Here’s what’s new in Saskatoon’s real estate world.
390 homes were purchased in July that number 25% higher than July 2017 when 310 homes were purchased. The average selling price was $337,667. that number 1.6% lower than July 2017 when the average was $343,167. The average price year to date is $334,676. 4.1% lower than in 2017 when the average was $348,877. The average number of days to sell a property in July was 46 days, which is 4 days fewer than the 50 days in July of 2017. Unit sales year to date are 3.3% lower than 2017 while the number of units listed is down 11.6%. REALTORS® listed 710 residential properties in July that number 9.7% lower than the 786 listings in July last year. Year to date listing numbers are 5,118 listings, 11.6% lower than the 5,790 listed in 2017. 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 2,048 homes to select from at the end of the month which calculates out to be approximately 5.25 months of inventory.
Residential sales activity in communities around Saskatoon was down from July 2017. 114 homes were purchased in July this year, down from the 120 being purchased in July 2017. The average selling price in July was up 4% at $290,322. To the end of July 1,979 properties have been listed in these areas around Saskatoon, this number down 3.8% from the 2,058 property listings in 2017. At the end of July 2018 there were 1,221 active listings in these areas around Saskatoon, 8.5% higher than July 2017. Year to date the total number of unit sales was up 1.5% from the 596 units in 2017 to 605 units in 2018. The average sale price of $310,623 was a 0.7% decrease when compared to the same 7 month period last year.
July witnessed a 25% increase in the number of home sales compared to July of 2017. The year to date unit sales are down 3.3% compared to the first seven months of 2017. 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.