On the heels of a week that saw 102 firm sales recorded to the Saskatoon MLS, sales dropped off considerably as there were only 67 sales (46 single family, 20 condominiums) recorded in Saskatoon last week. The weekly average price was $350,577, while the average house sold in 41 days on market. The current four week average is slightly lower than last week’s average and closed out at $346,838, while the average house sold in 39 days on market. Over the past 4 weeks there have been an average of 88 sales per week, which bests the 2012 average of 5 more per week. Not only are sales more brisk in 2013, the 4 week average price in 2012 was roughly $12,000 lower during the same period. Considering last week there were only 67 firm sales (21 under the 4 week average), sales were slow. However this is often a common occurrence during long weekends, so expect sales to bump up this week. Sales are continuing to occur, however listing inventory remains high and competition amongst sellers in the single family market is plentiful.
Currently there are 1307 active listings (806 single family, 404 condominiums) in Saskatoon, which is roughly 230 more listings than the same period in 2012. Last week there were 136 new listings in Saskatoon which is 34 more than were posted two weeks ago. Although listings are high, prices remain strong and there is still some balance in the market. New builds will cap off soon for the winter season and the extra activity we have seen in the new home market will eventually cool off and the re-sale market should see more activity.
For more information on the current market, or if you’re thinking about buying or selling, contact us here.