The Saskatoon Home Team

Where Integrity Meets Hard Work

As of January 1st, 2015 to March 22nd 2015 there have been 193 total sales in the Saskatoon condo market.

- The average price of a condo is $265,520

- The average selling price under asking price is $4,662

- The average condo sells in approximately 66 days on the market

 

During the same time period in the record breaking 2014 market (January 1st 2014 to March 22nd 2014, there were - 229 sales (36 more sales than 2015) in the Saskatoon condo market.

- The average price of a condo was $273,230 ($4,710 higher)

- The average selling price under asking price was $5,043

- The average condo sold in approximately 53 days on the market.

 

Overall this year we’re seeing condos listed a little closer to the final selling price because of increased competition. Agents are encouraging their clients to list places more competitively to entice an offer in a more competitive market. Prices have ultimately come down, $4,710 year over year and it’s taking nearly 2 weeks longer to sell a place this year.

 

Townhouse Market Year over Year

 

This year there have been 61 townhouses sold during the same time period, while the  average townhouse is currently selling for $291,997 in 55 days on market. The average size is 1213 square feet.

 

Last year there were 83 townhouses sold between Jan 1st – March 22nd the average townhouse sold for $289,926 in 45 days on market. The average size was 1220 square feet. So the prices for townhouses have come up roughly $2,000 this year in the townhouse market.

 

Apartment Market Year over Year

 

This year there have been 114 apartment condos sold so far, while the average price is $243,968 while the average days on market is 76. The average size is 926 square feet. The average selling price under asking is $5,018.

 

Last year there were 123 apartment condos that sold, at an average price of $246,899 while the average days on market was just 55. The average size of a condo that sold last year was 958 square feet. The average selling price under asking was $5,993.

 

This year in the apartment condo market we’ve seen prices fall nearly $3,000, while it’s taking 21 days longer to sell. However we’re seeing the price drops reflected in the asking prices as all condos including apartments are selling closer to asking to asking price than last year. 

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A total of 74 sales took place in the Saskatoon real estate market, which are on the uptick of late and eclipses the total from the same time period in 2014 by 8 sales. Last week there were 55 single family homes that sold in Saskatoon for an average price of $351,755, while 19 condominiums sold at an average of $264,800

 

We have finally seen sales volume numbers improve in 2015, while prices have fallen in both the single family and condominium markets slightly. Sales volume figures in the condominium market improved over the past few weeks, while the prices have come down considerably when comparing to 2014 figures. Over the past month, the average price of a single family home in Saskatoon is $381,979, which is down from 2014 just $2,618.  Condos are down just over $8,000 from 2014. It should also be noted that the average days on market for a condo have jumped from 49 days in 2014 to 65 in 2015.

 

A huge proponent of the falling prices and longer days on market is due to the increased amount of listings on the market.  Listing activity doesn’t seem to be slowing down any time soon, to the detriment of prices overall. The Saskatoon MLS witnessed the greatest jump in a few months as the listing count is now over 1650 as of Monday afternoon. Inventory levels haven’t risen to these levels since 2008. There are currently 890 single family listings (156 more than 2014) and 570 condominiums (152 more than 2014). 

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Sales in the Saskatoon real estate market dipped this past week as only 56 firm sales (39 single family homes, 17 condominiums) were recorded on the local MLS. Sales volume numbers are down 11 from 2 weeks ago and 19 from the same week period last year.

 

 

When looking at data over the past month in Saskatoon, it’s evident that sales volume has definitely slipped. Overall single family sales volume has dropped nearly 19% while the condo market has slipped 17%. Prices have increased quite nicely in the single family home market by just over 6%, while the increase In condo inventory has dropped prices 4% year over year. The influx of inventory has caused places to spend a greater time on the market and has lead to better deals for buyers.

 

There are currently 819 single family homes and 580 condominiums on the current market. There are 16% more single family homes than there were on the market one year ago, while the condo market has nearly 33% more listings this year. It should be noted that over 30% of the market is comprised of new single family homes, meanwhile only 15% of all single family home sales are new builds. In total, over 28% of the condominium market in Saskatoon is new and 27% of condos that have sold since January have been new. We’re seeing a good balance between new and re-sale in the condo market. 

 

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