Sales in the Saskatoon real estate market had slowed slightly in July after witnessing the strongest spring in recent memory. After the lull in the July market, sales bounced back recently as 120 firm sales were reported in the Saskatoon real estate market last week. Competition and inventory levels remains quite high on the selling end as listing numbers are also higher than usual. However homes are starting to sell quickly as the average days on market last week was only 31, while the average price was $368,847. In 2013 during the same week period, there were 94 firm sales at an average price of $331,822, while the average house sold in 39 days on market.
During the month of July there were 422 firm sales (105 sales per week), while the average price of a home was $364,033 and the average home sold in 37 days on market. In 2013 there were 462 firm sales in the Saskatoon real estate market (116 per week), the average price of a home was $342,543 (nearly 6% lower than the average price in 2014 for the same month), while the average home sold in just 35 days on market. Ultimately the numbers are telling of a July in 2014 that fell off its record breaking production pace set in the spring. However after looking at the last few weeks figures, it seems as though things are ramping up again prior to the fall. Over the past month, only 12% of all sales were new homes while new homes currently comprise of over 28% of the current inventory. We are starting to see the average prices going up as move up families are buying larger houses during the summer prior to the school year.
Currently there are 1549 listings in Saskatoon (954 single family homes, 467 condominiums) which is roughly 240 more listings than were on the market during the same period in 2013. Last year there were 765 single family homes and 440 condominiums on the Saskatoon MLS. Listing inventory continues to climb as there were 207 new listings posted to the Saskatoon MLS last week. Look for inventory numbers to decrease over the coming weeks.
If you have any questions regarding market trends, or if you're buying/selling contact us here.