Sales activity in the Saskatoon market continued to be strong, up 8% YTD. Although sales activity has been strong in all price ranges this year, sales over $400,000 were 5% lower for April 2014 compared to April last year. During this same period, the number of homes selling below $400,000 increased by 18%. "A surplus in the inventory of homes priced in excess of $400,000 has created a buyers' market especially in new homes." according to Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS® "Typically, the higher the price the longer homes have been sitting on the market. This gets expensive especially for builders who are carrying these homes." says Yochim. Of the active listings available over $500,000 it would take a year at the current rate of absorption to clear out the inventory, this time frame nearly doubles for homes above $600,000. This is quite a contrast to homes priced between $250,000 and $450,000 where there is only 2.6 months of inventory.
In April, the median price in Saskatoon took its first drop this year from $348,000 to $341,000. There were 884 homes listed by Saskatoon REALTORS® in April which represents 31% of the total number of homes listed so far this year. The current inventory of active homes in Saskatoon is 1,443 which is an increase of 22% year over year. Based on the current rate of sales this represents 3.2 months of inventory which is just slightly below the five year average of 3.35 months.
The best way to determine how the current market will affect you as a seller or a buyer is to consult the experience of a professional REALTOR®. On your own it can be difficult to determine how the current market affects you. Call now and let me guide you through your next real estate experience.
Heather Kehoe-REALTOR®- 3062601711