As anticipated, the Saskatoon real estate market has been very active recently as there were 105 firm sales reported to the local MLS last week. In 2011 there were 94 sales during the same week period, which is a slight difference of 11 properties. However where the major difference between the past calendar year is the average sale price of a home, which has jumped up over $28,000 to $336,991 in 2012 (an 8% increase overall). This is partly due to the increasing number of new home builds that have been occurring recently and low listing activity. Currently the average days on market for a home in Saskatoon is 26, while the average selling price is $5917 under asking, which is very status quo of late.
While average prices have increased significantly in recent history, the number of current listings is the lowest we’ve seen in June over the past 5 years. Certainly it could be argued that there is an advantage to sellers in the current Saskatoon market becauseof the lack of competition, however favourable interest rates are keeping the buyers around. This has been the case over the past 7 or 8 months. Currently there are only 1228 listings (747 single family and 402 condominiums) in the Saskatoon market, which is roughly 160 less listings than in 2011. The most dramatic change has been the drop in the amount of condos on the local MLS. Last week there were 151 new listings (109 single family, 35 condominiums) added to the MLS, which is 8 more than were added during the same period in 2011.
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