The Saskatoon real estate market slowed considerably last week as there were only 57 sales (33 single family, 21 condominiums), which is the lowest weekly total for a number of months. Two weeks ago there were 78 firm sales; while during the same week period in 2011 there were 68 sales. The average sales price was $329,560 which was average of late as 2 weeks ago the average was $331,888. In 2011 the average sale price was $342,782 during the same week period, while the average days on market was only 32. The average days on market for last week’s sales was 37, which is lower than the 46 two weeks ago. The average selling price under asking was $7131 and isn’t anything unusual as figures tend to fluctuate.
Currently there are 1213 listings (740 single family, 380 condominiums) in Saskatoon which is rather status quo as there were just 12 more listings in 2011. Last week there were 123 new listings (70 single family, 45 condominiums) posted the Saskatoon MLS, which is 17 less than the amount posted 2 weeks ago and 4 less than the amount posted during the same week period in 2011.
I wouldn’t suggest that the market will completely slow down for the rest of the year. However this is an indication that the market may be quiet over the short term. The lack of sales last week is something of concern, however the market should bounce back in the coming weeks.