Congratulations on the Saskatchewan Roughriders for their birth in their first home Grey Cup appearance! Enjoy the festivities everyone!
Sales have now cooled off in the Saskatoon real estate market for the past few weeks as there were 58 firm sales (39 single family, 18 condominiums) recorded to the local MLS. Due to a high amount of activity in the higher end of the market last week, the average price closed out at $392,439. Last week’s average price is higher than usual and is evident when looking at the current 4 week average price of $351,944 at 80 sales per week. In 2012 the Saskatoon market was averaging only 75 sales per week, while the 4 week average price during the same period was $337,127 (4.3% annual increase in price). Currently the average house is selling in 39 days on market which is identical to figures from 2012. Essentially prices are up and sales volume has also increased from 2012, so numbers are still promising considering the sales slowing due to the season.
There are currently 1302 active listings (791 single family, 409 condominiums) in Saskatoon. Last year during the same time period there were only 632 single family and 343 condominums. There are currently 21% more single family homes and 16% more condos on the market this year at the same time period. Last week there were only 106 new listings (62 single family, 34 condominiums) added to the Saskatoon MLS. This is a significant drop off from recent weeks, which is a positive because inventory levels are already much higher than usual.
For more information on the Saskatoon real estate market, or if you’re thinking about buying/selling contact us here.