2019 Saskatoon Market Update

2019 Media Release Articles

Housing market stays warm despite chilly October

November 5, 2019

Saskatoon — As the weather cooled in October, residential sales in Saskatoon, Prince Albert and the Battlefords warmed over last year, the Saskatoon Region Association of REALTORS® (SRAR) reported today.

In the city of Saskatoon, sales rose seven per cent to 306, up from last October’s 285, helping to drive the dollar volume up five per cent to $97.5 million from $92.6 million. Listings also rose marginally to 599, up one per cent from 591. The average selling price fell two per cent to $318,450, down from $325,016.

Trevor Schmidt, interim CEO of SRAR, noted that the average five-year median sales price — $333,154 has not changed much over the past several years.

“This year, we’re tracking at the same level as the five-year average,” he said. “The market is neither high nor low; it has stabilized.

Another indication of stability in the Saskatoon market is the average length of time it takes to sell a home. Both in October and year-to-date, that average was 54 days.

“The five-year average is 55,” noted Schmidt. “Things have been quite stable considering what’s happened with the economy.”

“It shows the importance of using a REALTOR® to price properties according to what’s happening in the market, which helps foster a quicker sale.”

Year-to-date, 6,992 homes have been listed to the Multiple Listing Service® System (MLS®), down two per cent from 7,111 in 2018. Of those, 3,160 have sold, up seven per cent from 2,962, at an average price of $331,349 — statistically stable with last year’s $332,012. The dollar volume broke through the billion-dollar mark to $1.05 billion, up six per cent from $983.4 million last year.

In Saskatoon and area, which includes such communities as Dalmeny, Warman and Martensville, sales rose five per cent to 414, up from 393, in October. Year-to-date sales are up three per cent to 4,213 from 4,072, and also up from 4,099 in 2017.

Unit listings in the city and region fell two per cent to 889 from 904 last month, and also dropped two per cent year-to-date, ending October at 10,710, down from 10,895 in 2018. While the dollar volume was down two per cent in October, to $129.2 million from $132.4 million, the year-to-date volume is up two per cent to $1.365 billion from $1.342 billion.

The region alone saw a six per cent drop in listings, to 208 from 222, in October, and a seven per cent hike in sales to 88, up from 82 last year. Dollar volume in the region fell 13 per cent to $24.7 million from $28.5 million. The average selling price came in at $281,534, down 19 per cent from $348,038.

Active listings ended October down four per cent to 3,442 in Saskatoon and area, from 3,584 in 2018 and also down from 3,725 at this time in 2017. In the city, 1,712 listings were available, down five per cent from 1,808, and 1,020 homes were on the market in the region, down seven per cent from last year’s 1,095.

Prince Albert

October listings, sales and dollar volume were all up considerably in the City of Prince Albert.

REALTORS® sold 37 homes, up 32 per cent from last year’s 28, as listings rose to 44, up 22 per cent from last year’s 36. The average price also rose to $249,977, up six per cent from $234,989 last October. The uptick in sales and prices drove up the dollar volume to $9.2 million, 41 per cent higher than last year’s $6.5 million.

Including the Prince Albert region, listings rose 15 per cent to 113 from 98, while sales fell by just one to 55 from 56. Dollar volume came in at $13.7 million, up 13 per cent from $12 million. The region alone also saw an 18 per cent increase in the average selling price, to $260,419 from $220,723.

Year-to-date, Prince Albert and area has seen a three per cent increase in dollar volume at $113.3 million; listings fell two per cent to 1,433 from 1,469; and sales are up seven per cent to 519 from 487.

The Battlefords

The October market in The Battlefords region also experienced a significant uptick, as agents sold 43 homes, up 54 per cent from 28 last year, for a dollar volume of $8.7 million — up 49 per cent from last October’s $5.8 million. Listings were up 21 per cent to 93 from 77.

Year-to-date, listings have fallen four per cent to 1,066 from 1,116, while sales are up seven per cent to 340 from 319 last year. Dollar volume was down five per cent to $66 million from $69.7 million.

October sales in The Battlefords themselves rose 140 per cent to 24 from 10, while listings dropped 10 per cent to 288 from 430. Dollar volume soared 155 per cent to $5.8 million from $2.3 million last October. The average price was also up by six per cent to $245,217 from $231,200.

For more information, contact Trevor Schmidt, acting CEO of SRAR, at 306-343-3445.

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  2018 Saskatoon Market Update

2018 Media Release Articles

Home Sales Soften in November

Saskatoon December 5th, 2018.

The total number of residential home sales for the month of November in Saskatoon on the Multiple Listing Service (MLS®) totaled 203 units. This represents a 22% decline compared to the same month last year. The highest total for sales to the end of November was in 2014 reaching 4,203 transactions. This total has been steadily declining since with year to date sales at the lowest in ten years. At the end of last month there was a total of 3,167 residential MLS® transactions in the city, this is a 25% decline from the high of 2014. 

Total new residential MLS® listings has also been declining since 2015 when there were 9,411 by the end of November. The total number of residential MLS® listings for Saskatoon as of November 30th was 7,646, a 12% decline compared to last year and a 19% decrease from 2015.  Total active residential listings at the end of last month was 1,716, comparable to the five-year average and slightly higher than the 10-year average of 1,388. At the current rate of sales, it would take just over 8 months to liquidate the current active listing inventory. “The months of inventory has been steadily increasing from 3.8 months in November of 2012.” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “Even though homes in November were selling at 96.2% of the asking price, it still took two months for the average home to sell in Saskatoon” he added. The sales to new listing ratio helps to determine if it is a sellers or buyers’ market. It is considered to be a balanced market when the ratio is at 50%, a lower percentage than this is considered a buyers’ market and above, a sellers’ market. The sales to listing ratio in Saskatoon for November was 38%, favoring buyers. 

Typically, when referencing home prices, the focus in real estate is often on the average price. The danger in this is that the average can be misleading and is easily skewed. Case in point, if there are more, higher priced homes that sell in a certain period than another comparable period, the average will be higher. The opposite could occur the following month resulting in a lower average. A better indicator of what is happening with home prices is the Home Price Index. The Home Price Index establishes attributes for a typical single-family home with a base value in 2005. From that starting point, changes in value are recorded over time to get a better sense of what is happening to pricing and where prices may be trending. The value for the typical single-family home in January of 2005 was $140,400. This value reached its peak in May of 2015 at $329,500. Currently this value is at $310,900. Even though this is up 0.8% from a year ago, it has been trending downward in the past 6 months very slightly. For more information on HPI go to contact a member of the SRAR or visit saskatoonrealtors.ca .

“It’s important to remember that even in a buyers’ market sellers can be successful in realizing a sale on their home” advises Yochim, “The most important step in selling is pricing a specific property to the current market conditions with the expertise of a professional REALTOR®”. REALTORS® subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession. This is not the case for those who sell real estate in the province and who are not members of an association of REALTORS®.

For further information, please contact:

Jason Yochim CAE, CRAE

Chief Executive Officer – Saskatoon Region Association of REALTORS® jason@srar.ca 306-343-3444

 

 

 

 

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