The Saskatoon Home Team

Where Integrity Meets Hard Work

After witnessing 2 consecutive weeks in Saskatoon real estate market where sales figures eclipsed the 100 mark, last week there were 95 firm sales. Last week there were 74 single family homes which sold at an average of $392,566 and 21 condos which sold at an average price of $256,866.

 

 

Over the past 4 weeks there have been 276 single family homes sold in Saskatoon at an average price of $384,565, 40 days on market and $8,025 under asking price. In 2014 during the same period there were 16 more sales, however the average price of a home was $7,065 lower and homes sold in 7 less days on market. Essentially prices are up, sales are down slightly and it’s taking longer to sell a single family home as compared to last year.

 

In the condominium market in Saskatoon there were 107 sales at an average price of $279,844, 59 days on market and $4,902 under asking price. In 2014 there were 38 more condo sales while the price of a condo jumped just $940 and the average days on market was 12 days less. The average selling price under asking is almost identical to this year at $5,180.

 

 

There are currently 1229 single family homes and 711 condominiums on the market showing active which is a 34% increase in inventory from 2014.  

 

If you have any questions regarding the Saskatoon real estate market, please contact us here

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During the Easter weekend, or any long weekend for that matter, real estate sales tend to soften. Last week in Saskatoon there were a total of 76 firm sales recorded (54 single family, 22 condominiums), which is down 30 sales from the same period in 2014. Last week there were 54 single family homes that sold at an average price of $356,276, while 22 condominiums sold at an average price of only $228,009 as many entry level condos (under $170,000) sold affecting the overall average price.

 

It should be noted that with low interest rates hovering around 2.69% for a 5 year fixed rate, more entry level buyers are entering the market at this point and this is affecting average prices. Prices haven’t really decreased as much as these figures suggest, it’s more so the cause of entry level buyers purchasing properties on the low end of the price spectrum.


Single Family Homes - 4 Week Average

 

Over the past month there were 226 single family homes, which sold at an average price of $368,678. While in 2014, during the same period there were 272 sales which had an average price of $389,500. Overall sales volume is down nearly 17%, while average prices have dropped 5.5% while comparing sales from the past 4 weeks to the same period in 2014. The average days on market has decreased from 2014 to just 43, while the current sale price under asking for a single family home is currently $7,525.

 

Condominiums - 4 Week Average

 

During the same month period in the condominium market in Saskatoon there have been 93 firm condominium sales at an average price of $256,904. During the same period in 2014 there were 103 condo sales at an average price of $277,925. Overall prices are down over 7%, while sales volume is down just 10%. The average days on market for a condo has increased from 43 in 2014 to 66 in 2015 as competition has increased, while the average selling price under asking for a condo is $5,711.

 

 

Current Listing Inventory

 

There are 1125 single family homes and 649 condominiums on the MLS in Saskatoon as of Monday morning. In 2014 there were nearly 27% less single family homes and 28% less condominiums. Numbers grew slightly from last week.

 

 

 

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As of January 1st, 2015 to March 22nd 2015 there have been 193 total sales in the Saskatoon condo market.

- The average price of a condo is $265,520

- The average selling price under asking price is $4,662

- The average condo sells in approximately 66 days on the market

 

During the same time period in the record breaking 2014 market (January 1st 2014 to March 22nd 2014, there were - 229 sales (36 more sales than 2015) in the Saskatoon condo market.

- The average price of a condo was $273,230 ($4,710 higher)

- The average selling price under asking price was $5,043

- The average condo sold in approximately 53 days on the market.

 

Overall this year we’re seeing condos listed a little closer to the final selling price because of increased competition. Agents are encouraging their clients to list places more competitively to entice an offer in a more competitive market. Prices have ultimately come down, $4,710 year over year and it’s taking nearly 2 weeks longer to sell a place this year.

 

Townhouse Market Year over Year

 

This year there have been 61 townhouses sold during the same time period, while the  average townhouse is currently selling for $291,997 in 55 days on market. The average size is 1213 square feet.

 

Last year there were 83 townhouses sold between Jan 1st – March 22nd the average townhouse sold for $289,926 in 45 days on market. The average size was 1220 square feet. So the prices for townhouses have come up roughly $2,000 this year in the townhouse market.

 

Apartment Market Year over Year

 

This year there have been 114 apartment condos sold so far, while the average price is $243,968 while the average days on market is 76. The average size is 926 square feet. The average selling price under asking is $5,018.

 

Last year there were 123 apartment condos that sold, at an average price of $246,899 while the average days on market was just 55. The average size of a condo that sold last year was 958 square feet. The average selling price under asking was $5,993.

 

This year in the apartment condo market we’ve seen prices fall nearly $3,000, while it’s taking 21 days longer to sell. However we’re seeing the price drops reflected in the asking prices as all condos including apartments are selling closer to asking to asking price than last year. 

