Home sales in Saskatoon eclipsed the half century mark last week for the first time since the before holiday season. There were 50 firm sales reported to the local MLS in Saskatoon last week, with an average price of $353,215, while the average home sold on average of 43 days on market. Over the past month there have been an average of 44 sales per week, the average price is $349,852 while the average selling price under asking is $8561. These numbers are far ahead of numbers for the same period in 2013. Last year during the same month period, the Saskatoon market averaged 38 sales per week at an average price of $328,648 in an average of 46 days on market, while the average home sold for $6709 under asking price. All things considered, the Saskatoon market in 2014 is more productive in sales volume and prices have gone up nearly 6% during the sample period. It’s illogical to think prices have come up 6% since last year; however one can assume that prices have increased, which is a good sign.
There are currently 1173 active listings (710 single family, 359 condominiums) on the Saskatoon MLS at the moment, which is roughly 150 higher than the same time period in 2013. Last week new listing inventory was rather slow as there were only 126 new listings posted to the market (14 more than 2 weeks ago). There were 132 posted to the market in Saskatoon during the same week period last year.
The Saskatoon real estate market is poised for a very active spring as interest rates are as low as 3.29% for a 5 year fixed mortgage. Rates should continue to be attractive for buyers for the rest of the year as the Bank of Canada is concerned low inflation rates and stated in this article below that we may see a reduction to the base lending rate in the near future.
Contact us to see how you can win a 2014 Ford Fusion with the purchase or sale of a home in Saskatoon.
If you have any questions about the current market or if you’re considering buying or selling, contact us here.
The Saskatoon real estate market hasn’t quite heated up since holiday season, as last week there were only 42 firm sales (27 single family, 14 condominiums) reported to the local MLS. In 2013 for the same week period there were 37 firm sales in Saskatoon, while two weeks ago there were 48 firm sales. The average sale price in Saskatoon last week was higher than usual and closed at $374,302, while the average home sold in 58 days on market. Over the past month there have been an average of 39 sales per week , while the average price is a little closer to normal at $353,280 and the average house sold in 52 days on market. Last year during the same month period there were an average of only 32 sales per week, while the average price was substantially lower at $324,593, while the average house sold in 46 days on market.
Currently there are 1163 active listings in Saskatoon (689 single family, 357 condominiums). These numbers have grown over the past few weeks as listing inventory has replenished itself nicely. In terms of overall listing inventory, there are more listings currently than any of the past five years for the same week period. In 2013 there were 591 single family and 299 condominiums on the market during the same time period. Last week there were 125 new listings posted to the Saskatoon MLS (77 single family, 35 condominiums).
Currently in Saskatoon, sales volume, average prices and listing inventory figures are well ahead of a record breaking 2013.These numbers suggest that we’re in for an incredibly active 2014. Interest rates have dropped over the past week and are at 3.39 for a 5 year fixed. If you’re willing to lock in for 2 years, there are rates at 2.99 at the moment. So make sure to lock in, if you may be buying within the next 3 months.
Contact us here if you have any questions about the current market, if you’re buying/selling, or if you would like to get some information on where to get the lowest rates.
Since a few weeks prior to the holiday season and after the New Year, sales in Saskatoon have been relatively slow. However this is to be expected during this time of year, which is typically the slowest time of year for real estate sales and the numbers tell the story. Last week there were 48 firm sales in Saskatoon with an average price of $347,052. Over the past 4 weeks there was an average of 40 sales per week with an average price of$341,116, 48 days on market and the average house sold for $8,737 under asking price. Comparing these figures to 2013 during the identical month period, where there were an average of only 36 sales per week, the average price was $337,459 and the average house sold in 46 days. In 2014 we have seen a slight bump up in the average price and a minor bump up in sales volume (4 more per week). This isn’t anything significant, however one can assume sales to pick up significantly over the short term as we expect history to repeat itself (roughly 60 sales per week until mid February).
Last week in Saskatoon there were 182 new listings (110 single family, 56 condominiums) posted to the Saskatoon real estate market. These figures are skewed because of many properties that were re-listed after the new year. The most active neighbourhoods were Evergreen - 16, Rosewood - 14, Willowgrove - 22, Stonebridge - 23 and Hampton Village - 14. Currently there are 1114 active listings in Saskatoon (672 single family, 344 condominiums), which is a slight bump up in inventory from last year when there were 599 single family homes and 337 condominiums on the market during the same week period.
If you have any questions about the current market or if you’re thinking about buying or selling, contact us here.
Many people only see a doctor when they're sick or have some other health concern. On the other hand, some people visit a doctor regularly for check-ups, to ask questions and get advice, and to maintain good health.
Which do you think is the better approach? Obviously, the second one!
The same thing is true when it comes to real estate. Even if you have no current plans to buy or sell a home, there are many reasons to talk to a REALTOR® regularly in order to maintain your good "real estate" health. For example, you can:
• Get an assessment of the current market value of your home, so you can make an informed decision about whether to stay or move.
• Ask about the state of the local real estate market (which may be vastly different than what you hear on the national news.)
• Find out what homes are currently selling for in the area.
• Learn what's currently available on the market, especially in neighbourhoods you would like to live in and that are within your budget.
• Ask for a contractor recommendation.
In fact, it's a good idea to have a chat with your REALTOR® once or twice a year, even if it's just to say hello.
You want to build a relationship with a good REALTOR® who understands (and cares about) you and your needs. That way, when it does come time for you to make a move, you're dealing with a REALTOR® you already know and trust.
Don't have a good REALTOR®? Call today!
Happy new year to everyone in Saskatoon! It’s once again that time of year where we break down the Saskatoon market with our year in review. This year we’ll discuss how the local market has changed in the past 5 years and a short description of what occurred during this past December.
In Saskatoon there are currently 1038 active listings (636 single family, 314 condominiums). High listing inventory levels were a constant issue this entire year and we are finally seeing inventory levels back to a normal level. This will allow for a little more balance in the market, which is a positive for sellers.
During December 2013, there were a total of 185 firm sales with an average of 46/week, and these numbers are slightly better than those in 2012 when 180 firm sales were reported during the month. The average selling price in December 2013 was $339,964 with an average days on market of 48. In December 2012, there was very little difference in average selling price of less than .03% less than 2013, while the average listing sold in only 44 days.
Year in Review
Over the past 5 years, 2013 was the most active year in terms of sales volume. We have also seen steady growth in the price of homes year over year in the past 4 years in Saskatoon. Below is a breakdown of statistics over the past 5 years to show you exactly how the landscape of Saskatoon real estate has changed.
Year Sales Average Price Percent Increase Days on Market Avg Under Asking
2013 4216 $344,566 3.7% 39 $6,497
2012 4183 $331,954 6.8% 35 $6,776
2011 4033 $309,711 4.3% 39 $7,768
2010 3552 $296,425 6% 36 $7,716
2009 3820 $278,646 -1% 43 $9,811
Since 2009 the average price of a home appreciated nearly 19.8% in Saskatoon. It would be tough to find a more stable market in North America than what we have here. Looking forward to 2014, interest rates should remain favourable and as housing cost concerns are rising, we should expect to see an increase in demand for condominiums. In 2012 there were 1254 condominiums sold, which eclipses the total of any other year in Saskatoon real estate history. We should expect more incremental growth in home prices in Saskatoon over this next year, however the increase of condo demand might temper this.
If you have any questions about the current market, or if you’re thinking about buying/selling, contact us here.