JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
463 homes were purchased in June that number 12% lower than June 2014 when 527 homes were purchased. The average selling price was $365,440.00 that number 1% higher than in June 2014 when the average was $361,719.00. The average price year to date is $357,111.00 on par with 2014 when the average was $355,462.00. The average number of days to sell a property in June was 45 days indicating a slower market and reduction of sales. Unit sales year to date are 14% lower than 2014 while the number of units listed is up by 11%. REALTORS® listed 1027 residential properties in June that number up from the 907 listings in June last year. Year to date listing numbers are 5,229 listings, 11% higher than the 4,714 listed in 2014. 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 2,081 homes to select from at the end of the month which calculates out to be approximately 5 months of inventory.
Residential sales activity in communities around Saskatoon was 23% lower than in June 2015. 121 homes were purchased in June as compared to 158 being purchased in June 2014. The average selling price was down 1% at $298,150. Year to date 1,921 properties have been listed in these areas around Saskatoon, this number indicates a 9% increase from the 1,765 property listings in 2014. At the end of June 2015 there were 1,199 active listings in these areas around Saskatoon, 13% higher than June 2014.
Inventory continues to remain high in our market due to an 11% increase in listings and a 14% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 32%. The sales to listing ratio at the end of June was 39%, and moving into buyer’s market territory. In spite of the rising inventory and declining sales, the average price remains virtually unchanged. With summer now here it is expected that prices will start to decrease slightly overall. This assumption would be based upon inventory levels continuing to remain high and sales decreasing slightly from the spring market activity levels as they traditionally do. Home buyers currently have an upper hand in negotiations thanks to the large selection of homes available for sale.