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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