Inventory levels remain elevated at just over 2,000 units, largely due to a decline in the level of sales year to date. In the first half of 2016, the number of homes that have sold within Saskatoon totaled 1,873 units representing an 8.2% decline from the same period last year. At the current rate of sales it would take just over five months to liquidate the current active listings, the five year average is 3.76 months.
It also appears that a few sellers are willing to wait until supply drops before placing their property on the market as the number of new listings year to date is down 3% compared to 2015 with a total of 5,074 properties listed to the end of June. The average number of days for a home to sell is up slightly from 42 to 46 days.
The current sales to listing ratio of 42% is down slightly reflecting a firm buyers' market. Pricing seems to be only slightly affected in a negative way with the average price of $354,000, down by 1.7% from a year ago. The median price is also down from $350,000 to $335,500.
It is actually an ideal time for anyone considering a purchase. In addition to having a broad selection in most price ranges, interest rates remain low and prices are stable.
So far in 2016, the homes that have sold have sold for 97.3% of the asking price. This underscores the importance of proper pricing for a home to sell in a reasonable time and close to asking. With few exceptions, this market is not conducive to speculative selling.
If a seller is serious about selling, it is important to get sound advice on the current market conditions for the area, the competition and how that impacts pricing of their property. Buyers have access to market information, are well informed and in most cases have the assistance of a professional REALTOR®.
Market activity for rural residential and communities surrounding Saskatoon, the total number of sales year to date was 514 for the first half of 2016 which is a decrease of 14.8% for the same period last year. The average selling price on average in 2016 is $304,334 down 2.9% from last year. The number of active listings is down 3.2% from last year with 1,161 properties available at the end of June.
For the major cities of Martensville and Warman, the combined total of active listings at the end of June was 343, down from 379 in June of 2015. Meanwhile the number of sales in June was 55, a 10% increase from June of 2015.
Source: July 2016 SRAR Media Release