Last week sale numbers dropped from two weeks ago by 14 as 87 firm sales (57 single family, 29 condominiums) were reported to the local MLS. Last year during the same week period there were 97 firm sales, with an average price of $347,440. The average price last week was up significantly at $346,864 compared to the current 4 week average which is now at $337,698. Last week the average days on market was up last week to 46, while the current 4 week average days on market is at 37. These numbers are indicative that prices are not going down while buyers are motivated to purchase before interest rates rise and the impending CMHC crack down take place. We’re also seeing some of the current inventory sell that has sat on the market for longer than usual.
Currently there are 1394 active listings (853 single family, 427 condominiums) in Saskatoon, which is 1 more listing than last week. There were a 170 new listings posted to the MLS last week (120 single family, 40 condominiums), which is 12 less than the previous week. Last year during the same period in August there were 747 single family homes and 400 condominiums, so inventory levels are much higher. Listing numbers at this time of year are usually much lower, however we have had similar numbers during 2010. Expect inventory levels to drop over the coming weeks as this usually occurs this time of year.
If you have any questions about today’s market, or if you’re thinking about buying or selling, contact us at firstname.lastname@example.org