Happy new year to everyone in Saskatoon! It’s once again that time of year where we break down the Saskatoon market with our year in review. This 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.
In Saskatoon there are currently 1038 active listings (636 single family, 314 condominiums). High listing inventory levels were a constant issue this entire year and we are finally seeing inventory levels back to a normal level. This will allow for a little more balance in the market, which is a positive for sellers.
During December 2013, there were a total of 185 firm sales with an average of 46/week, and these numbers are slightly better than those in 2012 when 180 firm sales were reported during the month. The average selling price in December 2013 was $339,964 with an average days on market of 48. In December 2012, there was very little difference in average selling price of less than .03% less than 2013, while the average listing sold in only 44 days.
Year in Review
Over the past 5 years, 2013 was the most active year in terms of sales volume. We have also seen steady growth in the price of homes year over year in the past 4 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
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
Since 2009 the average price of a home appreciated nearly 19.8% in Saskatoon. It would be tough to find a more stable market in North America than what we have here. Looking forward to 2014, interest rates should remain favourable and as housing cost concerns are rising, we should expect to see an increase in demand for condominiums. In 2012 there were 1254 condominiums sold, which eclipses the total of any other year in Saskatoon real estate history. We should expect more incremental growth in home prices in Saskatoon over this next year, however the increase of condo demand might temper this.
If you have any questions about the current market, or if you’re thinking about buying/selling, contact us here.