Here’s what’s new in Saskatoon’s real estate world.
JUST THE FACTS
329 homes were purchased in August that number 16% lower than August 2014 when 393 homes were purchased. The average selling price was $353,317.00 that number on balance with August 2014 when the average was $352,883.00. The average price year to date is $356,803.00 on par with 2014 when the average was $356,329.00. The average number of days to sell a property in August was 50 days indicating a slower market. Unit sales year to date are 12% lower than 2014 while the number of units listed is up by 9%. REALTORS® listed 843 residential properties in August that number up from the 765 listings in August last year. Year to date listing numbers are 6,986 listings, 9% higher than the 6,411 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 2,013 homes to select from at the end of the month which calculates out to be approximately six months of inventory.
Residential sales activity in communities around Saskatoon was 18% lower than in August 2014. 94 homes were purchased in August as compared to 114 being purchased in August 2014. The average selling price was up 13% at $320,560. Year to date 2,620 properties have been listed in these areas around Saskatoon, this number indicates a 9% increase from the 2,396 property listings in 2014. At the end of August 2015 there were 1,211 active listings in these areas around Saskatoon, 15% higher than August 2014.
Inventory continues to remain high in our market due to a 26% increase in listings and a 12% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 26%. The sales to listing ratio at the end of August was 39%, significantly lower than the 5 year average of 54%. In spite of the rising inventory and declining sales, the average price remains virtually unchanged. These numbers indicate that only four of every 10 properties listed for sale will result in a sale. If you’re serious about selling your home you need to make sure it is priced to reflect todays market conditions, I can help you make an informed decision. Whenever you need real estate assistance, I’m ready to help you and your friends, relatives, and acquaintances in any way I can. It is my objective to develop solid relationships and maintain them for the long term. So whether the need is to gather general market information or to develop a more specific real estate plan, I’m always available to help you and those you may introduce me to.
p.s. This two bedroom condo on Heritage is vacant and waiting for a new home owner, please share the details with anyone you know that may be interested: http://tour.circlepix.com/home/GADNCG