Saskatoon real estate market update: August 27th to September 2nd

Currently there are 1201 active listings in Saskatoon (742 single family, 393 condominiums) on the local MLS. Listing numbers dwindling has been a common theme the last few weeks in Saskatoon as the summer rush is beginning to slow down. In 2011 there were about 80 more listings during the last week in August, which is quite comparable and the major difference was in the condo market. Last week there were a healthy amount of listings placed on the MLS as 129 new properties appeared (88 single family, 33 condominiums). During the same period in 2011 there were 140 new listings posted on the market.

Last week the sales numbers dropped off as there were 74 firm deals posted to the Saskatoon MLS. In comparison to 2011 when 107 sales took place during the same week period, it is evident that the market isn’t quite as active as 2011. There was also a large discrepancy between the average prices during the last week in August 2011 when the average house sold for $307,495, while last week’s average of $351,738. These numbers are skewed because of the high number of sales in the condo market in 2011 and it’s not logical to think that house prices improved by such a great margin. However they did go up over the course of the last year undoubtedly. The average sale price was $8381 under asking last week with an average days on market of 33, while the average sale price under asking during the same week period in 2011 was $9034 with 41 days on market.

The Saskatoon real estate market continues to remain strong, yet unpredictable week-to-week. Sales and listing numbers have been all over the place, so there’s no predicting what will happen next. To be continued…

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The Matthew Olsgard Team

The Matthew Olsgard Team

CENTURY 21 Fusion
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