The Saskatoon Home Team

Where Integrity Meets Hard Work

There have been plenty of rumours regarding the real estate market this year due to the tumultuous global economy. According to an RBC housing price forecast, home prices in Saskatoon are slated to drop 3.2% in 2015, and only .05% in 2016. However these price drops will be absorbed mostly in the new home market where inventory levels continue to climb. The resale home market should remain stable.

 

Despite rumours of housing prices falling drastically, the single family home market actually has increased quite nicely in Saskatoon year over year. Comparing 2015 to the previous year, we have seen sales volume down 16% and prices up nearly 4.5%. The condominium market is down in sales volume nearly 19% while prices are down 4.5% from 2014.

 

Interest rates are hovering around 2.79% for a 5 year closed mortgage which is an outstanding rate. Consequently it’s logical to expect home prices to stay up while rates are so low. As soon as the weather warms up in a few weeks, we will see quite a few more sales occur.

 

Currently there are 845 single family homes on the market, which is 17.5% more inventory than was on the market this time last year. On the Saskatoon MLS there are now 590 condos listed, which is 34% higher than this time last year. The influx of condominiums on the market has hurt prices so far in 2015. Check the table below for a breakdown of how 2015 compares to 2014 thus far.

 

Year       Type                         Sales   Avg. Price        DOM     Selling Price Under Asking

2015       Single Family            284     $401,158            46       $10,328

2014       Single Family            340     $382,497            43       $9,553

2015       Condo                      126     $263,317            63       $5,239

2014       Condo                      155     $275,495            55       $5,234

 

In order to grow our business, we require our clients to provide us with online testimonials. This year we are focusing on growing our online presence.  Therefore we will reward any client with a $10 gift card for posting reviews on both Google+ and Yelp. We would greatly appreciate if you would take a few minutes to click the links below to review us on both sites.

 

https://plus.google.com/u/0/102088459035025657761/posts?review=1

 

https://www.yelp.ca/writeareview/biz/8sbuQRTzkGzl8nlGFvopww?return_url=%2Fbiz%2F8sbuQRTzkGzl8nlGFvopww

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In the Saskatoon real estate market this year sales volume has been on a slight decline, while prices are surprisingly increasing. February is rarely the most active month in real estate and with lenders competing for ultra-low rates, buyers should be enticed to purchase in the near future. It seems as though from talking to colleagues that buyers seem to be sitting on their hands waiting for the perfect deal.

 

Last week in the Saskatoon real estate market, there were 44 single family homes which sold at an average of $389,642 and 19 condominiums had an average price of $276,642. Single family home sales are up 4 from last week, while  condominiums are up 2.

 

When comparing the past month of sales in both the single family and condominium markets to the same month last year, it’s evident that sales volume slipped slightly. In the single family market sales are down 15% from last year, while in the condominium market is down 22%.Most importantly we’ve seen a surprising price increase in 2015, as prices in the single family market have increased nearly 6%! Meanwhile the condominium market is rather unchanged year to year.

 

Year       Type     Sales     Avg. Price        DOM     Selling Price Under Asking

2015       SF        160       $398,777            47       $9,586

2014       SF         188      $375,411            41       $9,776

2015       Con       69        $265,702            59       $4,363

2014       Con       87        $276,456            59       $6,435

Legend: SF = Single Family, Con = Condominium

 

Currently there are 827 single family homes (up 11 from last week) showing as active in Saskatoon, which is up 14% from the same period last year. There are currently 551 condominiums (up 36 from last week), which is up 29% from a year ago.

 

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


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Sales volume in the Saskatoon real estate market has been on the decline so far in 2015. When comparing the past month of total sales in Saskatoon to the same month in 2014, volume is down nearly 16%. The lower interest rates haven’t been enough to entice buyers to choose from the high amount of inventory currently on the market. Last week in Saskatoon there were 40 single family homes which sold for an average of $407,635, while 17 condominiums sold for an average $272,056.

 

When analyzing the data from over the past month it is evident that while sales volume is down, prices haven’t dropped. In fact, in the single family market they’ve increased nearly 4%, while the condo market has seen a slight drop. Both the condominium and single family markets have greater competition than usual, however the lower rates will in fact protect prices over the short term.

 

Year       Type     Sales     Avg. Price        DOM     Selling Price Under Asking

2015       SF        136       $406,505            51           $8,427

2014       SF        154       $388,941            44           $8,304

2015       Con       58        $254,237            62           $4,406

2014       Con       76        $261,591            62           $6,982

Legend: SF = Single Family, Con = Condominium

 

At this time there are 816 single family homes showing as active in Saskatoon, which is up 14% from the same period last year. There are currently 515 condominiums, which is up 29% from a year ago. The high amount of condominiums on the current market is a good indicator of why prices have been affected, even if it is merely a slight decrease.

 

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

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