Sales numbers last week in the Saskatoon real estate market were affected due to Thanksgiving long weekend. Traditionally sales do take a considerable dip during this week period and last week was no different as there were only 56 sales in Saskatoon. This happens to be the identical figure from the same week period in 2012 which suggests that the market likely hasn’t slowed down as much at it seems. The current 4 week average price is at $350,030 while the average house sells in 39 days on market, while the 4 week average in 2012 was $329,828 and 39 days on market. It should also be noted that sales have been more brisk this year as we are averaging 3 more home sales per week as compared to 2012.
With sales dropping off due to the Thanksgiving weekend, listing inventory in Saskatoon remains high as there are currently 1418 active listings (897 single family, 425 condominiums), which is a slight change from the previous week. However this is a significant change from 2012 when there were only 725 single family homes and 422 condominiums were active during the same time period. Last week there were only 117 listings posted to the Saskatoon MLS which is a significant drop off from the week before when we witnessed 191 new listings. We should start to see listing numbers drop off significantly as the single family market has more inventory than usual.
Now is certainly a good time to buy due to high inventory and attractive interest rates! If you have any questions or are thinking about buying or selling contact us here.