JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
316 homes were purchased in March that number 8.7% lower than March 2015 when 346 homes were purchased. The average selling price was $347,387.00 that number 2.2% higher than March 2015 when the average was $339,908.00. The average price year to date is $344,079.00. 2.2% lower than in 2015 when the average was $351,866.00. The average number of days to sell a property in March was 46 days a typical selling time for this season. Unit sales year to date are 6.4% lower than 2015 while the number of units listed is down by 1.2%. REALTORS® listed 826 residential properties in March that number down from the 886 listings in March last year. Year to date listing numbers are 2,236 listings, 1.2% lower than the 2,263 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 1,857 homes to select from at the end of the month which calculates out to be approximately 6 months of inventory.
Residential sales activity in communities around Saskatoon was down from March 2015. 89 homes were purchased in March this year, down from the 104 being purchased in March 2015. The average selling price in March was down 9.7% at $301,721. Year to date 797 properties have been listed in these areas around Saskatoon, this number indicates an .3% increase from the 795 property listings in 2015. At the end of March 2016 there were 1,056 active listings in these areas around Saskatoon, 8.5% higher than March 2015. Year to date the total number of unit sales was down 11.6% from the 216 units in 2015 to 191 units in 2016. The average sale price of $307,958 was a 6.7% decline when compared to the same three month period last year.
Interestingly the number of homes that have sold year to date over the $700,000 price has increased by 18% for a total of 26 units, this price range seems to be doing well despite what some would consider challenging economic times. The housing market in Saskatoon is ideal for those wishing to buy for several reasons. Healthy inventory levels which are up 6.2% over 2015, provide more choices, especially in the new home market. Interest rates are also low and likely to remain that way for the foreseeable future. Saskatoon is still considered to be one of the most affordable places to buy a home in Canada. It is really a perfect time for those who are in the market to purchase their first home or to switch their current housing situation.
Spring is often the time we like to get out into the great outdoors and it can initiate some thoughts about moving onto an acreage, if that urge suddenly strikes you, I would like to encourage you to follow this link and check out the Running Bar F Ranch located 20 kilometers west of Saskatoon, it is an amazing property, mls.