JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
293 homes were purchased in November that number 1% higher than November 2013 when 291 homes were purchased. The average selling price was $360,153.00 that number 4% higher than November 2013 when the average was $345,301.00. The average price year to date is $356,989.00 up 4% from 2013 at this same time when the average was $344,624.00. The average number of days to sell a property in November was 40 days indicating a seasonal reduction of sales. Unit sales year to date are 7% higher than 2013 while the number of units listed is up by 16%. REALTORS® listed 601 residential properties in November that number up from the 474 listings in November last year. Year to date listing numbers are 8,682 listings, 16% higher than the 7,505 listed in 2013. 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 1,510 homes to select from at the end of the month which calculates out to be approximately 5.15 months of inventory.
Residential sales activity in communities around Saskatoon was 12% lower than in November 2013. 78 homes were purchased in November as compared to 89 being purchased in November 2013. The average selling price was up 2% at $302,771. Year to date 3,155 properties have been listed in these areas around Saskatoon, this number indicates a 10% increase from the 2,867 property listings in 2013. At the end of November 2014 there were 910 active listings in these areas around Saskatoon, on par with November 2013.
Inventory continues to remain high in our market due to a 16% increase in listings and a 7% increase 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 about a six month inventory. The sales to listing ratio at the end of November 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.
Should you know of a young couple or family anxious to purchase a home close to John Lake School that has a 2 bedroom basement suite that will offset their mortgage payment please forward this link to them: http://2429royal.agentmarketing.com or ask them to call me at 306-280-0989.