The weather has been amazing lately and has motivated buyers to buy homes. Sales volume in the Saskatoon real estate market is up quite remarkably year over year, which is promising. Last week there were 105 firm sales in Saskatoon with an average price of $352,047 and 33 days on market.
Over the past month, the market has been extremely active as we have averaged 112 sales per week, which are 15 more than the same month period in 2013. The average price over the past month has been $358,794 and this total is $3,429 higher than the average price during the same month in 2013. This number is skewed because of a high amount of activity in the entry level market. Due to a high amount of inventory currently houses are selling in 36 days on market, which is 6 days longer than the average in 2013. The average price under asking over the past month is $7,405.
In 2014 we’ve seen more activity in terms of sales volume than we have in the past 5 years as the average price has gradually increased every year. Average prices are going up especially in the resale market as it’s been extremely hot of late (81% of total sales are resales), the same cannot be said in the resale market. Homes are still moving very well under the $400,000 mark as 73% of total sales occurred in this range.
There are currently 1578 listings (964 single family homes & 500 condominiums) in Saskatoon which continues to grow every week as we are in the midst of the most active listing period of the year. In 2013 there were only 1219 active listings on the market. Last week there were 193 new listings posted to the market. Last year during the same week period there were only 167 new listings posted and inventory was much lower.
If you have any questions about the current market or if you’re thinking about buying or selling, contact us here.