The Saskatoon Home Team

Where Integrity Meets Hard Work

Back to Blog

According to a recent SRAR (Saskatoon Region Association of Realtors) press release which can be found here, home sales in the 2015 September real estate market were ‘sluggish’. When comparing any single month in 2014 to 2015, we have seen a drop off across the board in sales volume and average prices, the only exception being August 2015. If you’ve frequented our blog over the past few years, you would have known that 2014 was a flat out record breaking year in Saskatoon real estate, yielding the highest prices and pumping out a high sales volume.

 

The numbers from this September are nothing to alarm anyone, as SRAR CEO Jason Yochim stated “we have to keep in perspective that 2014 was an exceptional year for real estate and these lower numbers are consistent with the five year average for sales”. According to numbers from other Canadian cities, Yochim states that Saskatoon is still doing quite well. I believe that consumer confidence in Saskatoon is still quite good and certain aspects of the local real estate market are promising(i.e. resale single family homes).

 

Officially after all the number crunching, ratios and fancy calculations, Saskatoon is officially in a buyer’s market. Which I’m sure doesn’t surprise you, as listing inventory continues to hover above the 2000 mark (30-35% higher than usual). However this buyer’s market is evident in isolated markets such as condominiums, new homes and rental properties. The over building in condo units is forcing builders to enter the rental market, thus increasing vacancy rates in Saskatoon.

 

Ultimately you should not be scared if you’re listing your home, someone will pay top dollar for it. However you have to price it appropriately. Yochim claims that the current market is no place for over pricing or speculation. If you price appropriately and have realistic expectations, you will get a good return on your home.

 

Here is how September 2015 compares with the previous 4 years in both the single Family and Condominium markets.

 

Single Family Homes

Year

Average Price

Days on Market

Sell Price - Asking

2015

$359,527

38

-$9,802

2014

$381,668

39

-$8,031

2013

$382,185

37

-$8,371

2012

$337,139

31

-$7,112

 

Condominiums

Year

Average Price

Days on Market

Sell Price – Asking

2015

$257,965

62

-$7,848

2014

$289,045

42

-$7,176

2013

$268,130

51

-$4,515

2012

$248,887

51

-$5,486

 

 

If you have any comments, please leave them below. Please share the blog if you find it useful. Any questions about a specific market or neighbourhood can be directed here

Comments

No comments

Post Your Comment:

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.