The Saskatoon real estate market was busy in the month of March. We saw an increase in listings of houses or condos for sale in Saskatoon by 21% and a 35% increase in sales. Spring tends to be the most active real estate market in Saskatoon. With the winter being as long as it was this year and March not letting up much weather wise I believe we still had a very good month.
We currently have 2430 total active properties for sale in Saskatoon and with 1081 of those being residential in the city. We have seen 934 new listings of houses for sale in Saskatoon and area, down 7% from the year before and a total of 480 sales which was also down only 2% from 2012.
The average house price in Saskatoon also went up by 3% to $336,100. Last year at this time the average house price in Saskatoon was $326,800 but remember, averages can be misleading. The numbers can be easily skewed by the number of high or low priced houses selling.
No matter what, the market is appearing healthy and there is still a strong demand for houses for sale in Saskatoon in the $250,000-$400,000 price range. Activity in this range would appear to be down but this is largely due to an overall shortage of product in this price range. The biggest price range activity jump was in the $450,000-$500,000 price range which saw an increase in 43% so far this year.
In the Saskatoon commercial real estate market we continue to see a low vacany rate of 5.65% for the first quarter of 2013. Despite adding almost 900,000 square feet of new industrial space our vacany rate continues to be low. About 85% of the new construction has been built on speculation, which is risky, but it has been largely successful so far. Hopefully we don’t end up with too much supply and not enough demand for commercial space in Saskatoon but it doesn’t seem to be an issue thus far.
The total number of Saskatoon real estate agents continues to grow and we are currently at 614 licensees, up 7% from 2012. There are only 3 Trusted Saskatoon REALTORS (r) though who have been nominated and thoroughly checked out to uphold the Trusted Saskatoon 5 Trusted Guarantees so make sure you know who you are working with.
If you are thinking of putting your house for sale in Saskatoon or area get in touch with me to see how we can work together to get you the best price with the least amount of hassle.
If you are buying a house for sale in Saskatoon, or a condo, then call or email me so that I can help you through the process. I look forward to hearing from you!
Saskatoon Real Estate Agent
Century 21 Fusion