Here’s what’s new in Saskatoon’s real estate world for May of 2019
2316 Munroe Avenue, MLS# 774054: 2286 Square Foot 2 Story Home on a 84 foot by 148 foot Lot in Adelaide/Churchill Neighborhood $369,900
422 homes were purchased in May that number 16% higher than in May 2018 when 363 homes were purchased. The average selling price was $333,564. that number 1% higher than May 2018 when the average was $331,699. The average price year to date is $329,595 2% lower than in 2018 when the average was $334,651. The average number of days to sell a property in May was 48 days, which is 2 days more than the 46 days in May of 2018. Unit sales year to date are 10% higher than 2018 while the number of units listed is down 3%. REALTORS® listed 911 residential properties in May that number 3% lower than the 942 listings in May last year. Year to date listing numbers are 3,422 listings, 3% lower than the 3,536 listed in 2018. 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 1,938 homes to select from at the end of the month which calculates out to be approximately 4.5 months of inventory. The sales to listing ratio for May was 46%, which is considered to be very close to a balanced market. Residential sales activity in communities around Saskatoon was up from May 2018. 113 homes were purchased in May this year, up from the 105 being purchased in May 2018. The average selling price in May was 19% lower that it was in 2018 at $279,095. To the end of May 1,344 properties have been listed in these areas around Saskatoon, this number 3% lower than the 1,379 property listings in 2018. At the end of May 2018 there were 1126 active listings in these areas around Saskatoon, 3% lower than May 2018. Year to date the total number of unit sales was 9% higher at 421 units in 2019 and 388 units in 2018. The average sale price of $284,913 was approximately 10% lower when compared to the same five month period last year – $318,226.
May witnessed an increase of 59 home sales compared to May of 2018 in Saskatoon. The year to date unit sales are up 10% compared to last year. It is important to remember that these changes in pricing are an aggregate of the entire market and will vary based on area, type of home and availability of similar properties to the subject home. 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.