Here’s what’s new in Saskatoon’s real estate world.
JUST THE FACTS
211 homes were purchased in February that number 6% lower than February 2017 when 225 homes were purchased. The average selling price was $329,940. that number 3% lower than February 2017 when the average was $338,739. The average price year to date is $337,169. 1% lower than in 2017 when the average was $339,870. The average number of days to sell a property in February was 58 days, which is 3 days longer than the 55 days in February of 2017. Unit sales year to date are 1% higher than 2017 while the number of units listed is down 14%. REALTORS® listed 523 residential properties in February that number 15% lower than the 615 listings in February last year. Year to date listing numbers are 1,139 listings, 14% lower than the 1,332 listed in 2017. 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 1,588 homes to select from at the end of the month which calculates out to be approximately 7.5 months of inventory. The sales to listing ratio for February was 40.3%, slightly below the 5 year average of 42%.
Residential sales activity in communities around Saskatoon was up from February 2017. 57 homes were purchased in February this year, up from the 56 being purchased in February 2017. The average selling price in February was up 10% at $322,790. To the end of February 403 properties have been listed in these areas around Saskatoon, this number down 9% from the 445 property listings in 2017. At the end of February 2018 there were 853 active listings in these areas around Saskatoon, unchanged from February 2017. Year to date the total number of unit sales was up 14% from the 107 units in 2017 to 122 units in 2018. The average sale price of $298,759 was a 2% decrease when compared to the same 2 month period last year.
At the end of last month there were a total of 1,588 active residential listings in Saskatoon. This represents a 4% decline from a year ago when there were 1659 properties available. The number of sale transactions in February, 211, represented a 6% decline from the same month last year. The lower number of active listings will move us closer to a balanced real estate market. If you are curious about how these numbers relate to your particular situation please call me (306-280-09890) and we can chat about what they mean to you.