Last week the Saskatoon real estate market slipped as only 70 sales (34 single family and 26 condominiums) were reported for the period. During the previous week there were 84 sales, and when comparing year over year, we saw a total of 91 sales for the same period in 2011. Currently the market has softened a little, however there still are buyers out there which is evident when looking at the average days on market as it was just 33 last week. Normally the average days on market is roughly 40, hinting that homes are selling quicker than usual. Most places have a conditional sale on them and listings are getting snatched up at the moment because of the lack of sellers listing. The advantage in the market is with the sellers at the moment as buyers are starting to write on properties with fewer conditions and multiple offer situations are becoming more commonplace. With that said the average selling price under asking was $7937 (average is around $9000) and the weekly average price was $289,511 which is lower than normal with higher amount of activity in the condo market. The low average selling price last week was the lowest since April 2011, however I wouldn’t read too much into it because of the high number of condo sales.
Currently there are 1111 active listings in Saskatoon (657 single family and 336 condominiums). During the previous week there were 1078 listings, so the listing market grew modestly over the week. In total there were 139 properties (86 single family and 44 condominiums) added to the local MLS last week. When comparing to the same period in 2011 there were 1173 active listings. I would suggest that listing activity should pick up as the weather warms up and the market could balance itself out soon enough as supply should meet demand over the short term.
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