Saskatoon October 2018 Real Estate Market Update

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

    285 homes were purchased in October that number virtually the same as October 2017 when 286 homes were purchased. The average selling price was $325,016. that number 2% lower than October 2017 when the average was $330,609.  The average price year to date is $331,988. 4% lower than in 2017 when the average was $345,601. The average number of days to sell a property in October was 57 days, which is 3 days more than the 54 days in October of 2017. Unit sales year to date are 2% lower than 2017 while the number of units listed is down 12%. REALTORS® listed 591 residential properties in October that number 17% lower than the 709 listings in October last year. Year to date listing numbers are 7,111 listings, 12% lower than the 8,065 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 1,808 homes to select from at the end of the month which calculates out to be approximately 6.3 months of inventory.

    Residential sales activity in communities around Saskatoon was down from October 2017. 82 homes were purchased in October this year, down from the 97 being purchased in October 2017. The average selling price in October was up 18% at $348,038. To the end of October 2,695 properties have been listed in these areas around Saskatoon, this number down 5% from the 2,838 property listings in 2017. At the end of October 2018 there were 1,095 active listings in these areas around Saskatoon, 7% higher than October 2017. Year to date the total number of unit sales was up 1% from the 872 units in 2017 to 879 units in 2018. The average sale price of $307,778 was approximately the same when compared to the same 10 month period last year.

    October witnessed a decrease of 1 home sale compared to October of 2017. The year to date unit sales are down 2% compared to the first ten months of 2017, a difference of 63 homes. Saskatoon’s average sale price year to date is 4% lower than it was one year ago. 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.

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