Michael Kinar

Mobile (306) 229-6743

Email: michael@expertadvisorrealty.com

Thinking of Selling

Thinking of Buying

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For the first time in Saskatoon and area, MLS® sales have topped the $2 Billion mark. The number of transactions recorded for Saskatoon and area is also at an all-time high of 5,859 units. This is a huge economic driver to the area as the average transaction generates in excess of $50,000 of spin off business according to research conducted by the Canadian Real Estate Association.

 

Within Saskatoon itself the number of homes listed so far in 2015 stands at 8,682 up 16% while the number of sales year to date was 4,295 an increase of 7%. Inventory also continues to remain high with 1,510 units available representing 5.15 months of inventory. Sellers need to consider the impact that higher inventory, additional competition and a traditionally slower time of year will have on their sale. Sellers who need to sell may have to consider adjusting their price to attract a buyer. Compared to last year at this time, there were 1,239 active listings and 4.24 months of inventory. In November alone, there were 601 properties listed for sale in Saskatoon, a 27% increase compared with November of 2013.

 

Year to date, the number of homes that sold between $350,000 and $500,000 was up 18% with 1,541 unit sales. Sales between $500,000 and $750,000 increased by 32% with 443 unit sales and homes between $750,000 and 1M were up 38% representing 61 unit sales. Home sales in excess of $1M in Saskatoon were virtually unchanged from 2013 with 11 units sold. In contrast, there were only 3 sales in excess of $1M in the market surrounding Saskatoon, a 50% reduction year to date compared with 2013.

 

The average sale price of $357,000 continues its gradual climb at a 4% increase for the year. The number of days required to sell a home in Saskatoon at the end of November was 40 while the sales to listing ratio was 49%. This means that approximately half of the homes placed for sale on the market do not result in a successful sale. Although this is considered a balanced market it appears that the buyers are starting to gain a bit more of an advantage, all things considered.


 

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