Saskatoon real estate market review: Jan 20 - 26

Home sales in Saskatoon eclipsed the half century mark last week for the first time since the before holiday season. There were 50 firm sales reported to the local MLS in Saskatoon last week, with an average price of $353,215, while the average home sold on average of 43 days on market. Over the past month there have been an average of 44 sales per week, the average price is $349,852 while the average selling price under asking is $8561. These numbers are far ahead of numbers for the same period in 2013. Last year during the same month period, the Saskatoon market averaged 38 sales per week at an average price of $328,648 in an average of 46 days on market, while the average home sold for $6709 under asking price. All things considered, the Saskatoon market in 2014 is more productive in sales volume and prices have gone up nearly 6% during the sample period. It’s illogical to think prices have come up 6% since last year; however one can assume that prices have increased, which is a good sign.

There are currently 1173 active listings (710 single family, 359 condominiums) on the Saskatoon MLS at the moment, which is roughly 150 higher than the same time period in 2013. Last week new listing inventory was rather slow as there were only 126 new listings posted to the market (14 more than 2 weeks ago). There were 132 posted to the market in Saskatoon during the same week period last year.

The Saskatoon real estate market is poised for a very active spring as interest rates are as low as 3.29% for a 5 year fixed mortgage. Rates should continue to be attractive for buyers for the rest of the year as the Bank of Canada is concerned low inflation rates and stated in this article below that we may see a reduction to the base lending rate in the near future.

Contact us to see how you can win a 2014 Ford Fusion with the purchase or sale of a home in Saskatoon.

If you have any questions about the current market or if you’re considering buying or selling, contact us here.

 

 

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The Matthew Olsgard Team

The Matthew Olsgard Team

REALTORĀ®
CENTURY 21 Fusion
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