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Are Saskatoon Real Estate Sales & Pricing Past their Peak? SRAR Says Yes
To be honest, I think most people in Saskatchewan, and maybe Canada, seen this coming. The market has been red hot over the past 10 years or so and it was bound to take a correction.
State of the market in Saskatoon?
SRAR recently released an article stating that there was a slight decline in home prices. The year-to-date average selling price has dropped by 2% down to $346,000. If you take a look at communities surrounding Saskatoon such as Warman, Martensville, Clavet, Vanscoy and others, the drop has been even greater. The average price is down 3% to $309,000 in these areas.
This is not unexpected though. There are currently over 2,000 residential listings in Saskatoon, with the five year average for active listings being 1,633. With an over abundance of inventory like this, we may see the average price continue to decline until homes liquidate to a more sustainable level.
Here are a few other quick stats from the SRAR article:
- Homes are selling within 97.2% of their asking price
- Average time of 45 days to sell
- Martensville year-to-date sales down 7% compared to 2015
- Warman year-to-date sales down 52% compared to 2015
Click here to read the full article on SRAR website.
Pricing to Sell
In a market that is it in a decline, it is important to price your home appropriately if you want it to sell in a timely manner. Check out my recent post on the “Importance of Pricing Your Home to Sell”.
Here are a couple graphs that show some sales stats in Saskatoon areas S1 through S5:
