JUST THE FACTS April 2017
Here’s what’s new in Saskatoon’s real estate world.
315 homes were purchased in April that number 16.4% lower than April 2016 when 377 homes were purchased. The average selling price was $342,027. that number 2% lower than April 2016 when the average was $362,366. The average price year to date is $347,101. .8% lower than in 2016 when the average was $344,480. The average number of days to sell a property in April was 49 days, a slightly longer selling time for this season. Unit sales year to date are 4.9% lower than 2016 while the number of units listed is down 4.3%. REALTORS® listed 846 residential properties in April that number 9.8% lower than the 938 listings in April last year. Year to date listing numbers are 3038 listings, 4.3% lower than the 3173 listed in 2016. 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 1,975 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 April 2016. 82 homes were purchased in April this year, down from the 99 being purchased in April 2016. The average selling price in April was down 1.4% at $315,112. To the end of April 1008 properties have been listed in these areas around Saskatoon, this number indicates an 13.4% decrease from the 1164 property listings in 2016. At the end of April 2017 there were 979 active listings in these areas around Saskatoon, 15% lower than April 2016. Year to date the total number of unit sales was down 13.8% from the 289 units in 2016 to 249 units in 2017. The average sale price of $329,340 was a 5.4% increase when compared to the same 4 month period last year.
Total home sales in Saskatoon year to date saw a 5% decrease with a total of 1,037 units changing hands. April was a slow month with 315 sales, 16% fewer than last April. Listing activity is down by 4% compared to last year with a total of 3,038 new listings introduced to the market so far this year. Listing activity in April was down by 10% from April last year, however we still have a very strong level of inventory with 1975 active listings at the end of April. A couple points to take away from these statistics; year to date the sale of single detached properties has declined by 11% while the number of multi-family unit sales increased by 4%. The sales to listing ratio at 37% confirms that we remain in a buyer’s market. And last point, it takes about 50 days for a home to sell in Saskatoon.