The Saskatoon real estate market rebounded in a big way in March after a dismal February. Listings increased 21%, and listings increased 35%. The average sale price for the month of March was $336,100 which is roughly $10,000 higher than the average during the same period in 2012. Sales in the $450,000 to $500,000 range jumped 43% since last year and there is strong demand in the $250,000 to $400,000 range.
Last week there were 75 firm sales in Saskatoon (54 single family, 17 condominiums), which was 10 less than the previous week. Last week’s figures are significantly less than the same week period in 2012 when an impressive 124 sales were reported to the Saskatoon MLS. Last week the average sale price dipped to $328,533 as activity was higher in the lower end of the market (44 out of 75 sales under weekly average price). Last week the average sale price under asking differential was $5794 and the average days on market was 29 and both are average figures of late.
Currently there are 1074 active listings (666 single family, 326 condominiums) which is a conservative inventory level for this time of year. Last week there were a modest 114 new listings (65 single family, 43 condominiums) posted to the Saskatoon MLS, which is just 5 more than were posted the previous week. Expect the total active listing numbers to grow in the coming weeks.
Ultimately I believe that as the snow melts, the activity will inevitably pick up in Saskatoon. Currently people are concerned about viewing properties that may have potential water issues and are holding off. I would expect the market to pick up in the next 2-4 weeks as the weather warms up considerably.
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