Here’s what’s new in Saskatoon’s real estate world.
393 homes were purchased in June that number .8% higher than June 2016 when 390 homes were purchased. The average selling price was $350,702. that number 1.1% lower than June 2016 when the average was $354,467. The average price year to date is $349,362. .3% higher than in 2016 when the average was $348,404. The average number of days to sell a property in June was 45 days, a slightly longer selling time for this season. Unit sales year to date are 1.2% lower than 2016 while the number of units listed is down .9%. REALTORS® listed 954 residential properties in June that number 2.6% higher than the 930 listings in June last year. Year to date listing numbers are 5,027 listings, .9% lower than the 5,074 listed in 2016. 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 2,136 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 down from June 2016. 103 homes were purchased in June this year, down from the 127 being purchased in June 2016. The average selling price in June was up 3.9% at $302,018. To the end of June 1,715 properties have been listed in these areas around Saskatoon, this number indicates a 6.4% decrease from the 1,832 property listings in 2016. At the end of June 2017 there were 1112 active listings in these areas around Saskatoon, 4.2% lower than June 2016. Year to date the total number of unit sales was down 10.9% from the 512 units in 2016 to 456 units in 2017. The average sale price of $324,801 was a 6.5% increase when compared to the same 6 month period last year.
In the first half of 2016 the number of homes that have sold within Saskatoon totaled 1,850 units representing an 1.2% decline from the same period last year. At the current rate of sales it would take just over 5 months to liquidate the current active listings, the five year average is 3.76 months. The number of new listings year to date is down .9% compared to 2016 with a total of 5,027 properties listed to the end of June. The average number of days for a home to sell is down slightly from 46 to 45 days. The current sales to listing ratio of 41% is down slightly reflecting a firm buyer’s market. Pricing seems to be only slightly affected in a positive way with the average price of $349,362 up by .3% from a year ago.
It is actually an ideal time for anyone considering a purchase. In addition to having a broad selection in most price ranges, interest rates at present remain low and prices are stable.