JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
348 homes were purchased in March that number 9% lower than March 2014 when 382 homes were purchased. The average selling price was $339,921.00 that number 4% lower than March 2014 when the average was $353,973.00. The average price year to date is $351,841.00 on par with 2014 when the average was $352,481.00. The average number of days to sell a property in March was 51 days indicating a slower market and reduction of sales. Unit sales year to date are 16% lower than 2014 while the number of units listed is up by 15%. REALTORS® listed 888 residential properties in March that number up from the 766 listings in March last year. Year to date listing numbers are 2,265 listings, 15% higher than the 1,978 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 1,748 homes to select from at the end of the month which calculates out to be approximately 5 months of inventory.
Residential sales activity in communities around Saskatoon was 6% lower than in March 2014. 104 homes were purchased in March as compared to 111 being purchased in March 2014. The average selling price was up 6% at $334,219. Year to date 797 properties have been listed in these areas around Saskatoon, this number indicates an 8% increase from the 739 property listings in 2014. At the end of March 2015 there were 973 active listings in these areas around Saskatoon, 11% higher than March 2014.
Inventory continues to remain high in our market due to a 15% increase in listings and a 16% reduction in home sales year to date. Combined these two factors have created an overall increase in inventory levels of 30%. The sales to listing ratio at the end of March was 39%, trending towards a balanced market. Home buyers currently have an upper hand in negotiations thanks to the large selection of homes available for sale.