JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
383 homes were purchased in March that number 11% higher than March 2013 when 344 homes were purchased. The average selling price was $354,084.00 that number 5% higher than March 2013 when the average was $336,068.00. The average price year to date is $352,530.00 up 6% from 2013 at this same time when the average was $333,822.00. The average number of days to sell a property in March was 43 days indicating a seasonal increase of sales. Unit sales year to date are 10% higher than 2013 while the number of units listed is up by 19%. REALTORS® listed 769 residential properties in March that number up from the 613 listings in March last year. Year to date listing numbers are 1,981 listings, 19% higher than the 1,664 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 1,349 homes to select from at the end of the month which calculates out to be approximately 4 months of inventory.
Residential sales activity in communities around Saskatoon was down 3% from March 2013. 111 homes were purchased in March as compared to 114 being purchased in March 2013. The average selling price was down 2% at $316,761.00 . Year to date 739 properties have been listed in these areas around Saskatoon, this number indicates a 14% increase from the 650 property listings in 2013. At the end of March 2013 there were 874 active listings in these areas around Saskatoon, approximately 3% higher than March 2013.
Currently the 1,349 homes on the multiple listing service in Saskatoon represents 4.09 months of inventory, which is the lowest level it has been since October of 2013 which had an inventory of 3.89 months. In terms of numbers: Area 1, which includes East end neighborhoods had 154 sales in March and an existing inventory of 721 properties. Comparatively, Area 4, which includes many of the core neighborhoods and mostly existing property sales saw 47 properties change hands on MLS and currently has an inventory of 142 properties. Consumer confidence remains strong across all price ranges, with homes in the $500 to $750,000 range experiencing the greatest change in sales from 78 units in 2013 to 118 units at the end of March(year to date), representing a 51% increase year over year. The new home inventory is once again moving which will translate into more entry level homes entering the market as families move up to a second home. More sales and more inventory means the Saskatoon Real Estate market is a hot commodity, if you are curious what your home would be worth in today’s market we should talk. Call me at 306-280-0989 and I’ll provide you with an up to date market analysis you can take to the bank.