Here’s what’s new in Saskatoon’s real estate world.
325 homes were purchased in August that number four fewer than August 2018 when 329 homes were purchased. The average selling price was $323,024. that number 3% lower than August 2018 when the average was $331,374. The average price year to date is $330,535 1% lower than in 2018 when the average was $334,222. The average number of days to sell a property in August was 56 days, which is 5 days more than the 51 days in August of 2018. Unit sales year to date are 6% higher than 2018 while the number of units listed is down 3%. REALTORS® listed 724 residential properties in August that number 4% lower than the 757 listings in August last year. Year to date listing numbers are 5,676 listings, 3% lower than the 5,873 listed in 2018. 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 1,916 homes to select from at the end of the month which calculates out to be approximately 5.7 months of inventory. The sales to listing ratio for August was 45%, which is considered to be close to a balanced market. Residential sales activity in communities around Saskatoon was down from August 2018. 93 homes were purchased in August this year, down from the 107 being purchased in August 2018. The average selling price in August was 8% higher that it was in 2018 at $294,237. To the end of August 2,195 properties have been listed in these areas around Saskatoon, this number down 3% compared to the 2,255 property listings in 2018. At the end of August 2018 there were 1,158 active listings in these areas around Saskatoon, 5% lower than August 2018. Year to date the total number of unit sales was 5% lower at 679 units in 2019 and 712 units in 2018. The average sale price of $294,369 was approximately 3% lower when compared to the same six month period last year – $304,750.
August witnessed almost the same number of home sales compared to August of 2018 in Saskatoon. The year to date unit sales are up 6% compared to last year. It is important to remember that these changes in pricing are an aggregate of the entire market and will vary based on area, type of home and availability of similar properties to the subject home. If you are curious what your home would be worth in today’s market, we should talk. Call me at 306-280-0989 and I’ll provide you with an up to date market analysis you can take to the bank.