Sales have continued to roll at a very high pace in the Saskatoon real estate market of late. Coming off the heels of a week where we saw a record 125 listings sold, last week there were a very respectable 113 firm sales reported to the MLS. Of those sales last week, the average price was $359,204, while the average home sold in 34 days on market.
It should be noted that 17% of the total sales were new homes, while new homes make up 30% of the total inventory. A new home sells in an average of 63 days, while a resale home sells in 28 days on the current market. Pricing is extremely critical in the new home market as it has become competitive.
Over the past month the Saskatoon real estate market has been averaging 115 sales per week. The numbers in 2014 are more than any year during the same month period since the real estate boom in 2007 when we averaged 119 per week. Over the past month the average price is very similar to last week’s average at $359,807, 35 days on market, while the average selling price is $8,490 under asking price. In 2013 during the same month period the Saskatoon real estate market averaged 15 less sales per week, the average sale price was $13,592 less, while the average house sold in only 31 days on market.
A major difference between 2014 and 2013 has been the amount of listing inventory on the market. At the moment there is currently 1609 active listings in Saskatoon (983 single family, 496 condominiums). In 2013 there were more than 200 less listings during the same week period.
Ultimately sales volume, average prices and inventory are better than in 2013. The Saskatoon real estate market has made solid incremental gains since 2008 and continues to show a lot of promise. Now is a great time to buy as rates are extremely attractive and inventory levels are very good. If you have any questions about the Saskatoon market trends or if you’re thinking about buying/selling let us know here!