After witnessing sizeable sales declines over the past few weeks in the Saskatoon real estate market, sales figures bounced back last week. In total there were 95 firm sales in Saskatoon at an average price of $333,956.
Over the past month we have seen an average of 102 sales per week at an average price of $354,326. The average selling price is $8230 under asking, while the average home sells in 37 days on market. Things have cooled off a little bit in the Saskatoon real estate market since June when there were 120 sales/week. Click here to view the June blog.
In 2013 during the same month period there was an average of 105 sales per week, which is slightly higher than 2014 figures. The average selling price last year was $357,153 which is also slightly higher than 2014 numbers. The average price of a home in Saskatoon has not gone down over the past year. We’ve simply seen a shift in what buyers are looking for which has skewed stats. If you have followed the blog recently, we have documented numerous times that prices have been affected because of the high amount of sales in the entry level market. Also new home sales seem to be lagging.
There are currently 1544 active listings in Saskatoon (957 single family homes, 461 condominiums). In 2013 there were roughly 230 less listings during the same time period. We should see sales numbers begin to decline in the near future as new listing inventory is starting to cool off. Last week there 190 new listings were posted to the market, while the same week period in 2013 saw just 169 new listings.
For more information on the Saskatoon real estate market or if you’re thinking about buying/selling, contact us here.