2018 Saskatoon Market Update

Residential Dollar Volume Continues to Decline

Saskatoon July 4th, 2018.

At the midway point of the year, the total dollar volume for residential MLS® sales in Saskatoon sits at $565,435,958. This is down 12% from last year and represents the lowest volume in ten years. In June of 2007 the total dollar volume for residential MLS® sales was $550,023,364. “This is a reflection of a decrease in sales volume coupled with a decrease in pricing” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. Year-to-date residential MLS® sales of 1,693 homes is down 8%. Last month there were 350 MLS® home sales, an 11% decline from last June and the lowest number for June in 10 years. The median home sale price of $316,500 is at its lowest point this year, down from $330,000 in January. The Home Price Index (HPI) Value for single family residential home sales in Saskatoon continued its slow but steady increase from February and was at $315,800 at the end of June. The HPI Value for single family residential reached its highest level in May of 2015 at $331,800. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing. The HPI value for apartment style residences has been on a steady decline since January but appears to have leveled out at $179,100. HPI value for townhouse style residences has been trending up sharply since March and was at $231,600. For more information on HPI go to saskatoonrealtors.ca .

Year-to-date, the average sale price was $333,985, a 5% decrease from the same period last year. The highest average residential sale price for June was in 2015 at $361,719. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

Inventory levels continue to be elevated with 2,109 residential properties available on the MLS® in Saskatoon at the end of June. This is just slightly above the five year average for active listings which is 1,990. The sales to listing ratio remained virtually unchanged from a year ago at 40%. The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. This number reflects that four out of every ten homes that hit the market end up selling. In reality this percentage is likely lower as many homeowners that do not sell will cancel their current listing and relist often at a different price. This elevates the true number of listings relative to sales. Last month, the average home in Saskatoon took 47 days to sell in Saskatoon last month, unchanged from May of this year.

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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  2017 Saskatoon Market Update

November Home Sales Increase

Saskatoon December 1, 2017

Home sales in Saskatoon for the month of November were up 7% compared to November of 2016 with a total of 257 residential sales. This increase could be attributed to ideal conditions for home buyers combined with impending mortgage rule changes slated for January that will affect conventional borrowers. The year to date sales however, reflected a 6% decrease with 3,287 transactions. Homes that sold between $300-500,000, made up 1,606 of the year to date sales, or roughly half of the residential sales. Although homes in this price range are the most active segment of the market place, activity in this range has declined by nearly 12% compared to the first eleven months of 2016. Sales activity for homes that sold between $750-1,000,000 remained unchanged compared to last year with a total of 45 units. Homes that sold in excess of $1,000,000 was slightly down year over year with 14 sales compared to 16 in 2016.

Home sales in the market surrounding Saskatoon showed a significant bump in activity in November with 71 transactions, or a 22% increase from November 2016. Of these sales, 34 occurred in the cities of Martensville and Warman in November, compared to 26 last November. Inventory levels also continue to be elevated in the areas and cities in the Saskatoon region where there was 926 available properties for sale at the end of November.

The number of active residential listings that were on the market at the end of November was 1,826, 8% higher than last year. The number of new listings added to the market in November was 583 compared to 652 in the same month last year. The sales to listing ratio compares the number of sales for the month, relative to the number of new listings. The sales to listing ratio for Saskatoon in November was 44.4%. In November it took an average number of 58 days for a home to sell in Saskatoon. “If you are looking for a home, this is an ideal time with plenty of selection in most price ranges and areas as well as low interest rates” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®, “As for sellers who need to sell, they need to have a true sense of the market and price accordingly to sell within the average number of days.” He adds.

The average price continued to decline.  The MLS® Composite Home Price Index (HPI) Benchmark Price continued its steady decline for several months, down by 4.05% from a year ago. The Composite HPI measures the rate of change in a benchmark price for a typical home and is the most accurate indicator of pricing direction in a market..

The Saskatoon Region Association of REALTORS® has a membership of just over 600 licensed and knowledgeable REALTORS® who can provide sound market advice. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.

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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  2016 Saskatoon Market Update

Activity Declines in November

Saskatoon. December 2nd, 2016.

The month of November saw a decline in sales activity as well as new listings coming on the market in Saskatoon and region. Total dollar volume year to date was $1.65 B, a 4% reduction from 2015 and 18% lower than the same period in 2014.The number of homes that sold in Saskatoon for November was 243 units representing a 14% reduction compared to November 2015. As of the end of last month there was a cumulative total of 3,489 home sales, this is 7% lower than a year ago. The number of homes listed for sale to the end of November 2016 was 8,897. Currently there are1,687 residential properties available for sale in Saskatoon, only the month of January had less product available with 1,612 units. At the current level of sales it would take nearly seven months to liquidate this inventory.

 The average selling price continues to remain virtually unchanged at just over $350,000. Two years ago the average selling price two years ago by comparison was $357,000, at a time when the market was more active. “An increase in sales in the higher end homes has helped to support the average price in the Saskatoon market” states Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. Sales in every price range below $750,000 saw decreases in unit sales however homes priced above that increased year over year. For sales over $1M there were 25 units sold year to date compared to 13 units a year ago. Homes in the price range between $750-800,000 were up 50% year to date over 2015.

 The current sales to listing ratio for November was 37% which is firmly a buyers’ market as it has been all year. Homes are currently taking 50 days on average to sell in Saskatoon with sellers realizing 97% of the asking price. “These statistics tell me that sellers who price to the market will realize a sale in much less time than the average of 50 days and close to their asking price. Those who do not price to market are typically responsible for the low sales to listing ratio.” Comments Yochim. “Buyers are more educated than at any other time and typically know where the market is at.

 There are positives in this quieter real estate market. The recent selling out of the much awaited River Landing condominium project in less than four days proves that location, location, location is key in any market conditions. This occurred in spite of an oversupplied condominium market with somewhere in the neighborhood of 1,000 multi-family units available for sale.

 “The best advice I can give to those who are needing to sell is to get sound pricing, marketing and timing advice from a professionally licensed and trained REALTOR® member of The Saskatoon Region Association of REALTORS®. Real estate is local to specific markets in Saskatoon and every seller’s situation is unique. Impartial and objective advice is critical in a successful sale of residential real estate.” cautions Yochim. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.

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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