JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
292 homes were purchased in October that number 24% lower than October 2014 when 383 homes were purchased. The average selling price was $354,137.00 that number 2% lower than October 2014 when the average was $362,031.00. The average price year to date is $353,625.00 One % lower than 2014 when the average was $356,758.00. Unit sales year to date are 14% lower than 2014 while the number of units listed is up by 8%. REALTORS® listed 767 residential properties in October that number equal to the 767 listings in October last year. Year to date listing numbers are 8,726 listings, 8% higher than the 8,078 listed in 2014. Home buyers had 1,955 homes to select from at the end of the month which calculates out to be approximately seven months of inventory.
Residential sales activity in communities around Saskatoon was 13% lower than in October 2014. 92 homes were purchased in October as compared to 106 being purchased in October 2014. The average selling price was down 3% at $314,472. Year to date 3,121 properties have been listed in these areas around Saskatoon, this number indicates a 5% increase from the 2,970 property listings in 2014. At the end of October 2015 there were 1,021 active listings in these areas around Saskatoon, 5% higher than October 2014.
Inventory continues to remain high in our market due to an 8% increase in listings and a 14% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 26%. The sales to listing ratio at the end of October was 39%, significantly lower than the 5 year average of 54%. In spite of the large inventory and declining sales, the average year to date price has only seen a minor 1% reduction. In summarizing Saskatoon’s real estate market Jason Yochim the CEO for the Saskatoon Region Association of Realtors has indicated that “although there will be a downward adjustment in pricing, I don’t anticipate a significant change as some have predicted.” We are currently experiencing a buyers market in Saskatoon, If you have been renting and waiting for an opportune time to get into the real estate market, Now is that time! Call me and I will coach you through the negotiation process, help you purchase your new home and provide one of the almost 2000 home sellers an opportunity to get on with the next step of their lives.