, which is up 14% from the same period last year. There are currently 515 condominiums, which is up 29% from a year ago. The high amount of condominiums on the current market is a good indicator of why prices have been affected, even if it is merely a slight decrease.

 

If you have any questions regarding the Saskatoon real estate market, or if you’re thinking about buying/selling contact us here.

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