Here’s What’s New in the Saskatoon Real Estate Market

Just The Facts. 364 homes were purchased in May that number 13% lower than May 2017 when 420 homes were purchased. The average selling price was $331,699. that number 6% lower than May 2017 when the average was $354,165.  The average price year to date is $334,449. 4% lower than in 2017 when the average was $349,748. The average number of days to sell a property in May was 46 days, which is 2 days fewer than the 48 days in May of 2017. Unit sales year to date are 7% lower than 2017 while the number of units listed is down 13%. REALTORS® listed 943 residential properties in May that number 9% lower than the 1,031 listings in May last year. Year to date listing numbers are 3,537 listings, 13% lower than the 4,055 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 2,001 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 down from May 2017. 105 homes were purchased in May this year, down from the 115 being purchased in May 2017. The average selling price in May was up 2% at $346,130. To the end of May 1,381 properties have been listed in these areas around Saskatoon, this number down 3% from the 1,418 property listings in 2017. At the end of May 2018 there were 1,164 active listings in these areas around Saskatoon, 10% higher than May 2017. Year to date the total number of unit sales was up 5% from the 372 units in 2017 to 390 units in 2018. The average sale price of $318,254 was a 2% decrease when compared to the same 5 month period last year.

May witnessed a 9% decrease in the number of home sales compared to May of 2017. The year to date unit sales are up 5% compared to the first five months of 2017. 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.