JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
225 homes were purchased in February that number 6.3% lower than February 2015 when 240 homes were purchased. The average selling price was $331,679.00 that number 9% lower than February 2015 when the average was $364,310.00. The average price year to date is $341,459.00. 5.6% lower than in 2015 when the average was $361,764.00. The average number of days to sell a property in February was 53 days a typical selling time for this season. Unit sales year to date are 4.5% lower than 2015 while the number of units listed is up by 2.3%. REALTORS® listed 727 residential properties in February that number up from the 655 listings in February last year. Year to date listing numbers are 1,410 listings, 2.3% higher than the 1,378 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 1,754 homes to select from at the end of the month which calculates out to be approximately 8 months of inventory.
Residential sales activity in communities around Saskatoon was up from February 2015. 63 homes were purchased in February this year, up from the 55 being purchased in February 2015. The average selling price was down 8.5% at $300,045. Year to date 508 properties have been listed in these areas around Saskatoon, this number indicates a 6.1% increase from the 479 property listings in 2015. At the end of February 2016 there were 983 active listings in these areas around Saskatoon, 12.2% higher than February 2015.
Year to date the total number of unit sales was down 4.3% from the 560 units in 2015 to 536 units in 2016. The average sale price of $341,459 was a 6% decline when compared to the same period last year. A significant factor in the average price declining, was a decrease in the number of homes selling over $500,000. In 2015, 65 units had sold by the end of February compared to 49 units for the same 2 month period in 2016. The housing market in Saskatoon is ideal for those wishing to buy for several reasons. Healthy inventory levels which are up 13% 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.
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