On the tails of a record breaking July in terms of sales volume in the Saskatoon real estate market, sales have recently softened in August. July 2015 is the only single month this year that outperformed the same month in 2014. It was anticipated that August would be nearly as productive as the previous month in 2015, however that was not the case. Sales in August 2015 softened in both the single family and condominium markets, while prices remain quite stable.
Here is a snap shot of statistics from the month of August for the past 5 years in the Saskatoon real estate market. Sales volume nearly dropped by 24% from 2014 to 2015, however the average price of a home has increased 1.4% over the past year. Homes are taking 9 days on market longer to sell than they did a year ago, while the average selling price below asking is also increased to $10,022.
Over the past 5 years, the average price of a home has increased 11% which is on average a 2.2% increase each year.
Year |
Sales |
Avg. Price |
Days on Market |
Avg. Sale Price Under Asking |
August 2015 |
320 |
$358,163 |
50 |
$10,022 |
August 2014 |
419 |
$353,344 |
41 |
$8,066 |
August 2013 |
396 |
$340,063 |
38 |
$6,253 |
August 2012 |
391 |
$343,713 |
34 |
$7,977 |
August 2011 |
390 |
$318,218 |
38 |
$8,676 |
Year |
Type of Dwelling |
Number of Sales |
Avg. Price |
Year |
Type of Dwelling |
Number of Sales |
Avg. Price |
2015 |
Single Family |
230 |
$395,297 |
2015 |
Condominium |
96 |
$266,747 |
2014 |
Single Family |
280 |
$396,567 |
2014 |
Condominium |
138 |
$264,584 |
2013 |
Single Family |
271 |
$376,015 |
2013 |
Condominium |
124 |
$260,844 |
2012 |
Single Family |
267 |
$378,344 |
2012 |
Condominium |
121 |
$275,374 |
2011 |
Single Family |
290 |
$341,325 |
2011 |
Condominium |
98 |
$246,744 |
Currently there are 2033 active MLS listings on the market in Saskatoon (1184 single family, 721 condominiums), which is an increase of 16% in the single family market and 43% more listings in the condominium market. Currently the condominium market and new home market have been lagging, while the resale single family market has been reasonably productive. Look for listing numbers to drop over the coming months.
With interest rates very attractive and sales being reasonably slow, now is a good time to find a good deal in the Saskatoon real estate market. For more information on the current market, or if you're thinking about buying/selling, contact us here.