Sales in the Saskatoon real estate market are beginning to slow a little as summer is coming to a close and the cool fall air is arriving. Last week the Saskatoon MLS recorded just 70 firm listings sold at an average price of $360,649. Ironically during the first week in September 2013 there were also 70 sales, however the average price was much lower at $315,764.
Over the past month there has been an average of 89 sales per week. This figure dropped considerably due to last week’s less than impressive sales numbers. The average prices remain stable at $353,696, while the average home sells in 45 days on market and an average of $8451 under asking price.
In 2013 during the same month period there were an average of 88 sales per week at an average price of $337,488, 40 days on market and an average selling price $6302 under asking.
Throughout 2014 we have seen sales volume up from the past few year. However as of the past few weeks we’ve seen a considerable slow down which has brought figures back down to 2013 levels. The increase in competition has also brought the days on market average up year over year, while sellers are forced to accept more of a price cut to close a sale.
Real estate trends according to the September 4th Star Phoenix Article:
- At the moment he west side is enjoying more of a sellers’ market, while the north and south end is flooded with competition.
- In 2014 strong sales, up eight per cent for the same period, helped keep the sales-to listing ratio at about 50% remaining in a balanced market.
- The activity in homes priced between $500,000 and $750,000 continues to do well with 332 unit sales, an increase of 35% over last year.
- The price range with the most unit sales year to date is between $350,000 and $400,000 with 551 units, a 16% increase from 2013.
- Expect a 3% increase in the price of a home over the next year.
Listing inventory levels have increased 16% from the same period in 2013 and nearly 11% higher than the five year average. There are currently 1587 active listings in Saskatoon (979 single family, 436 condominiums), while there were 177 new listings posted to the Saskatoon MLS last week (126 single family, 42 condominiums).
If you have any questions regarding the Saskatoon real estate market or if you’re thinking of buyng/selling contact us here.