The Saskatoon market has remained consistent in 2014, however we haven’t seen sales numbers take off quite yet which is somewhat surprising. For nearly the entire 2014 year, the Saskatoon real estate market had out performed last year’s numbers in terms of sales volume and average price. However, last week in Saskatoon sales numbers remained stagnant as there were only 69 firm sales reported to the local MLS with an average price of $334,025. A notable trend in the Saskatoon market is that 70% of sales occurred under the $400,000 range last week, driving the weekly average price down. During the same week in 2013 there were a very impressive 94 firm sales (25 more) reported to the Saskatoon MLS at an average price of $334,007.
When comparing the 4 week average (Feb 17th to March 16th, 2014) to the same period from 2013, its evident that sales volume is down and average prices have gone up. In 2014 over the past month we have seen an average of 73 sales per week with an average price of $352,277, average $5,819 selling price under asking and 44 days on market. Whereas last year during the same month period, we saw 6 more sales per week, an average price $20,332 lower, average $3381 under asking price and an average of 2 less days on market.
Listing numbers are on the rise as sellers prepare their homes to hit the market during the most active time of year in the Saskatoon real estate market. Last week there were 180 listings posted to the MLS (122 single family, 53 condominiums), which is an impressive figure. As of Monday morning we have 1298 active listings in Saskatoon (761 single family, 429 condominiums). In 2013 at this time of year there were 656 single family homes and 297 condominiums.
When looking at the numbers, you’d assume that inventory is plentiful. However what we’ve seen of late is a majority of the inventory on the market in the newer areas especially in the single family market. Currently there isn’t a whole lot to choose from in the re-sale market, as homes are often sold within the first few days on market, especially under $400,000.
For more information on the current market or if you’re thinking about buying or selling, contact us here.