In May, we saw a slight (5%) decrease, year to date, in properties sold in Saskatoon compared to last year. Although unit sales were down slightly, there was a 3% increase in listings over the same period last year. The slower sales is most likely attributed to our poor weather we had in May so we should expect to see a very busy late spring/early summer as this is the time when most feel that it is the time to buy and sell homes in Saskatoon and area. Our inventory in Saskatoon is relatively low, even though it is at it's highest point of the year to date. We sit roughly around the 1300 mark for residential properties in Saskatoon. An increase in inventory gives buyers more of a choice and more time to consider their options.
Recently the $400,000-$450,000 price range has been a very active area, until May, where we saw a bit of a dip in this market but the $450,000 and up range continued to sell well.
Last month, the Saskatoon Region Association of REALTORS® launched the Home Price Index. This tool more accurately reflects what trends are taking place for homes in and around Saskatoon. The information related to home prices is based on a base value for five typical types of property and indexes the changes to these values over time using a base year and indexing this figure similar to the CPI. A link to this tool is available on www.saskatoonrealtors.ca. For a more detailed review of market activity and trends, give me a shout and we can talk specifics on your area or your particular home in Saskatoon.