Happy New Year Saskatoon from the Saskatoon Home Team! It’s the time of year where we break down the Saskatoon real estate market with snapshot of the 2014 year. As we do each year, we’ll discuss how the local market has changed in the past 5 years and a short description of what occurred during this past December.
Over the past 5 years, 2014 was the most active year in terms of sales volume as sales volume was 7% higher than 2013. This is certainly one of the most interesting and productive years the Saskatoon real estate market has ever encountered. We have also seen steady growth in the price of homes year over year in the past 5 years in Saskatoon. Below is a breakdown of statistics over the past 5 years to show you exactly how the landscape of Saskatoon real estate has changed
Year Sales Average Price Percent Increase Days on Market Avg. Under Asking
2014 4528 $356,071 3.2% 41 $7,858
2013 4216 $344,566 3.7% 39 $6,497
2012 4183 $331,954 6.8% 35 $6,776
2011 4033 $309,711 4.3% 39 $7,768
2010 3552 $296,425 6% 36 $7,716
2009 3820 $278,646 -1% 43 $9,811
Saskatoon is a growing city and you can see the proof with an incremental increase in home sales every year since 2010. The average price of a home appreciated nearly 22% since 2009 in Saskatoon. During 2014 we saw the highest listing inventory on the MLS in some time which affected prices and increased the number of days on market. Buyers were able to negotiate more off the asking price because of the leverage they had over sellers with increased competition. New homes in Saskatoon were a tougher sell during 2014 as they comprised of 30% of the total market and only 12%-15% of total sales. The re-sale market in Saskatoon was very successful during 2014, especially in the entry level price ranges as many first time home buyers decided to become home owners due to extremely low rates.
Over the past 5 years, it would be tough to find a more stable market in North America than what we have seen in Saskatoon. Looking forward to 2015, interest rates should remain favourable and prices should remain stable. However you should temper your expectations in terms of a significant price increase in Saskatoon for 2015 as prices are to plateau and level off over this year.
Going forward in Saskatoon, the prices may plateau during this year and inventory should come down in due time to balance out the market. However with interest rates remaining low for the foreseeable future, the market should be quite active.
If you have any questions about the current market, or if you’re thinking about buying/selling, contact us here.