Last week on the Saskatoon MLS, 67 firm sales (47 single family, 18 condominiums) were reported. There were a staggering 36 sales under the $300,000 mark, which bumped the average sales price for the week down to $304,669. The average selling price under asking was just $4561 and the average listing sat on the market for a total of 39 days. In comparison to 2 weeks ago when the average price was $340,522, more activity was present over the $300,000 mark, while the average days on market was 38. Last year during the same week period there were a very impressive 84 sales with an average price of $320,714 and each property was listed for an average of 29 days. The average price last week was lower than last year’s total because of the amount of activity at the lower end of the market; it’s nothing to be concerned about at this point. This is logical because interest rates are so favourable that a lot first time home buyers are entering the market.
Currently inventory in the Saskatoon real estate market is increasing to a point where there are 1051 active listings (620 single family, 339 condominiums). Inventory levels are right about on par with what we had last year. Last week there were 113 new listings (85 single family, 22 condominiums) posted on the Saskatoon MLS, which is a very slight increase from the previous week.
Sales have been slowly increasing since the slower months of November-January along with inventory. Expect the market to become more active in the weeks to come. If you have any questions about the market or if you’re thinking about buying or selling, please contact us firstname.lastname@example.org