The Saskatoon Home Team

Where Integrity Meets Hard Work

Last week in the Saskatoon real estate market sales really took off as there were 115 sales reported to the local MLS. Of those 115 sales the weekly average price was just $324,514 and an average of only 33 days on market, both figures are much lower than usual. There are a few emerging trends as of late in the Saskatoon market and if you’ve followed this blog recently, these numbers will bolster what we’ve been talking about recently.

 

Here are a few notable findings in the sales data from last week:

 

-    The resale market in Saskatoon accounted for 79% of all sales.

 

-    Of all sales, 80% of them occurred under $400,000.

 

-    41% of sales occurred within the $300k -$399k range

 

-    38% of sales occurred under $299k

 

These figures explain why the average price figures are skewed along with days on market. First time buyers are entering the real estate market due to low interest rates. At the moment it’s too attractive to purchase a home rather than renting as rental fees in Saskatoon ten d to be long term and highly priced.

 

Over the past month we have averaged 105 sales per week, which is extremely active (10 more per week more than 2013). Of those 105 sales, the average price was $347,511 (nearly no change from 2013), 40 days on market (5 days longer than 2013) and an average selling price $7009 ($719 less than 2013) under asking price. As was mentioned above, these numbers are skewed due to a high amount of activity in the entry level market. Don’t pay too much attention to these figures as the most important figure is sales volume.

 

Last week there were 176 new listings (110 single family homes, 58 condominiums) posted to the Saskatoon MLS. This added to the already high inventory numbers in the Saskatoon real estate market. There are currently 1421 active listings (863 single family, 449 condominiums) in Saskatoon. Last year during the same time period there were 166 less single family home and 74 less condominiums.

 

Overall the Saskatoon real estate market seems to be quite balanced, with the exception of new builds which seem to be lagging a little. If you’re thinking about selling your home and moving up into something new, now would be the best time to do so.

 

If you have any questions about the current market or if you’re thinking about buying or selling, contact us here!

 

Check out the following articles to view the latest real estate news:

 

Real estate markets set for rebound – STAR PHOENIX

CMHC tightens lending rules again – STAR PHOENIX

Canadian home buyers putting down larger down payments: Lenders – NATIONAL POST

The rich invest in real estate, poor want gold: Barry Ritholtz – BNN.CA

Canadian Consumer Confidence Reaches Almost 4-Year High – BLOOMBERG

House prices expected to rise, local realtor says – PA HAROLD
NHL notes: Wayne Gretzky selling California mansion – FORT SASK RECORD
Real estate buoyant in March, CREA says, with sales and prices up – NATIONAL POST
Mike Holmes: A home inspection is a worthy investment – NATIONAL POST
Housing market ‘extremely discouraging’ for first time buyers – CBC

Read full post

Last week was the first time in the past 4 weeks that sales volume for a single week period had dipped below 100 firm sales in Saskatoon. In total there were 93 firm sales in Saskatoon last week with an average price of $349,683. Listings are starting to sell faster as the average days on market last week was only 34, while the norm of late is over 40.

 

Over the past 4 weeks there has been an average of 103 sales per week at an average price of $354,130, 43 days on market and an average selling price $7,149 under asking. In 2013, during the same month period the Saskatoon MLS recorded only 89 sales per week (14 less than 2014), an average price of $349,662, 35 days on market and an average of $6646 under asking price.

 

Prices are up slightly from 2013, while sales volume is much higher. Also due to high inventory levels, properties have sold a little slower than they did in 2013. It should be noted that the inventory in the luxury and new home market is skewing the days on market higher than usual. The resale market in Saskatoon continues to be very hot.

 

There are currently 1420 active listings in Saskatoon (869 single family homes, 448 condominiums). To put this amount of inventory into perspective, there were 19% less listings on the market in 2013. Last week there were 199 new listings posted to the MLS, which is 17 higher than the same week period in 2013. There are no signs of listing nubers tapering off any time soon. Expect inventory levels to climb even higher in the coming weeks.

 

For more information on a specific neighbourhood, or if you’re thinking about buying/selling you can contact us here or leave us a comment, we’d love to hear from you!

Read full post

We’ve seen the Saskatoon real estate market reach the century mark in sales for 3 consecutive weeks. Last week there were an impressive 107 firm sales reported to the Saskatoon MLS with an average price of $339,541. The average price is skewed lower because 75% of all sales last week occurred under the $400,000 range.

 

Over the past 4 weeks there has been an average of 104 sales per week in Saskatoon with an average price of $357,744, 45 days on market and an average selling price $7,260 under asking price. Last year during the same 4 week period there was an average of only 83 sales per week, with an average price of $349,438, 34 days on market and an average selling price $6,709 under asking price. What these numbers tell us is that sales volume is way up from 2013 (21 more sales per week) and average prices have gone up. Homes are sitting on the market a little bit longer due to the high amount of inventory on the market and sellers are giving up a little more on their asking prices.

 

Last week there were 193 new listings (111 single family homes, 63 condominiums) posted to the market. As of Monday morning April 14th, there are 1403 listings in Saskatoon  (847 single family, 454 condominiums). The amount of inventory on the market at the moment is much higher than the same time period in 2013 by nearly 250 listings.

 

The market is far outperforming expectations at the moment. If you’re looking to sell your home, the re-sale market is especially hot. If you’re looking to buy, interest rates are as attractive as ever! For any questions about the market, contact us here!

Read full post

The Saskatoon real estate market was extremely active in March 2014, in fact it was the most active March in the past 5 years in terms of sales volume. Not only was it the most active March, sales prices were also the highest last month as compared to any of the past five years during the same month period. Here is how everything breaks down.

 

Year       Sales            Average Price                Average Under List       Days on Market

 

2014        382                $353,973                                 -$6,411                            44

 

2013        344                $336,068                                 -$5,597                            37

 

2012        367                $326,627                                 -$6,129                            33

 

2011         346                $294,025                                 -$7,308                            36

 

2010         359               $282,393                                  -$5,681                           30

When analyzing these numbers, it’s evident that the average prices of Saskatoon real estate listings have increased incrementally each year. However the largest increase was from May 2013 to May 2013 as average prices increased $17,905 in one calendar year. This past month of May 2014 you will notice that homes are sitting on the market a little bit longer and the average sale price under list is also lower. These statistics are skewed slightly because of the high amount of product available in the luxury home market.

 

Here is a breakdown of the number of single family home and condominium sales in Saskatoon broken down by area (S1 – East, S2 – South East, S3 – North, S4 – West, S5 – North West).

 

March 1st to 31st 2014 single family home sales

 

Area    Sales           Average  Price         Avg. Under List           Days on Market

 

S1          90                  $477,896                     -$7,071                            47

 

S2          51                  $391,875                     -$4,060                            37

 

S3          24                  $368,596                     -$11,633                          33

 

S4          39                  $236,458                     -$8,203                            42

 

S5          44                  $354,772                     -$5,573                            37

The S1 area is by far the most active in Sales volume  as it has 3 of the most active neighbourhoods in all of Saskatoon, including Evergreen (26 sales), Rosewood (16 sales) and Willowgrove (23 sales) which are all new development areas. However the S2 area has the most active neighbourhood in all of Saskatoon in Stonebridge which allotted for 32 sales last month.

 

March 1st to 31st 2014 condominium sales


Area    Sales       Average Price             Avg. Under List                  Days on Market

 

S1           60              $279,845                       -$4,340                                45

 

S2           28              $293,677                       -$6,752                                43

 

S3            8               $231,488                        -$7,687                               44

 

S4            4               $244,125         ...

Read full post
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.