The interpretation of last week’s sales numbers in the Saskatoon real estate market would suggest the market is slowing down. After 3 weeks of improving sales numbers, only 68 houses and condominiums were sold during the period and is down 11 from last week. While there were less sales occurring, listings once again remained very strong as 131 new properties were posted on the Saskatoon MLS. A lot of these listings were expirees and the new listing number likely is quite inflated because of this and these 131 aren’t all new listings. It is typical to see listings expire at the end of the month and get re-listed shortly after. For the same period last year we witnessed 120 listings, so this activity is relatively predictable. The inventory in the Saskatoon real estate market remains relatively high at 1338 total listings (782 single family/ 476 condominiums). Last year there were only 1082 listings on the Saskatoon MLS. One can see that inventory is currently high, however this is the lowest number of listings we have witnessed this year. The average price in Saskatoon dipped last week to $309,493 which is considerably higher than last year by more than $15,000.Essentially we are seeing the average prices increase, meanwhile listings are increasing. It's quite obvious that sellers believe market conditions are still relatively favourable. With the unpredictable markets and interest rates, some people would rather sell now than wait until spring and take a risk.
For any questions on the Saskatoon market please call Tyler @ 260-5129. Have a great week everyone!