Here’s what’s new in the Saskatoon real estate market, November 2017

    Home sales were up seven percent in November this year compared to November 2016 with a total of 259 sales. There are a couple reasons this increase may have occurred; the looming January 1st increase in mortgage qualification rates and the very attractive home purchasing opportunities for today’s buyers. Our year to date sales reflect a six percent decrease with a total of 3,287 transactions. Homes priced between $300,000 and $500,000 made up 1,606  or roughly half of the year to date residential sales. Although homes in this price range are the most active segment of the market, activity in this range has decreased by nearly 12% compared to the first eleven months of last year. In November it took on average 58 days for a home to sell in Saskatoon. If you are in the market to purchase a home, now is an ideal time due to our large inventory and low interest rates. Call me if you have some questions about where are the best buys and financing options.

    If you are curious about the value of your home I would be delighted to prepare a comparative market analysis at no cost to you, so that you know where you stand in today’s real estate market.

    259 homes were purchased in November that number 7% higher than November 2016 when 242 homes were purchased. The average selling price was $340,398. that number 2.5% lower than November 2016 when the average was $349,015.  The average price year to date is $345,113. 1.7% lower than in 2016 when the average was $351,071. The average number of days to sell a property in November was 58 days, which is 10 days longer than the 48 days in November of 2016. Unit sales year to date are 5.8% lower than 2016 while the number of units listed is down 2.5%. REALTORS® listed 583 residential properties in November that number 10.6% lower than the 652 listings in November last year. Year to date listing numbers are 8,650 listings, 2.5% lower than the 8,869 listed in 2016. 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 1,687    homes  select from at the end of the month which calculates out to be approximately 6.5 months of inventory. The sales to listing ratio for November was 44.4%, slightly above the 5 year average of 42%.

    Residential sales activity in communities around Saskatoon was up from November 2016. 71 homes were purchased in November this year, up from the 58 being purchased in November 2016. The average selling price in November was up 3.2% at $300,585. To the end of November 3,030 properties have been listed in these areas around Saskatoon, this number up 1.7% from the 2,980 property listings in 2016. At the end of November 2017 there were 926 active listings in these areas around Saskatoon, 4% higher than November 2016. Year to date the total number of unit sales was down 3.7% from the 979 units in 2016 to 943 units in 2017. The average sale price of $308,514 was a 2.8% decrease when compared to the same 11 month period last year.

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