The Saskatoon real estate market has been more active in May 2014 than it has been in the past 7 years during the same month period. Last week there were an impressive 119 sales in Saskatoon with an average price of $367,949. In 2013 during the same week period there were 25 less sales.
Here’s a break down of how the numbers compare over the past 5 years in May within the Saskatoon real estate market in terms of sales volume, price and days on market (DOM).
Month / Year Number of Sales Avg. Price DOM
May 2014 495 $356,081 36
May 2013 426 $355,376 30
May 2012 459 $335,774 27
May 2011 417 $317,336 34
May 2010 351 $295,167 27
Since 2010 the average price of a home has jumped up $60,914 in Saskatoon. It seems that incrementally every year we’ve seen positive gains in the average prices of homes in the Saskatoon area. Prices have gone up modestly from 2013 to 2014, however the numbers are somewhat skewed due to high activity in the lower end of the market. Values of homes in 2014 haven’t taken a hit in the resale market, rather the new home market is taking a brunt of it. Due to the high amount of inventory and competition, in 2014 homes are sitting on the market longer than usual.
We haven’t seen sales volume as high in Saskatoon during the month of May since 2007, when 581 sales occurred. The growth witnessed during the boom of 2007 wasn’t sustainable. However the steady incremental growth in average prices and sales volume since then is quite promising. Consumer confidence is very high at the moment in the Saskatoon real estate market, especially resale under the $400,000 range.
There are currently 1554 active listings (950 single family, 495 condominiums) on the market in Saskatoon. This number as mentioned above is higher than usual as there were just over 1200 listed during the same time period last year.
At the moment 30% of all properties on the market are new homes, while only 15% of the total sales are new. Listings continue to pop up on the market daily at a steady pace as current buying conditions are better than they have ever been. Last week there were 187 new listings posted and we can expect this number to increase to over 200 during the weeks to come.
For more information on Saskatoon real estate market trends, or if you’re buying/selling, contact us here!