January 2014 Saskatoon Real Estate Market
This year has started off very positively in the real estate market in Saskatoon. We saw a 13% increase in the number of new listings in January compared to January of 2013. For the same time period, Saskatoon had 331 home sales which is up 11% and the average sale price was up 5%.
Home sales below $350,000 still have the lowest inventory for buyers compared to the $350,000 + markets. Specifically homes above $650,000 have the lowest sales to listing ratios which is great for buyers in this market but can be a bit frustrating for sellers. This makes it especially important to ensure that sellers have their home priced properly when they are anxious to move on. Buyers have a lot of homes to choose from so price, condition, cleanliness, and staging all become a factor in their decision making.
With the increased activity in the Saskatoon market in January, we should start to see these ratios even out a bit more in the higher price ranges. Spring is one of the most active times of the year for our market and we certainly see that there is no sign of exception this year.
The communities around Saskatoon have also seen a jump this year over 2013. As an average, the real estat market in our surrounding areas are up 34% in sales, 18% more listings, and a 7% increase in the average selling price comparing January 2014 to January 2013. Warman and Martensville are two of the biggest contributers to these numbers but we also see lots of activity in some of the smaller communities such as Dundurn, Clavet, Dalmeny and Aberdeen.
If you are thinking of buying or selling in or around Saskatoon, get in touch with me to discuss your plans and I will happily help you to achieve your real estate goals.