January was a very busy month in the Saskatoon real estate market with a decrease of 4% for number of houses listed for sale in Saskatoon from this time last year but an increase of 20% for actual sales. We had 805 listings for sale in January 2012 and 301 home sales in the same month.
We are sitting at under 1000 active houses and/or condos for sale in Saskatoon which is also down from last January.
The busiest price range of houses for sale in Saskatoon continues to be the $300,000-$350,000 range and in January we saw the sale of 68 units which is up from 45 units the year before.
The average price of a house for sale in Saskatoon was up to almost $319,000 in January but the busy price range being over $300,000 will influence the average house price in Saskatoon and help elevate this number.
The listing activity outside of Saskatoon is slower than in 2011 with only 185 properties for sale as opposed to 213 last year which is a decrease of 13% from 2011. The numbers of houses for sale outside of Saskatoon that actually sold was also down 26% with 42 units this year from 57 the year before. This doesn’t stop the prices from going up outside of the city though as the average sale price was up 3% from the year before at just over $279,000. Part of the reason for the decrease in listings and sales may have something to do with our gas prices in Saskatoon as those haven’t gotten much better in the past year so people are definitely considering the cost of gas when weighing the pros and cons of living in Saskatoon vs living in a surrounding community.
Our average days on market still continues to be around 45 days in the city and 75 outside of the city with the north end seeing the fastest turnover on average (33 days).
As long as the demand keeps outweighing the supply of houses for sale in Saskatoon we will likely continue to see a balanced to a seller’s market. January saw many competing offers in busy price ranges so don’t keep waiting as the less houses for sale in Saskatoon and the more demand means potentially further price increases. If you are looking to sell the market is still very price sensitive so don’t be fooled into thinking that you can get more for your house than is realistic. While some house prices have gone up there are some markets that still have not rebounded from the height of the market (older apartment style condos is one of these).
If you would like more information or are looking to buy or sell in Saskatoon give me a shout!
Saskatoon Real Estate Agent
Century 21 Fusion