Here’s what’s new in Saskatoon’s real estate world.
Although the first quarter of 2017 has seen a comparable number of homes sell to last year’s numbers the types of properties has changed. Condominium sales of 220 units year to date is 18% higher than the 187 last year. While the number of single family sales at 510 homes so far this year is 4% lower than a year ago. These differences become more apparent when we look at the price range of homes being purchased. We have witnessed a 5% increase in the number of sales between $200,000 and $350,000 while at the same time have seen a 13% decline in the number of sales priced between $350,000 and $600,000. My opinion is that the changes the Federal Government made to mortgage qualification last October has caused some buyers to reduce the amount of purchasing power they previously had, thus they have been forced to purchase less expensive homes.
Here are the specific numbers for March 2017: 313 homes were purchased in March that number 1% lower than March 2016 when 316 homes were purchased. The average selling price was $342,027.00 that number 2% lower than March 2016 when the average was $348,036.00. The average price year to date is $340,303.00. 1% lower than in 2016 when the average was $344,319.00. The average number of days to sell a property in March was 47 days, a slightly longer selling time for this season. Unit sales year to date are 1% higher than 2016 while the number of units listed is down 2%. REALTORS® listed 856 residential properties in March that number 4% higher than the 825 listings in March last year. Year to date listing numbers are 2193 listings, 2% lower than the 2235 listed in 2016. 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 1,854 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 down from March 2016. 67 homes were purchased in March this year, down from the 89 being purchased in March 2016. The average selling price in March was up 19% at $359,517. To the end of March 719 properties have been listed in these areas around Saskatoon, this number indicates an 10% decrease from the 798 property listings in 2016. At the end of March 2017 there were 930 active listings in these areas around Saskatoon, 12% lower than March 2016. Year to date the total number of unit sales was down 12% from the 191 units in 2016 to 167 units in 2017. The average sale price of $336,326 was a 9.2% increase when compared to the same 3 month period last year. The spring has traditionally been a very strong selling season, if you are curious about selling your home please give me a call.