During the Easter weekend, or any long weekend for that matter, real estate sales tend to soften. Last week in Saskatoon there were a total of 76 firm sales recorded (54 single family, 22 condominiums), which is down 30 sales from the same period in 2014. Last week there were 54 single family homes that sold at an average price of $356,276, while 22 condominiums sold at an average price of only $228,009 as many entry level condos (under $170,000) sold affecting the overall average price.
It should be noted that with low interest rates hovering around 2.69% for a 5 year fixed rate, more entry level buyers are entering the market at this point and this is affecting average prices. Prices haven’t really decreased as much as these figures suggest, it’s more so the cause of entry level buyers purchasing properties on the low end of the price spectrum.
Single Family Homes - 4 Week Average
Over the past month there were 226 single family homes, which sold at an average price of $368,678. While in 2014, during the same period there were 272 sales which had an average price of $389,500. Overall sales volume is down nearly 17%, while average prices have dropped 5.5% while comparing sales from the past 4 weeks to the same period in 2014. The average days on market has decreased from 2014 to just 43, while the current sale price under asking for a single family home is currently $7,525.
Condominiums - 4 Week Average
During the same month period in the condominium market in Saskatoon there have been 93 firm condominium sales at an average price of $256,904. During the same period in 2014 there were 103 condo sales at an average price of $277,925. Overall prices are down over 7%, while sales volume is down just 10%. The average days on market for a condo has increased from 43 in 2014 to 66 in 2015 as competition has increased, while the average selling price under asking for a condo is $5,711.
Current Listing Inventory
There are 1125 single family homes and 649 condominiums on the MLS in Saskatoon as of Monday morning. In 2014 there were nearly 27% less single family homes and 28% less condominiums. Numbers grew slightly from last week.
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