Here’s what’s new in Saskatoon’s real estate world.
370 homes were purchased in July that number 16.3% lower than July 2015 when 442 homes were purchased. The average selling price was $367,359.00 that number 2.8% higher than July 2015 when the average was $357,459.00. The average price year to date is $351,451.00. 1.4% lower than in 2015 when the average was $356,316.00. The average number of days to sell a property in July was 50 days, a slightly longer selling time for this season. Unit sales year to date are 9.7% lower than 2015 while the number of units listed is down 4.5%. REALTORS® listed 789 residential properties in July that number down from the 916 listings in July last year. Year to date listing numbers are 5,863 listings, 4.5% lower than the 6,142 listed in 2015. Home buyers had 1,986 homes to select from at the end of the month which calculates out to be approximately 5 months of inventory.
Residential sales activity in communities around Saskatoon was down from July 2015. 99 homes were purchased in July this year, down from the 107 being purchased in July 2015. The average selling price in July was down 7.1% at $294,379. To the end of July 2,088 properties have been listed in these areas around Saskatoon, this number indicates a 9.8% decrease from the 2,315 property listings in 2015. At the end of July 2016 there were 1,058 active listings in these areas around Saskatoon, 12.2% lower than July 2015. Year to date the total number of unit sales was down 13.8% from the 710 units in 2015 to 612 units in 2016. The average sale price of $303.016 was a 3.5% decline when compared to the same seven month period last year.
Sales volume for July of this year was 16% lower than the same month in 2015 with 370 home sales compared to 442 last July. A reduction in sales volume year over year has been the trend since January of 2015. June and July of this year showed the most significant decline in sales volume so far in 2016. In spite of a reduction in sales and dollar volume, the average selling prices continues to remain largely unaffected with a 1% decline over the previous year.
The average days on market for a home in Saskatoon is 52 compared to 50 last July. The five-year average for days on market is 41 days. If inventory levels continue to decline, so should the number of days needed to sell. At the current level of sales activity, it would take just over five months to liquidate the current number of active listings, the five-year average is just over 4 months. It is still a great time for buyers to be in the market with a large selection of homes, stable pricing and low interest rates, however, as inventory levels continue to decline so will selection for buyers.