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.
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 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.