2019 Saskatoon Market Update

2019 Media Release Articles

February listings drop, sales rise in Saskatoon region

Saskatoon March 4th, 2019

Despite the very cold temperatures in February, Saskatoon and region home sellers found a little warmth as new listings dropped seven per cent and sales rose six per cent.

The Saskatoon Region Association of REALTORS® (SRAR) reported 731 homes were listed, down from 783 in the same month of last year, while sales rose to 296 from 280.

The dollar volume of homes sold through the Multiple Listing Service (MLS®) rose four per cent, to $95.8 million from $92.4 million.

Year to date, listings dropped seven per cent to 1,591, sales were up one per cent to 570, and the dollar volume was down a marginal one per cent to $180.8 million.

Excluding the region, new Saskatoon listings were down 8.6 per cent in February to 478 — the fewest since 2013 — while sales held steady with last year, rising by one to 211. Months of inventory dropped to 6.7 from 7.5 last February.

City homes listed to date in 2019, at 1,033, are at their lowest level in nine years. February statistics indicate a change in a market that has been declining for four years.

“Sales have stabilized somewhat, and inventory levels are coming down,” said Jason Yochim, CEO of SRAR. “As an optimist, I believe and hope it will continue. However, people have to be confident that the economy is improving before committing to the purchase of a home.”

He noted that while some sectors of the economy, such as potash mining, are doing well, others are less robust.

“It’s not that people aren’t working; they are. But they won’t upgrade unless they have confidence in their situations.”

The average price in Saskatoon also recovered slightly to $338,268, up 2.3 per cent from last February. Yochim cautioned that average prices can be misleading, because the basket of sales in any given month can be very different from another. For example, if two or three high-priced homes sell, that can significantly skew the average.

A better gauge, said Yochim, is the Home Price Index (HPI), which tracks prices over time based on a benchmark determined 15 years ago.

Saskatoon’s overall HPI, including apartment-style condos, was $282,600 last month, down three per cent from last year. The most expensive category, two-storey single-family homes, was down one per cent at $356,000.

Saskatoon remains a buyers’ market, with a sales-to-listing ratio of 44; but the ratio has risen from 34 in January, for a year-to-date ratio of 40. A ratio of 50 is a balanced market, while a ratio of 60 denotes a sellers’ market.

“Even in a buyers’ market, sellers can successfully sell their homes,” said Yochim. “The most important aspect to achieving a sale is pricing a specific property to match the current market conditions.

“This is where the assistance of a REALTOR comes in. Not only do REALTORS have the knowledge to help a seller arrive at a realistic price, they are also professionals who subscribe to a strict code of ethics. They can guide sellers, and buyers, through the process, and help them make the best decisions.”

For further information, please contact:

Jason Yochim CAE, CRAE

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

*more statistics to follow* 

More statistics for those who love them

Saskatoon Region (excluding the city proper): February 2019 over February 2018:

Unit listings: 186, down one per cent from 188

Unit sales: 66, up 18 per cent from 58

Average price: $237,962, down 25 per cent from $318,267

Dollar volume: $15.7 million, down 12 per cent from $17.8 million

Active listings: 918, up eight per cent from 853

Saskatoon City: Year to date (residential)

Active listings: 1,467, down eight per cent from 1,588

Dollar volume: $131.5 million, down five per cent from $139 million

Unit listings: 1,033, down nine per cent from 1,139

Unit sales: 410, no statistical change from 412

Average price: $320,864, down five per cent from $337,497

 

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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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