Here’s what’s new in Saskatoon’s real estate world.
    383 homes were purchased in October that number 2% higher than October 2013 when 375 homes were purchased. The average selling price was $363,037.00 that number 5% higher than October 2013 when the average was $345,928.00. The average price year to date is $356,758.00 up 4% from 2013 at this same time when the average was $344,571.00. The average number of days to sell a property in October was 40 days indicating a seasonal reduction of sales. Unit sales year to date are 7% higher than 2013 while the number of units listed is up by 15%. REALTORS® listed 767 residential properties in October that number up from the 703 listings in October last year. Year to date listing numbers are 8,080 listings, 15% higher than the 7,029 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 1,553 homes to select from at the end of the month which calculates out to be approximately 3.9 months of inventory.
    Residential sales activity in communities around Saskatoon was 6% lower than in October 2013. 106 homes were purchased in October as compared to 113 being purchased in October 2013. The average selling price was up 9% at $323,158. Year to date 2,971 properties have been listed in these areas around Saskatoon, this number indicates an 11% increase from the 2,670 property listings in 2013. At the end of October 2014 there were 971 active listings in these areas around Saskatoon, 2% lower than in October 2013.
    Inventory continues to remain high in our market due to a 15% increase in listings and a 7% increase in home sales year to date. A significant portion of the homes currently available for sale, approximately 30% are new construction. New neighborhoods, where these homes sit unoccupied have about a six month inventory. Home buyers currently have an upper hand in negotiations thanks to the large selection of homes available for sale.
    Nationally, home prices are steady, homes are on the market for less time and interest rates are still low. The page below shows the average home price by province as of July 2014. If you have questions about the real estate market: Nationally or locally, call me at 306-280-0989, I’m happy to provide you my 26 years of experience.
    Average Home Price by Province 11.2014
    Average Home Price By Province 11.2014

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