Last week on the Saskatoon MLS was the single most active week in real estate in the city in 2014. There were 107 firm sales in Saskatoon last week, which is actually the first time the Saskatoon market eclipsed the century mark in 2014. It’s logical to believe that the Saskatoon real estate market is now in full swing. Of those 107 sales the average price was $348,342, which is lower than usual because of a high number of sales (78% of total sales) under $400,000.
When comparing the month of March 2014 to 2013 in terms of sales volume and overall average prices, there are positive signs. In March 2014, there have been an average of 90 sales per week (4 more than 2013), with an average price of $353,695 ($17,627 higher than March 2013), 44 days on market and an average of $6284 selling price under asking.
Currently there are 1335 active listings in Saskatoon (803 single family, 428 condominiums), which is roughly 280 more listings during the same time period in 2013. Last week there were a very healthy 179 new listings (122 single family, 47 condominiums) posted to the Saskatoon MLS.
Currently interest rates are at 3.09% for a 5 year fixed, which is very attractive. These rates are luring first time home buyers into the market because the cost benefit of buying a property currently outweighs the freedom of renting.
If you have any questions about the current market or if you’re thinking about buying/selling, contact us here.
Housing affordability will be an issue going forward in the Saskatoon real estate market as prices incrementally increase every year. It’s time to consider older forgotten about neighbourhoods on the other side of the river. There has been an assumption for years in Saskatoon that the east side of Saskatoon is more prestigious. However with those bragging rights of an east side address, residents do pay a little more for their homes and taxes.
There are numerous revitalization projects happening in Saskatoon, housing project initiatives and little tax breaks, which are all incentives to try something new. It’s no secret that the west side of Saskatoon has become a haven for new businesses and a cheaper way for those who wish to live and work near downtown.
The river landing has been developed, the bus barns in Caswell Hill are being leveled for green space, and Riversdale broke a single year record for opening up the most businesses in one calendar year. These are just a few reasons why you should consider investing in the west side of Saskatoon.
If you’re concerned about the crime rates, why don’t you check out the Saskaton Police Service Crime Map. You can modify your search to adjust the dates, drag and pull the map to check out any area in Saskatoon and every crime is colour coded. Before you pre-judge a neighbourhood, please check this out first.
Here are a few links on revitalization projects in Saskatoon’s core neighbourhoods. Contact us today for investment opportunities and available listings.
To view Saskatoon MLS listings on our website, click here and scroll down to your desired neighbourhood.
Caswell Hill Local Area Plan
Caswell Hill Community Association
Bus Barn Relocation
South Caswell Hill Plan
Condos in Caswell Hill
Pleasant Hill Revitalization
Pleasant Hill Turning Corner
Riversdale Business Development
Blog on Business Development
Link to story here
Misty Harris, Postmedia News, March 25, 2014
After a modest week of sales activity in the Saskatoon real estate market two weeks ago, last week there were an impressive 95 firm sales recorded on the Saskatoon MLS. Of those sales last week, the average price was $365,565 while the average house was listed for 41 days on market. Over the past month in Saskatoon we have seen an average of 79 sales per week, with an average price of $353,474, 44 days on market and an average selling price $6320 under asking price. During the same month period in 2013 we witnessed 4 more sales per week, average selling price $15,807 lower, an average of 4 less days on market and an average selling price $3639 under asking price. Ultimately sales volume numbers are slightly down and average prices have come up nearly 4.5% since last year.
At the moment the resale market in Saskatoon is accounting for nearly 90% of the total sales in the market. As mentioned in previous market updates, first time home buyers are entering the market as interest rates are very attractive. Prices are higher than they were a year ago and it should be noted that higher home prices are elastically linked to interest rates. Since rates at the moment are hovering around 3% for a 5 year fixed, there are more buyers entering the market. This increased demand has increased average home prices year over year.
There are currently 1332 active listings in Saskatoon (787 single family, 436 condominiums) which when comparing year over year is higher than ever. There are currently roughly 250 more listings in Saskatoon than there were during the same period in 2013 (110 more single family, 120 more condominiums). Last week there were 163 new listings (118 single family, 37 condominiums). Expect the overall listing count to surge over the coming weeks as we enter the most active period historically in the Saskatoon real estate market!
