Just The Facts – March 2018

    JUST THE FACTS

    Here’s what’s new in Saskatoon’s real estate world.

    234 homes were purchased in March that number 24% lower than March 2017 when 308 homes were purchased. The average selling price was $327,925. that number 5% lower than March 2017 when the average was $344,449.  The average price year to date is $333,826. 2% lower than in 2017 when the average was $341,839. The average number of days to sell a property in March was 64 days, compared with 47 days in March of 2017. Unit sales year to date are 10% lower than 2017 while the number of units listed is down 17%. REALTORS® listed 668 residential properties in March that number 21% lower than the 850 listings in March last year. Year to date listing numbers are 1,807 listings, 17% lower than the 2,182 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 1,670  homes to select from at the end of the month which calculates out to be approximately 7 months of inventory. The sales to listing ratio for March was 35%, slightly below the 5 year average of 40%.

    Residential sales activity in communities around Saskatoon was up from March 2017. 86 homes were purchased in March this year, up from the 67 being purchased in March 2017. The average selling price in March was down 13% at $309,113. To the end of March 668 properties have been listed in these areas around Saskatoon, this number down 7% from the 718 property listings in 2017. At the end of March 2018 there were 926 active listings in these areas around Saskatoon, not significantly different than March 2017. Year to date the total number of unit sales was up 20% from the 174 units in 2017 to 208 units in 2018. The average sale price of $302,653 was a 7% decrease when compared to the same 3 month period last year.

    The first 3 months of 2018 has seen an 11% decline in the number of home sales in Saskatoon. In January we had 203 sales, February 211 sales and March 234 sales for a total of 648 sales year to date. The number of homes listed for sale so far this year has been 1,807, seventeen percent fewer than the first quarter of 2017. We are also continuing to witness a decline in the average sale price. In January the average selling price was $344,771 (1.03% lower than January 2017), February average sale price was $329,940 (3% lower than February 2017) and March’s average sale price was $327,925 (5% lower than March 2017). The lower average selling price is at least partially attributable to the banks increased stress test for mortgage qualifications. Home buyers are qualifying for lower mortgage amounts, resulting in lower priced homes increasing in demand

    If you have been considering a home purchase I would invite you to visit my website: https://www.saskatoonrealestatetheateam.com and browse a complete list of all the homes available for sale in Saskatoon and area. It’s a great resource to begin your home search.

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