November 2015 Saskatoon Real Estate Market Review

In November 2015 we’ve seen some interesting developments in the Saskatoon real estate market as single family home sales outpaced sales volume from 2014, while the condominium market has slowed considerably. Agents have been hammering home the notion that pricing in this market is everything when listing a property as there is no room for speculating with a high price.

It’s interesting when looking at the numbers from November 2015 to those during the same time period last year.

Single Family Homes

Year

Number of Sales

Average Price

Days on Market

Avg Selling Price Under Asking Price

2015

226

$375,108

46

-$9,985

2014

210

$383,715

37

-$9,016

 

Condominiums

Year

Number of Sales

Average Price

Days on Market

Avg Selling Price Under Asking Price

2015

58

$306,082

73

-$10,984

2014

210

$283,728

63

-$9,319

 

Single family home sales are actually out-performing figures from 2014, which is something we haven’t seen much of this year. Meanwhile condominium sales volume has dropped nearly 72% from November 2014 as compared to this year. In both markets, prices have come down slightly while average days on market have risen due to the competition in the marketplace. It’s also interesting to note that since prices have come down slightly, the average selling price under asking has remained for the most part very similar to figures in 2014.

New Homes

Of the 226 sales this year in November, only 26 of them were new homes, which calculates to just 12% of all sales that occurred in the new home market. New single family homes in Saskatoon account for 30% of the entire current inventory on the market.

Active Listing Inventory

There are currently 1127 single family homes in Saskatoon and 680 condominiums. Ultimately there are over 1800 active listings in Saskatoon on the MLS. Last year during this same time period there were nearly 1500 listings, which is an annual increase of 17%.

 

Matthew Olsgard

Matthew Olsgard

REALTORĀ®
CENTURY 21 Fusion
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