JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
427 homes were purchased in September that number 20% higher than September 2013 when 357 homes were purchased. The average selling price was $354,818.00 that number 4% higher than September 2013 when the average was $342,596.00. The average price year to date is $356,107.00 up 3% from 2013 at this same time when the average was $344,419.00. The average number of days to sell a property in September was 40 days indicating a seasonal increase of sales. Unit sales year to date are 8% higher than 2013 while the number of units listed is up by 16%. REALTORS® listed 901 residential properties in September that number up from the 740 listings in September last year. Year to date listing numbers are 7,313 listings, 16% higher than the 6,326 listed in 2013. 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 1,612 homes to select from at the end of the month which calculates out to be approximately 4 months of inventory.
Residential sales activity in communities around Saskatoon was significantly higher (76%) than in September 2013. 144 homes were purchased in September as compared to 82 being purchased in September 2013. The average selling price was down 14% at $290,582. Year to date 2,709 properties have been listed in these areas around Saskatoon, this number indicates a 12% increase from the 2,429 property listings in 2013. At the end of September 2014 there were 1021 active listings in these areas around Saskatoon, 3% lower than in September 2013.
September was a record setting month with 901 new listings, 30% higher than the five year average and a 22% increase over last September. Unit sales of 427 were a 20% increase over last September. In spite of this robust activity, inventory levels continue to increase with 1,612 units currently available. “This is a level of inventory that we have not experienced since 2008.” According to Jason Yochim, CEO with the Saskatoon Region Association of Realtors. “Our provincial population has grown by nearly 20,000 in the past year and these people need somewhere to live and raise a family.
By the end of the third quarter the $300 – $350,000 price range had the most transactions at 798 units, on par with 2013. According to the MLS stats from the SRAR, Saskatoon has had 3,621 unit sales and 7,313 listings for a sales to listing ratio of 50%, balanced territory.
Home renovations that pay off. There are 2 main reasons why homeowners invest in a home renovation or major redecorating project: they want to enjoy the results of the kitchen, bathroom, flooring or other improvement they’ve made; and/or, they hope that the money they spend will come back to them – at least in part – when they sell their home.
So which projects are most likely to increase the value of your home? Call me at 306-280-0989 if you would like to talk about the 5 renovation projects that give you the most bang for your renovation buck.