Last week in the Saskatoon real estate market there were more sales than any other week in 2014 so far! There were 119 firm sales at an average price of $355,321, 30 days on market and $7286 average sale price under asking. You could say that we’re in full swing in the Saskatoon real estate market.
Last week there were a few trends that were evident when looking at the statistics. Of all the sales last week, a staggering 93% of all sales occurred in the resale market, driving down the average days on market to 30. It’s very rare to see homes sell this fast while there are over 1500 listings on the market. Entry level homes under $400,000 consisted of 70% of total sales last week, which has skewed the average price in Saskatoon much lower than where it normally is.
Over the past month there have been 457 sales (114 per week) with an average price of $351,718, 36 days on market and an average of $7554 sale price under asking. Last year during the same month period, the Saskatoon real estate market averaged 14 less sales per week, while the average price was only $2,117 lower and the average home sold in just 30 days on market. In 2013 there were far less listings on the market, therefore it’s reasonable to assume it would affect the average days on market with less competition.
There are currently 1549 listings in Saskatoon (925 single family, 499 condominiums) as listing inventory in Saskatoon is skyrocketing. Last week there were 251 new listings (161 single family, 73 condominiums) posted on the market, which is the highest amount of listings in a single week in over 6 years. There were 196 less single family homes and 122 less condominiums on the market during the same week period last year. Expect the overall listing numbers to increase to nearly 2000 in the coming months.
If you require any further information on current trends in the Saskatoon real estate market or if you’re buying/selling, contact us here!