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A total of 74 sales took place in the Saskatoon real estate market, which are on the uptick of late and eclipses the total from the same time period in 2014 by 8 sales. Last week there were 55 single family homes that sold in Saskatoon for an average price of $351,755, while 19 condominiums sold at an average of $264,800

 

We have finally seen sales volume numbers improve in 2015, while prices have fallen in both the single family and condominium markets slightly. Sales volume figures in the condominium market improved over the past few weeks, while the prices have come down considerably when comparing to 2014 figures. Over the past month, the average price of a single family home in Saskatoon is $381,979, which is down from 2014 just $2,618.  Condos are down just over $8,000 from 2014. It should also be noted that the average days on market for a condo have jumped from 49 days in 2014 to 65 in 2015.

 

A huge proponent of the falling prices and longer days on market is due to the increased amount of listings on the market.  Listing activity doesn’t seem to be slowing down any time soon, to the detriment of prices overall. The Saskatoon MLS witnessed the greatest jump in a few months as the listing count is now over 1650 as of Monday afternoon. Inventory levels haven’t risen to these levels since 2008. There are currently 890 single family listings (156 more than 2014) and 570 condominiums (152 more than 2014). 

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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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There have been plenty of rumours regarding the real estate market this year due to the tumultuous global economy. According to an RBC housing price forecast, home prices in Saskatoon are slated to drop 3.2% in 2015, and only .05% in 2016. However these price drops will be absorbed mostly in the new home market where inventory levels continue to climb. The resale home market should remain stable.

 

Despite rumours of housing prices falling drastically, the single family home market actually has increased quite nicely in Saskatoon year over year. Comparing 2015 to the previous year, we have seen sales volume down 16% and prices up nearly 4.5%. The condominium market is down in sales volume nearly 19% while prices are down 4.5% from 2014.

 

Interest rates are hovering around 2.79% for a 5 year closed mortgage which is an outstanding rate. Consequently it’s logical to expect home prices to stay up while rates are so low. As soon as the weather warms up in a few weeks, we will see quite a few more sales occur.

 

Currently there are 845 single family homes on the market, which is 17.5% more inventory than was on the market this time last year. On the Saskatoon MLS there are now 590 condos listed, which is 34% higher than this time last year. The influx of condominiums on the market has hurt prices so far in 2015. Check the table below for a breakdown of how 2015 compares to 2014 thus far.

 

Year       Type                         Sales   Avg. Price        DOM     Selling Price Under Asking

2015       Single Family            284     $401,158            46       $10,328

2014       Single Family            340     $382,497            43       $9,553

2015       Condo                      126     $263,317            63       $5,239

2014       Condo                      155     $275,495            55       $5,234

 

In order to grow our business, we require our clients to provide us with online testimonials. This year we are focusing on growing our online presence.  Therefore we will reward any client with a $10 gift card for posting reviews on both Google+ and Yelp. We would greatly appreciate if you would take a few minutes to click the links below to review us on both sites.

 

https://plus.google.com/u/0/102088459035025657761/posts?review=1

 

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In the Saskatoon real estate market this year sales volume has been on a slight decline, while prices are surprisingly increasing. February is rarely the most active month in real estate and with lenders competing for ultra-low rates, buyers should be enticed to purchase in the near future. It seems as though from talking to colleagues that buyers seem to be sitting on their hands waiting for the perfect deal.

 

Last week in the Saskatoon real estate market, there were 44 single family homes which sold at an average of $389,642 and 19 condominiums had an average price of $276,642. Single family home sales are up 4 from last week, while  condominiums are up 2.

 

When comparing the past month of sales in both the single family and condominium markets to the same month last year, it’s evident that sales volume slipped slightly. In the single family market sales are down 15% from last year, while in the condominium market is down 22%.Most importantly we’ve seen a surprising price increase in 2015, as prices in the single family market have increased nearly 6%! Meanwhile the condominium market is rather unchanged year to year.

 

Year       Type     Sales     Avg. Price        DOM     Selling Price Under Asking

2015       SF        160       $398,777            47       $9,586

2014       SF         188      $375,411            41       $9,776

2015       Con       69        $265,702            59       $4,363

2014       Con       87        $276,456            59       $6,435

Legend: SF = Single Family, Con = Condominium

 

Currently there are 827 single family homes (up 11 from last week) showing as active in Saskatoon, which is up 14% from the same period last year. There are currently 551 condominiums (up 36 from last week), which is up 29% from a year ago.

 

If you have any questions regarding the Saskatoon real estate market, or if you’re thinking about buying/selling contact us here.


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Sales volume in the Saskatoon real estate market has been on the decline so far in 2015. When comparing the past month of total sales in Saskatoon to the same month in 2014, volume is down nearly 16%. The lower interest rates haven’t been enough to entice buyers to choose from the high amount of inventory currently on the market. Last week in Saskatoon there were 40 single family homes which sold for an average of $407,635, while 17 condominiums sold for an average $272,056.