For more information, or trends on the current market, contact us here.
The Saskatoon market has remained consistent in 2014, however we haven’t seen sales numbers take off quite yet which is somewhat surprising. For nearly the entire 2014 year, the Saskatoon real estate market had out performed last year’s numbers in terms of sales volume and average price. However, last week in Saskatoon sales numbers remained stagnant as there were only 69 firm sales reported to the local MLS with an average price of $334,025. A notable trend in the Saskatoon market is that 70% of sales occurred under the $400,000 range last week, driving the weekly average price down. During the same week in 2013 there were a very impressive 94 firm sales (25 more) reported to the Saskatoon MLS at an average price of $334,007.
When comparing the 4 week average (Feb 17th to March 16th, 2014) to the same period from 2013, its evident that sales volume is down and average prices have gone up. In 2014 over the past month we have seen an average of 73 sales per week with an average price of $352,277, average $5,819 selling price under asking and 44 days on market. Whereas last year during the same month period, we saw 6 more sales per week, an average price $20,332 lower, average $3381 under asking price and an average of 2 less days on market.
Listing numbers are on the rise as sellers prepare their homes to hit the market during the most active time of year in the Saskatoon real estate market. Last week there were 180 listings posted to the MLS (122 single family, 53 condominiums), which is an impressive figure. As of Monday morning we have 1298 active listings in Saskatoon (761 single family, 429 condominiums). In 2013 at this time of year there were 656 single family homes and 297 condominiums.
When looking at the numbers, you’d assume that inventory is plentiful. However what we’ve seen of late is a majority of the inventory on the market in the newer areas especially in the single family market. Currently there isn’t a whole lot to choose from in the re-sale market, as homes are often sold within the first few days on market, especially under $400,000.
For more information on the current market or if you’re thinking about buying or selling, contact us here.
Finally there is a light at the end of the dark cold tunnel! The real estate market in Saskatoon usually begins to prosper as the snow begins to melt, as sales volume and listing activity increase. At the moment the market is more active than it has ever been, however not by a large margin. Last week there were 73 firm sales in the Saskatoon real estate market at an average price of $358,546. Over the past 4 weeks in Saskatoon there have been an average of 77 sales per week with an average price of $356,432, the average house sold in 44 days on market and the average selling price was $7405 under asking price. The numbers over the past month have eclipsed the figures during the same period in 2013 in both sales volume (3 more per week) and average price ($22,939 higher). Most notably the average prices jumping up nearly $22,939 over the past year are quite impressive.
Currently there are 1249 active listings in Saskatoon which is much higher than the same period last year when there were roughly 200 less listings. After witnessing the total number of listings dwindle over the past couple of weeks due to stagnant listing activity, last week the figures turned for the better. Last week there were 187 new listings posted to the MLS which is 40 more than the previous week and 4 less than the same week period in 2013. Expect the number of listings to increase over the coming weeks as we should see roughly 200 per week over the short term.
For any questions regarding the current real estate market, or if you’re thinking about buying/selling, contact us here.
There were an impressive 78 sales in the Saskatoon real estate market last week with an average price of $351,205. Last week’s numbers were slightly ahead of the averages over the past month. During the month of February there were an average of 75 sales per week at an average price of $349,092, 42 days on market, and the average home sold for $8077 under asking price. These numbers are substantially higher than the figures in February of 2013 when there were only 7 less sales per week at an average price of $18,617 lower and 43 days on market. The Saskatoon real estate market has continually out-paced the 2013 market this year which is a promising figure.
There are currently a healthy amount of listings on the market in Saskatoon at the moment as there are 1195 MLS listings in Saskatoon (687 single family, 409 condominiums). At this time last year there were only 599 single family and 297 condominiums on the market. Last week there were 147 new listings posted to the local MLS (98 single family, 40 condominiums). Look for the overall listings to increase over the coming weeks as activity will ramp up even more.
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