Things can change quickly in the Saskatoon real estate market. After witnessing the lowest total week in sales since February, sale numbers bounced back significantly last week. There were 91 sales (67 single family, 23 condominiums) showing positive signs that consumer confidence remains high. The average price last week was $355,045 with an average of 34 days on market. Last week there was a high amount of activity in the high end market and the inflated weekly average price reflects this. Due to the high amount of activity in the under $300k range (lower end of market) of late, the current 4 week average price (Aug 16- Sept 15) is $340,157, with an average of 98 sales per week and 37 days on market. In 2012 the 4 week average (Aug 15 – Sept 14) was $343,953 with an average of 88 sales per week and 32 days on market. Most importantly sales in Saskatoon are averaging 10 more per week in 2013 than the previous year. Last week the average sale price under asking was $5564.
As I mentioned last week, it was to be expected that listing inventory should drop off as the peak real estate season is coming to a close. However the complete opposite occurred, as 187 new listings (135 single family, 44 condominiums) were posted to the Saskatoon MLS. In 2012 during the same week period there were only 159 listings posted, while there were only 151 posted 2 weeks ago. The total listing inventory grew nearly 20 listings from last week as there are currently 1381 (860 single family, 421 condominiums) active today. Last year during mid-September there were only 741 single family homes and 388 condominiums.
The market shows no signs of slowing down for the winter months over the short term. If you have any questions or are thinking about buying/selling, contact us by email.