 

When analyzing the data from over the past month it is evident that while sales volume is down, prices haven’t dropped. In fact, in the single family market they’ve increased nearly 4%, while the condo market has seen a slight drop. Both the condominium and single family markets have greater competition than usual, however the lower rates will in fact protect prices over the short term.

 

Year       Type     Sales     Avg. Price        DOM     Selling Price Under Asking

2015       SF        136       $406,505            51           $8,427

2014       SF        154       $388,941            44           $8,304

2015       Con       58        $254,237            62           $4,406

2014       Con       76        $261,591            62           $6,982

Legend: SF = Single Family, Con = Condominium

 

At this time there are 816 single family homes showing as active in Saskatoon, which is up 14% from the same period last year. There are currently 515 condominiums, which is up 29% from a year ago. The high amount of condominiums on the current market is a good indicator of why prices have been affected, even if it is merely a slight decrease.

 

If you have any questions regarding the Saskatoon real estate market, or if you’re thinking about buying/selling contact us here.

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So far in 2015 sales volume in the Saskatoon real estate market has slipped slightly when comparing figures from 2014 during the same January period. Average prices in the condo market have remained at even while single family dwelling prices have come up considerably. Last week on the local MLS in Saskatoon there were 33 single family homes which sold at an average price of $458,364 and 14 condos sold with an average price of $239,687.

 

When looking at the 4 week average prices from January 2014 to January 2015 it’s evident that both the single family and condominium markets haven’t been selling nearly as fast.

 

Year       Type of Dwelling              # Of Sales            Avg. Price            DOM     Avg Selling Price Under Asking

 

2015       Single Family                      93                           $419,652              49                                           $10,522

2014       Single Family                      115                         $400,753              48                                           $9,704

2015       Condominium                     41                           $249,442              65                                           $2,750

2014       Condominium                     58                           $250,477              55                                           $6,272

 

It’s tough to make any inferences out of these numbers because of the small sample size of homes sold in a typical January. However what we can see is that sales volume is down.

 

We expect to see housing prices in Saskatoon to remain even this year. However with the recent interest rate decrease, we could see prices creep up in Saskatchewan. Sales volume should also increase over the coming months.

 

Active residential listings in Saskatoon is very high in 2015, in fact inventory has never been higher. Over the past few weeks we’ve seen record amounts of listings hitting the market and getting the jump on the spring market rush. Last year at this time there were only roughly 1150 total listings on the market in Saskatoon, and in 2015 were currently sitting at 1463 active listings as of Monday morning. Competition is fierce in the Saskatoon market, while sales have slipped a little.

 

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Happy New Year Saskatoon from the Saskatoon Home Team! It’s the time of year where we break down the Saskatoon real estate market with snapshot of the 2014 year. As we do each year, we’ll discuss how the local market has changed in the past 5 years and a short description of what occurred during this past December. 

 

Over the past 5 years, 2014 was the most active year in terms of sales volume as sales volume was 7% higher than 2013. This is certainly one of the most interesting and productive years the Saskatoon real estate market has ever encountered. We have also seen steady growth in the price of homes year over year in the past 5 years in Saskatoon. Below is a breakdown of statistics over the past 5 years to show you exactly how the landscape of Saskatoon real estate has changed.

 

Year    Sales    Average Price    Percent Increase    Days on Market    Avg. Under Asking

2014   4528         $356,071                       3.2%                        41                     $7,858

2013    4216        $344,566                       3.7%                        39                     $6,497
2012    4183        $331,954                       6.8%                        35                     $6,776
2011    4033        $309,711                       4.3%                        39                     $7,768
2010    3552        $296,425                          6%                        36                     $7,716
2009    3820        $278,646                         -1%                        43                     $9,811

Saskatoon is a growing city and you can see the proof with an incremental increase in home sales every year since 2010. The average price of a home appreciated nearly 22% since 2009 in Saskatoon.
During 2014 we saw the highest listing inventory on the MLS in some time which affected prices and increased the number of days on market. Buyers were able to negotiate more off the asking price because of the leverage they had over sellers with increased competition. New homes in Saskatoon were a tougher sell during 2014 as they comprised of 30% of the total market and only 12%-15% of total sales. The re-sale market in Saskatoon was very successful during 2014, especially in the entry level price ranges as many first time home buyers decided to become home owners due to extremely low rates.

 

Over the past 5 years, it would be tough to find a more stable market in North America than what we have seen in Saskatoon. Looking forward to 2015, interest rates should remain favourable and prices should remain stable. However you should temper your expectations in terms of a significant price increase in Saskatoon for 2015 as prices are to plateau and level off over this year.

 

Going forward in Saskatoon, the prices may plateau during this year and inventory should come down in due time to balance out the market. However with interest rates remaining low for the foreseeable future, the market should be quite active. 

 

If you have any questions about the current market, or if you’re thinking about buying/selling, contact us here.

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