JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
315 homes were purchased in October that number 8.2% higher than October 2015 when 291 homes were purchased. The average selling price was $344,299.00 that number 3.1% lower than October 2015 when the average was $355,388.00. The average price year to date is $351,032.00. .7% lower than in 2015 when the average was $353,663.00. The average number of days to sell a property in October was 50 days, a slightly longer selling time for this season. Unit sales year to date are 6.0% lower than 2015 while the number of units listed is down 4.6%. REALTORS® listed 756 residential properties in October that number down from the 767 listings in October last year. Year to date listing numbers are 8,323 listings, 4.6% lower than the 8,726 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 1,745 homes to select from at the end of the month which calculates out to be approximately 5.5 months of inventory.
Residential sales activity in communities around Saskatoon was up from October 2015. 94 homes were purchased in October this year, up from the 92 being purchased in October 2015. The average selling price in October was down 3.4% at $303,752. To the end of October 2,877 properties have been listed in these areas around Saskatoon, this number indicates a 7.8% decrease from the 3,122 property listings in 2015. At the end of October 2016 there were 933 active listings in these areas around Saskatoon, 8.6% lower than October 2015. Year to date the total number of unit sales was down 8.8% from the 999 units in 2015 to 911 units in 2016. The average sale price of $311,965 was a .4% decline when compared to the same 10 month period last year.
What’s going to be interesting will be how the new Home Buyers Qualifying Ratio’s brought in by the Federal Government is going to affect our market. As current interest rates remain low this is helping everyone’s housing costs remain low. My expectation is that home sales will remain moderate while our inventory will continue to drop over the next few months. If you are thinking about buying or selling and you’re curious if now is the right time, give me a call, it all depends on your particular situation.
Just one more thing, if your family or friends are thinking of buying or selling please introduce us, after all you want them to receive the same trustworthy service you have experienced all these years.
The video presentation of this material is here: https://youtu.be/psvZnGy5sXo