Just the facts.
359 homes were purchased in September that number 16% lower than September 2014 when 426 homes were purchased. The average selling price was $334,971.00 that number 6% lower than September 2014 when the average was $355,233.00. The average price year to date is $353,587.00 one percent lower than 2014 when the average was $356,200.00. The average number of days to sell a property in September was 50 days indicating a slower market, according to the Multiple Listing Service homes were selling for just under 90% of the average asking price in September. Unit sales year to date are 12% lower than 2014 while the number of units listed is up by 9%. REALTORS® listed 974 residential properties in September that number up from the 900 listings in September last year. Year to date listing numbers are 7,959 listings, 9% higher than the 7,311 listed in 2014. 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 2,059 homes to select from at the end of the month which calculates out to be approximately six months of inventory. Residential sales activity in communities around Saskatoon was 28% lower than in September 2014. 103 homes were purchased in September as compared to 143 being purchased in September 2014. The average selling price was up 3% at $300,887. Year to date 2,898 properties have been listed in these areas around Saskatoon, this number indicates a 7% increase from the 2,709 property listings in 2014. At the end of September 2015 there were 1,155 active listings in these areas around Saskatoon, 13% higher than September 2014. Inventory continues to remain high in our market due to a 9% increase in listings and a 12% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 28%. The sales to listing ratio at the end of September was 37%, significantly lower than the 5 year average of 54%. The average home sale price of $353,587 continues to hold steady but is expected to start a slight decline with slower sales.
It’s not just a slight change in the weather or the season that hints that a change is coming, Saskatoon’s real estate market has been adjusting to higher inventory levels and fewer sales throughout 2015. If you are preparing for or adjusting to change, I truly hope that it is positive for you and your family. If I can help you with anything real estate related, please remember that I am here for you.
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