Last week sales numbers in Saskatoon dipped considerably as 70 firm home sales were reported to the Saskatoon MLS. We saw a similar amount of activity in the real estate market last year in Saskaoon, where only 68 firm sales were reported. The interesting figures from last week’s sales indicate that properties in the luxury market are tapering off. However the entry level market is still quite active. There was a high amount of activity under $300,000 which we have seen a lot of recently. Last week nearly half of all sales were under the $300,000 mark and consequently drove the weekly average price down to just $315,764 which is much lower than usual and more than $45,000 less than the average during the same week of 2012. Average home prices aren’t dropping; this is merely evidence that entry level buyers continue to enter the market before impeding rate hikes.
We have seen inventory levels hitting all-time highs in 2013, as there are currently 1369 active listings (849 single family, 421 condominiums) in Saskatoon. Last year there were only 729 single family homes and 393 condominiums listed during the same week period. Last week there were 159 new listings (93 single family, 55 condominiums) listed in Saskaton, which is 37 more than were listed at the same time last year. As I’ve been stating in recent blogs, you can expect listing numbers begin to decrease over the coming weeks.
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