Saskatoon Real Estate Market Update Feb 27 to Mar 2

Things got interesting in the Saskatoon real estate market as a very healthy 97 sales took place during the week, which is 7 more than the previous week and 23 more than the same period in 2011. The average list price of the homes which sold last week was $319,108 while the average selling price was $314,056. The average days on market was 42 which is right on par. Last week we saw a high number of overbid activity and sellers achieving asking price more than usual which boosted the average selling price more than $8000 higher than the previous week. The numbers from last week are evidence that the market is heating up.

Listing numbers aren't anywhere near where I thought they would be at this time of year. Currently there are only 990 listings (594 single family and 332 condominium) on the Saskatoon MLS, despite 164 new listings added last week, which is 36 more than the same period last year. Clearly being under 1000 listings is very unusual this time of year and it should be anticipated that these numbers will motivate sellers to list soon while plenty of sales are occurring and demand being very high.

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