The Saskatoon real estate market caught fire last week as there were 124 sales (81 single family, 32 condominiums) in the market. This is the first time since September 2011 that 100 sales occurred in Saskatoon for a one week period. There is also a significant difference when comparing to two weeks ago as only 70 sales (34 single family, 26 condominiums) took place in Saskatoon. Also, when comparing year over year, in 2011 for the same week period there were only 73 sales.
We are seeing a significant upswing in the market as demand is high and sellers are still at an advantage because there are only 1039 listings (610 single family, 337 condos) in Saskatoon. Last year there were 177 more listings during the same week period on the local MLS, which is a significant drop off in listings in comparison. While looking at the market currently, even an inexperienced economist can see that demand is extremely high while supply lags behind. Consequently we saw 17 listings achieve full asking price, while 5 listings actually were able to reach greater than asking price last week. The average asking price was $346,848, while the average selling price was $359,771 ($6077 less than asking on average per home), while the average days on market was 34. The weekly average sales price is substantially higher than usual as there was a lot more activity in the higher end of the market.