May 2015 was a relatively productive month in the Saskatoon real estate market as there were 304 single family and 125 condominium firm sales recorded by the local MLS. The most encouraging stat is that the overall average price of a single family home has increased incrementally year by year. Since 2011 the average price of a single family dwelling in the month of May increased $54,440. While the average price of a condo increased $31,512. Sales volume dipped lower than we’ve seen in May since 2011, however the drop off wasn’t sharp. May 2014 was a record for sales volume and figures slipped just 12% for the month of May in the single family dwelling market, meanwhile the condo market dropped 16%. Due to increased competition in overall listings in the current market, the average days on market for a single family home is currently at 44 (average over the past 4 years is 29), while a condo sells in 51 days (average over previous 4 years was 38).
As of June 1st there are currently 1283 single family dwellings and 721 condominiums. Listing numbers are currently roughly 25% higher than they were last year. This should be nearing the end of the inventory influx that we’ve seen in 2015 as listing numbers will begin to dwindle for the remainder of the year.
Here are the May numbers in the Saskatoon real estate market over the past 5 years in both the single family and condominium markets.