Last week in the Saskatoon real estate market there were 66 firm sales (43 single family, 21 condominiums) recorded on the local MLS. Last week’s average price dipped down to $324,405 due to 56% of all sales under the $300,000 range. Over the past month we have averaged 58 sales/week while the average sale price in Saskatoon is a higher than last week at $347,588, the average home sold in 50 days and $7919 under asking price. Last year during the same month period there were 55 sales/week with an average price of $337,982 (2.8% lower than 2014), the average home sold 8 days faster, and the average selling under asking was $6021. Prices and sales volume have consistently been higher than in 2013, so both are positive signs for things to come.
There are currently 1214 active listings (711 single family, 385 condominiums) in Saskatoon at the moment, which is much higher than in 2013 when there were only 590 single family and 329 condominiums listed during the same time period. Last week there were 165 new listings added to the Saskatoon MLS, which are 34 more than were posted during the same week last year.
Interest rates at the moment are interest rates are around 3.09% for a 5 year fixed, which is a great deal and this should entice first time home buyers to enter the market. What we saw last week was a high amount of activity under $300,000 and the trend should continue.
If you are interested in buying or selling or if you would like some more information on the current market, contact us here.