Last week was the first time in the past 4 weeks that sales volume for a single week period had dipped below 100 firm sales in Saskatoon. In total there were 93 firm sales in Saskatoon last week with an average price of $349,683. Listings are starting to sell faster as the average days on market last week was only 34, while the norm of late is over 40.
Over the past 4 weeks there has been an average of 103 sales per week at an average price of $354,130, 43 days on market and an average selling price $7,149 under asking. In 2013, during the same month period the Saskatoon MLS recorded only 89 sales per week (14 less than 2014), an average price of $349,662, 35 days on market and an average of $6646 under asking price.
Prices are up slightly from 2013, while sales volume is much higher. Also due to high inventory levels, properties have sold a little slower than they did in 2013. It should be noted that the inventory in the luxury and new home market is skewing the days on market higher than usual. The resale market in Saskatoon continues to be very hot.
There are currently 1420 active listings in Saskatoon (869 single family homes, 448 condominiums). To put this amount of inventory into perspective, there were 19% less listings on the market in 2013. Last week there were 199 new listings posted to the MLS, which is 17 higher than the same week period in 2013. There are no signs of listing nubers tapering off any time soon. Expect inventory levels to climb even higher in the coming weeks.
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