Dollar volume for real estate in the Saskatoon market reached a record $1.9 Billion by years end due in part to a 4% increase in the average sale price to $344,000 over last year. The number of active listings available in Saskatoon was up 20%. The number of new homes listed over $500,000 has increased. Also, when we see overpriced listings sit for a while they tend to be relisted at a lower price which falsely inflates the true number of 'new' listings. Still a 9% increase in the number of units listed compared to only a 1% increase in sales for the year reflects a softening in our market. The sales to listing ratio for the Saskatoon market was 47% for 2013 compared to 51% for 2012. This reflects a shift to more of a buyer's market. Some price ranges and areas of Saskatoon have fewer inventories and have a sales to listing ratio of 57% or greater. These would be some of the older and west side neighborhoods with homes under $500,000.
In 2013 the Saskatoon Region Association of REALTORS recorded a total of 5,670 sales. Of these sales 1,661 were in the price range between $350,000 and $500,000 while 507 sales exceeded $500,000. The price range with the greatest increase over 2012 was between $450,000 and $500,000 at 36%.
The next highest increase in sales year over year occurred in the $750,000 to $1M range by 33% with 61 sales.
From time to time the subject of affordable housing comes up. Saskatoon sits quite well when compared to the rest of the country with an average sale price of slightly more than 3 times of the average annual household income. Some cities like Vancouver are double this ratio. Through various incentive programs and housing alternatives, the consumer has many options to choose from when looking at purchasing their first home on a tight budget.
In 2014, the market is expected to remain in balanced territory in the low 50% range with the average days to sell around 45 days. These stats will of course vary depending on price range and area, therefore the best way to determine with certainty where a property fits in the market, how long it may take to sell and at what price it is highly recommended to contact a real estate expert.
Summarized from SRAR January 2nd news release.