The Saskatoon real estate market saw prices increase year-over-year once again, as the number of sales rose in 2013. The average selling price of a home in Saskatoon increased 3.9% from 2012 to $345,034 during the year on 4,208 sales. That sales number represents a slight increase from 2011 and 2012 when there were 4,045 and 4,148 sales respectively.
Hampton Village paved the way in single family home sales with 203 total homes selling for an average price of $390,742. Other recently developed neighbourhoods such as Stonebridge, Evergreen and Willowgrove helped solidify sales numbers with over 450 single family home sales between them. Wildwood lead the condominium market with 130 sales averaging for a price of $246,083, narrowly edging out Stonebridge, which posted a higher average selling price of $295,435 on 115 sales.
The average number of days listed for a sold home increased marginally to thirty-eight during the year, affected mainly by the vast number of new builds in the newer neighbourhoods, including Rosewood and Blairmore, which have yet to see sales take off. And with Kensington projected to begin selling this year, as well as a number of other new neighbourhoods slated for approval in the near future, this number could continue to rise throughout 2014. Factored in with inventory levels that Saskatoon hasn't seen in close to a decade, the shift towards a buyer's market may continue and prices may see a decrease in the growth that residents have become accustomed to.
SaskatoonRealty.com has provided a great infographic showing year-over-year comparisons as well as a breakdown of sales by neighbourhood and type of home for 2013.