The Saskatoon Home Team

Where Integrity Meets Hard Work

Last week in the Saskatoon real estate market we witnessed a flurry of activity in terms of sales volume and listing inventory increases. As last week came to a close, the Saskatoon MLS reported 103 firm sales with an average price of $344,055. Last year during the same week period there were 90 sales while the average price was roughly $10,000 higher.

 

Over the past month we have seen an average of 93 sales per week which is actually rather impressive for this time of year. Monthly sales volume (mid August – mid September) are up roughly 9% higher than 2013 when just 85 sales per week occurred in Saskatoon. Prices during this past month are up 3% (just over $10,000) from 2013 when comparing the average prices which is a healthy increase. Over the past month the average price was $348,675, while the average days on market shrunk to just 41 and the average selling price under asking was $7,878.

 

Just when agents predicted listing inventory to begin its seasonal decline, last week a whopping 240 new listings (151 single family, 75 condominiums) were posted to the Saskatoon real estate market. This bolstered the listing count to 1605 (996 single family, 480 condominiums). Last year there were only 815 single family homes and 415 condominiums on the market during this same week period.
 

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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:

 

Click here to view the 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.

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The Saskatoon real estate market remains very active in terms of sales volume as 102 firm sales were recorded by the local MLS last week. Of those sales, the average price was $355,369 while the average days on market was 42. The total from last week eclipses last year’s weekly total for the same week period by 13.

During the month of August 2014, there were 400 total sales (100/week), while the average days on market was 44, and the average selling price under asking was $8,128. Only 12% of total sales comprised of new homes. Average prices increased just over 1% since 2013, which is a modest uptick when comparing over the past few years.

In August 2013, 377 sales (94/week) occurred during the month period. The average price last year was $343,189, the average days on market was 39 and the average selling price under asking was just $6,288. In August of 2013 the number of listings/competition was much lower which reflects in a lower days on market and also a closing price a lot closer to list price.

There are currently 1528 active listings in Saskatoon (964 single family, 433 condominiums). This number has dipped over the past few weeks as we’ve seen inventory come down from over 1600 a few weeks ago. Last year there were 835 single family homes and 415 condominiums on the market. Expect listing numbers to fall over the coming weeks.

 

If you would like more information on Saskatoon real estate trends or if you have questions about buying/selling a home, contact us here.

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