Here’s what’s new in Saskatoon’s real estate world.
397 homes were purchased in April that number 12% lower than April 2014 when 452 homes were purchased. The average selling price was $351,641.00 that number on par with April 2014 when the average was $352,656.00. The average price year to date is $351,787.00 on par with 2014 when the average was $352,539.00. The average number of days to sell a property in April was 45 days indicating a slower market and reduction of sales. Unit sales year to date are 14% lower than 2014 while the number of units listed is up by 12%. REALTORS® listed 955 residential properties in April that number up from the 883 listings in April last year. Year to date listing numbers are 3,218 listings, 12% higher than the 2,861 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 1,934 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 5% lower than in April 2014. 120 homes were purchased in April as compared to 126 being purchased in April 2014. The average selling price was down 2% at $294,288. Year to date 1160 properties have been listed in these areas around Saskatoon, this number indicates a 9% increase from the 1,065 property listings in 2014. At the end of April 2015 there were 1063 active listings in these areas around Saskatoon, 10% higher than April 2014.
Inventory continues to remain high in our market due to a 12% increase in listings and a 15% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 27%. The sales to listing ratio at the end of April was 42%, trending towards a balanced market. Home buyers currently have an upper hand in negotiations thanks to the large selection of homes available for sale. Buyers are more educated today than ever before and will not move on a home that is overpriced.
If you have questions about this information or how it may affect your property values please call me.
Thank you for your time and consideration.