Here’s what’s new in Saskatoon’s real estate world.
179 homes were purchased in January that number, 21% lower than January 2014 when 227 homes were purchased. The average selling price was $358,645.00 that number, 1% higher than January 2014 when the average was $354,451.00. The average number of days to sell a property in January was 55 days indicating a seasonal reduction of sales. Unit sales year to date are 21% lower than 2014 while the number of units listed is up by 14%. REALTORS® listed 724 residential properties in January that number up from the 637 listings in January last year. A certain percentage of these listings were previously listed properties that failed to sell as a result of being overpriced, which were then relisted at a lower price in order to bring them closer to market value. Home buyers had 1,453 homes to select from at the end of the month, which calculates out to be approximately 8 months of inventory.
Residential sales activity in communities around Saskatoon was 28% lower than in January 2014. 57 homes were purchased in January as compared to 79 being purchased in January 2014. The average selling price was up 9% at $325,215. Year to date 255 properties have been listed in these areas around Saskatoon, this number indicates a 6% increase from the 240 property listings in 2014. At the end of January 2015 there were 817 active listings in these areas around Saskatoon, 3% higher than January 2014.
Inventory continues to remain high in our market due to a 14% increase in listings and a 21% decrease in home sales year to date. A significant portion of the homes currently available for sale, approximately 30% are new construction. New neighborhoods, where these homes sit unoccupied have in excess of a six month inventory. The sales to listing ratio at the end of January was 49%. This means that approximately half of the homes placed for sale on the market do not result in a successful sale. Home buyers currently have an upper hand in negotiations thanks to the large selection of homes available for sale.
I am doing my share to increase the inventory of homes for sale, these two new listings are excellent opportunities to create beautiful homes for your family, please check them out: http://514bronson.agentmarketing.com is a fully developed Lakeridge 4 level split priced at $384,900 mls.
http://57glenwood.agentmarketing.com is a fully developed Westview Heights 3 bedroom bungalow affordably priced at $259,900 mls.