Sales numbers in the Saskatoon real estate market have dipped within the past few weeks, however things are still moving higher than usual for this time of year. Last week there were 54 single family homes and 23 condominiums for a grand total of just over 77 sales. There were 81 sales two weeks ago in the Saskatoon real estate market.
Over the past month there have been 226 single family sales with an average price of $390,112, while the average house sells for $9,127 under asking price. In 2013 during the same month period there were only 158 single family sales at an average price of $391,892 selling for $9,184 under asking price. We have seen prices basically stay the same year over year as inventory remains quite high, it’s tougher to get a premium price for a listing. However sales volume is a lot higher in 2014.
During the past month in the condo market there have been 82 sales at an average price of $276,797. The average condo currently sells for an average of $6,173 under asking price. In 2013 during the identical month period, there were 95 sales with an average price of $271,959, while the average listing sold for $9,814 under asking price. Prices have gone up year over year, while sales have dipped slightly in the condo market. This year in Saskatoon, the condominium market has produced comparable numbers to the 2013 figures.
Listing inventory is quite high (over 225 more listings than the same time period last year), however it is drastically declining every day as new listings are becoming quite scarce of late. Ultimately the market is in its seasonal slow-down, however we’re still witnessing sales numbers higher than we’ve ever seen in recent history almost reaching 2007 levels of sales numbers. This year is the second highest number of homes sold in Saskatoon history at 4384 on Monday morning, while there were only 4215 houses sold last year. This is due in part favourable buying conditions (very low interest rates, lots of listings to choose from) and the fact that the city is growing steadily. Now is a good time to find a deal in the market as the people selling are likely very interested in moving their properties and there is good selection.
If you're thinking of buying/selling or if you have any specific real estate questions contact us here.