Here’s what’s new in Saskatoon’s real estate world after 6 months.

    JUST THE FACTS

    390 homes were purchased in June that number 15.6% lower than June 2015 when 462 homes were purchased. The average selling price was $354,038.00 that number 1.7% lower than June 2015 when the average was $360,319.00.  The average price year to date is $348,286.00. 2.2% lower than in 2015 when the average was $356,068.00. The average number of days to sell a property in June was 46 days a slightly longer selling time for this season. Unit sales year to date are 8.2% lower than 2015 while the number of units listed is up by 3%. REALTORS® listed 930 residential properties in June that number down from the 1027 listings in June last year. Year to date listing numbers are 5,074 listings, 3% lower than the 5,229 listed in 2015. 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 2,047 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 up from June 2015. 128 homes were purchased in June this year, up from the 121 being purchased in June 2015. The average selling price in June was down 3% at $289,282. To the end of June 1,832 properties have been listed in these areas around Saskatoon, this number indicates a 4.6% decrease from the 1,921 property listings in 2015. At the end of June 2016 there were 1,161 active listings in these areas around Saskatoon, 3.2% lower than June 2015. Year to date the total number of unit sales was down 14.8% from the 603 units in 2015 to 514 units in 2016. The average sale price of $304,334 was a 2.9% decline when compared to the same five month period last year.

    In the first half of 2016 the number of homes that have sold within Saskatoon totaled 1,873 units representing an 8.2% 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 3% compared to 2015 with a total of 5,074 properties listed to the end of June. The average number of days for a home to sell is up slightly from  42 to 46 days. The current sales to listing ratio of 42% is down slightly reflecting a firm buyer’s market. Pricing seems to be only slightly affected in a negative way with the average price of $354,000 down by 1.7% 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 remain low and prices are stable.

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