Sales in the Saskatoon real estate market absolutely boomed last week as 75 firm deals were reported to the local MLS. Of these 75 deals, 9 were over the $500,000 mark and the average price soared to $352,722. To put these numbers into perspective, in 2011 there were only 59 sales and 2 weeks ago only 57. The average price two weeks ago was roughly $25,000 less than last week. With interest rates well under 4%, the Saskatoon market has been stimulated and sales are now taking off. It’s been a very long time since 75 sales have taken place in a single week on the Saskatoon MLS. If you plan on listing your home, right now is a favourable time as competition in the market is relatively low.
Currently there are only 989 active listings (577 single family, 330 condominiums) in Saskatoon. The past two weeks we saw listing inventory climb well above the 1000 mark and after a high amount of sales activity, inventory dropped. Last week a healthy 140 new listings (86 single family, 39 condominiums) were posted to the market which is 8 more than the total from 2 weeks ago.
At the moment the Saskatoon real estate market is attractive for sellers as the low interest rates are getting them top dollar for their homes. While interest rates are as low as nearly 3%, the pool of buyers in Saskatoon is growing. For more information about the Saskatoon real estate market or if you’re thinking about buying/selling contact us at firstname.lastname@example.org