The Saskatoon real estate market has seen a moderate decline for the first time in 18 months for the number of sales in August and September. Current year to date sales are still up 6% compared to 2011. The homes that saw the largest decrease in sales have been the ones priced between $275,000 and $400,000 which may have something to do with the recent changes to mortgage rules however with the economic position and population growth we are receiving in Saskatchewan this may mitigate this.
Unlike the Toronto and Vancouver real estate market we have not experienced the unrealistic gains due to foreign investment that is now correcting. Unfortunately, when you listed to economists, most generalize all of Canada and it is not accurate to paint the entire country with the same brush. If the real estate market in Vancouver or Toronto is correcting it does not mean that the Saskatoon real estate market is experiencing the same thing and this is the problem with economists and their generalizations.
Compared to last September the listing activity was down 4% however overall the numbers of houses for sale in Saskatoon to date is up 2% compared to 2011. There are currently 2637 houses for sale in Saskatoon and area which is down 4% from 2011.
The current average days on market for a Saskatoon home to sell is 33 days which is down from 40 days last year. In our real estate market around Saskatoon it takes, on average, 59 days, compared to 63 days last year. The largest factor with the days on market is pricing.
If a Saskatoon home for sale is priced right it will sell in a shorter amount of time but if it is overpriced it will sit on the market. This is why it is important, when listing your Saskatoon home for sale, to get an accurate market evaluation from a TRUSTED Saskatoon REALTOR (R) who is going to give you the information and not just list your home for what you want it to be listed at.
The current average house price in Saskatoon is $321,654 which is up 3% from September 2011. The yeaer to date average selling price is $333,489 which is up 7% from 2011.
There are just over 600 real estate agents in Saskatoon currently which is up 7% from the year before. I have noticed a few more real estate agents getting out of the business though, some after only a short time in as REALTORS (r) in Saskatoon.
If you are contemplating listing your house for sale in Saskatoon or you are looking to buy a house in Saskatoon contact me as I am an experienced Saskatoon REALTOR (r) who works hard to help you achieve your goals.
Saskatoon Real Estate Agent
Century 21 Fusion