After a modest week of sales activity in the Saskatoon real estate market two weeks ago, last week there were an impressive 95 firm sales recorded on the Saskatoon MLS. Of those sales last week, the average price was $365,565 while the average house was listed for 41 days on market. Over the past month in Saskatoon we have seen an average of 79 sales per week, with an average price of $353,474, 44 days on market and an average selling price $6320 under asking price. During the same month period in 2013 we witnessed 4 more sales per week, average selling price $15,807 lower, an average of 4 less days on market and an average selling price $3639 under asking price. Ultimately sales volume numbers are slightly down and average prices have come up nearly 4.5% since last year.
At the moment the resale market in Saskatoon is accounting for nearly 90% of the total sales in the market. As mentioned in previous market updates, first time home buyers are entering the market as interest rates are very attractive. Prices are higher than they were a year ago and it should be noted that higher home prices are elastically linked to interest rates. Since rates at the moment are hovering around 3% for a 5 year fixed, there are more buyers entering the market. This increased demand has increased average home prices year over year.
There are currently 1332 active listings in Saskatoon (787 single family, 436 condominiums) which when comparing year over year is higher than ever. There are currently roughly 250 more listings in Saskatoon than there were during the same period in 2013 (110 more single family, 120 more condominiums). Last week there were 163 new listings (118 single family, 37 condominiums). Expect the overall listing count to surge over the coming weeks as we enter the most active period historically in the Saskatoon real estate market!
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