The Saskatoon Home Team

Where Integrity Meets Hard Work

So far in 2015 sales volume in the Saskatoon real estate market has slipped slightly when comparing figures from 2014 during the same January period. Average prices in the condo market have remained at even while single family dwelling prices have come up considerably. Last week on the local MLS in Saskatoon there were 33 single family homes which sold at an average price of $458,364 and 14 condos sold with an average price of $239,687.


When looking at the 4 week average prices from January 2014 to January 2015 it’s evident that both the single family and condominium markets haven’t been selling nearly as fast.


Year       Type of Dwelling              # Of Sales            Avg. Price            DOM     Avg Selling Price Under Asking


2015       Single Family                      93                           $419,652              49                                           $10,522

2014       Single Family                      115                         $400,753              48                                           $9,704

2015       Condominium                     41                           $249,442              65                                           $2,750

2014       Condominium                     58                           $250,477              55                                           $6,272


It’s tough to make any inferences out of these numbers because of the small sample size of homes sold in a typical January. However what we can see is that sales volume is down.


We expect to see housing prices in Saskatoon to remain even this year. However with the recent interest rate decrease, we could see prices creep up in Saskatchewan. Sales volume should also increase over the coming months.


Active residential listings in Saskatoon is very high in 2015, in fact inventory has never been higher. Over the past few weeks we’ve seen record amounts of listings hitting the market and getting the jump on the spring market rush. Last year at this time there were only roughly 1150 total listings on the market in Saskatoon, and in 2015 were currently sitting at 1463 active listings as of Monday morning. Competition is fierce in the Saskatoon market, while sales have slipped a little.


For more information about a specific market or if you’re thinking about buying/selling contact us here!

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Happy New Year Saskatoon from the Saskatoon Home Team! It’s the time of year where we break down the Saskatoon real estate market with snapshot of the 2014 year. As we do each 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. 


Over the past 5 years, 2014 was the most active year in terms of sales volume as sales volume was 7% higher than 2013. This is certainly one of the most interesting and productive years the Saskatoon real estate market has ever encountered. We have also seen steady growth in the price of homes year over year in the past 5 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

2014   4528         $356,071                       3.2%                        41                     $7,858

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

Saskatoon is a growing city and you can see the proof with an incremental increase in home sales every year since 2010. The average price of a home appreciated nearly 22% since 2009 in Saskatoon.
During 2014 we saw the highest listing inventory on the MLS in some time which affected prices and increased the number of days on market. Buyers were able to negotiate more off the asking price because of the leverage they had over sellers with increased competition. New homes in Saskatoon were a tougher sell during 2014 as they comprised of 30% of the total market and only 12%-15% of total sales. The re-sale market in Saskatoon was very successful during 2014, especially in the entry level price ranges as many first time home buyers decided to become home owners due to extremely low rates.


Over the past 5 years, it would be tough to find a more stable market in North America than what we have seen in Saskatoon. Looking forward to 2015, interest rates should remain favourable and prices should remain stable. However you should temper your expectations in terms of a significant price increase in Saskatoon for 2015 as prices are to plateau and level off over this year.


Going forward in Saskatoon, the prices may plateau during this year and inventory should come down in due time to balance out the market. However with interest rates remaining low for the foreseeable future, the market should be quite active. 


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

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