Last week in the Saskatoon real estate market sales really took off as there were 115 sales reported to the local MLS. Of those 115 sales the weekly average price was just $324,514 and an average of only 33 days on market, both figures are much lower than usual. There are a few emerging trends as of late in the Saskatoon market and if you’ve followed this blog recently, these numbers will bolster what we’ve been talking about recently.
Here are a few notable findings in the sales data from last week:
- The resale market in Saskatoon accounted for 79% of all sales.
- Of all sales, 80% of them occurred under $400,000.
- 41% of sales occurred within the $300k -$399k range
- 38% of sales occurred under $299k
These figures explain why the average price figures are skewed along with days on market. First time buyers are entering the real estate market due to low interest rates. At the moment it’s too attractive to purchase a home rather than renting as rental fees in Saskatoon ten d to be long term and highly priced.
Over the past month we have averaged 105 sales per week, which is extremely active (10 more per week more than 2013). Of those 105 sales, the average price was $347,511 (nearly no change from 2013), 40 days on market (5 days longer than 2013) and an average selling price $7009 ($719 less than 2013) under asking price. As was mentioned above, these numbers are skewed due to a high amount of activity in the entry level market. Don’t pay too much attention to these figures as the most important figure is sales volume.
Last week there were 176 new listings (110 single family homes, 58 condominiums) posted to the Saskatoon MLS. This added to the already high inventory numbers in the Saskatoon real estate market. There are currently 1421 active listings (863 single family, 449 condominiums) in Saskatoon. Last year during the same time period there were 166 less single family home and 74 less condominiums.
Overall the Saskatoon real estate market seems to be quite balanced, with the exception of new builds which seem to be lagging a little. If you’re thinking about selling your home and moving up into something new, now would be the best time to do so.
If you have any questions about the current market or if you’re thinking about buying or selling, contact us here!
Check out the following articles to view the latest real estate news:
House prices expected to rise, local realtor says – PA HAROLD
NHL notes: Wayne Gretzky selling California mansion – FORT SASK RECORD
Real estate buoyant in March, CREA says, with sales and prices up – NATIONAL POST
Mike Holmes: A home inspection is a worthy investment – NATIONAL POST
Housing market ‘extremely discouraging’ for first time buyers – CBC