Over the past few months in the Saskatoon real estate market sales volume has been far ahead of expectations. As the city continues to grow and retain its young people better than ever (story here), real estate demands in the entry level market have never been hotter. Last week sales kept humming at a torrid pace as the market is now in full throttle as 118 firm sales were reported to the Saskatoon MLS with an average price of $367,669.
During the month of April in Saskatoon there were 433 firm sales reported at an average of 108/week and average price of $345,394 and 38 days on market. The average price is quite low due to 74% of sales occurring under the $400,000 mark. This was the second most active April all time in Saskatoon, the first being the boom in 2007 when 475 sales took place. However this time around, sales are increasing because of steady population growth, meaning these figures should be sustainable as long as interest rates remain attractive. It should be noted that new homes sell in about 53 days on market, while a resale home will sell in about 35 days.
In 2013 during the month of April there were 395 total sales or 100 per week (8 less than 2014). The average price was $350,203 ($4809 more than 2014 April average price) and the average house sold a little faster at only 33 days on market. The amount of sales under $400,000 was only 70%.
Average prices have increased year over year from 2013 to 2014. As mentioned in previous blogs, due to an increase in entry level buyers the average price numbers in Saskatoon have been skewed due to a high number of sales in the entry level market.
There are currently 1448 listings in Saskatoon (886 single family homes, 463 condominiums) which is a high amount of inventory in the market. Last year there were only 184 less homes on the market and 103 less condos during the same week period. Last week there were a very impressive 233 new listings in Saskatoon posted to the local market.
If you have any questions about the current market or if you’re thinking about buying/selling, contact us here!