JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
420 homes were purchased in July that number 9% lower than July 2013 when 460 homes were purchased. The average selling price was $364,386.00 that number 7% higher than July 2013 when the average was $342,022.00. The average price year to date is $356,800.00 up 3% from 2013 at this same time when the average was $344,876.00. The average number of days to sell a property in July was 33 days indicating a seasonal increase of sales. Unit sales year to date are 7% higher than 2013 while the number of units listed is up by 17%. REALTORS® listed 932 residential properties in July that number up from the 784 listings in July last year. Year to date listing numbers are 5,647 listings, 16% higher than the 4,846 listed in 2013. 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 1,615 homes to select from at the end of the month which calculates out to be approximately 3.85 months of inventory.
Residential sales activity in communities around Saskatoon was down 2% from July 2013. 130 homes were purchased in July as compared to 132 being purchased in July 2013. The average selling price was up 11% at $321,675.00 . Year to date 2128 properties have been listed in these areas around Saskatoon, this number indicates a 15% increase from the 1847 property listings in 2013. At the end of July 2014 there were 1060 active listings in these areas around Saskatoon, approximately the same as July 2013.
The number of properties available on the multiple listing service at the end of July stood at 1,615 for Saskatoon. An increase of 19% over last July. We also observed a reduction in the number of sales of 9% compared to July of 2013, with 420 units changing hands. Let’s presume this slowdown is due to our long awaited summer weather causing buyers to opt for vacations rather than house hunting. An increase in newly listed properties combined with a slowdown in sales resulted in the months of inventory increasing to 3.85 from just less than 3 months in June. This number gives you a sense of how long it may take a property to sell.
The average price year to date was up 3% to $356,800 supported partly by an increase in homes selling at the higher end of the market. Home sales between $500,000 and $750,000 were up 40% compared to last July, while a total of 9 sales between $750,000 and $1M was almost double that of July 2013. Year to date homes selling between $500,000 and $1,000,000 were up 29% over the same period last year while there have been a total of 2,801 sales in the Saskatoon market, an increase of 7% over last year. Year to date the number of sales in the rural and surrounding communities stood at 838 units, an increase of 15%. The number of new properties listed for sale also increased by 15% to 2,128 year to date.