2019 Saskatoon Market Update

2019 Media Release Articles

May brings buyers to Saskatoon housing market

Saskatoon June 5th, 2019

Sales rise 16 per cent from same month of last year

Saskatoon — A hot, dry May brought a warmer market for Saskatoon home sellers, as sales rose 16 per cent over the same month of 2018.

City sales came in at 422 units, up from 363 last May and 420 the year before, the Saskatoon Region Association of REALTORS® (SRAR) reported Monday. Sales are also up 10 per cent year-to-date at 1,469, up from 1,342 and 1,450 in the last two years.

“Sales have rebounded significantly this year, in large part due to an increase in condosales,” said Jason Yochim, CEO of SRAR. “Condo sales are up almost 21 per cent over
a year ago. Prices have been coming down, and they are very affordable compared to most housing types.”

Year-to-date, 449 condos have sold, as compared to 372 last year. Over the same period, single family home sales rose six per cent to 1,292, up from 1,215 last year. In May, single family home sales were up 13 per cent from last May.

As sales rose, unit listings fell three per cent to 911 in May, down from 942 in 2018 and 1,031 the previous year. Year-to-date listings are also down three per cent; so far, 3,422 homes have been listed to the Multiple Listing Service (MLS) as compared to 3,536 last year and 4,055 in 2017.

The higher sales resulted in a 17 per cent dollar volume increase over last May to $140.7 million, up from $120.5 million. That’s despite a two per cent drop in the aver- age selling price, which fell to $329,595 from $334,651.

“I suspect first-time home buyers have been very active this spring based on the con- do sales,” Yochim said. “When lower-priced homes sell, it has a downward effect on the average price.”

In Saskatoon and region, including communities such as Warman, Martensville and Dalmeny, sales rose 14 per cent in May to a three-year high of 561 units. Listings fell seven per cent to 1,386, down from 1,485 and 1,553 in the previous two years. Dollar volume rose 12 per cent to $181.3 million from $162.3 million last year. Yochim said, “The sales to listing ratio was 46 per cent in May, which is approaching a balanced market.”

In the surrounding region excluding the city, dollar volume was down 13 per cent to $31.5 million from $36.3 million. Listings fell 20 per cent to 317, after two years at about 390, and sales rose eight per cent to 113, up from 105 last May. The average selling price fell 19 per cent, however, to $279,095, after posting $346,130 last May.

Year-to-date, the surrounding region has seen a three per cent decrease in dollar vol- ume at $120 million; a three per cent drop in listings, to 1,344; and unit sales of 421, up nine per cent from last year.

As of the end of May, buyers had 3,164 listings to choose from in Saskatoon and area, unchanged from last year. Of those, 1,938 are in the city proper (down from 2,001 last May) and 1,126 are in surrounding towns and regions (down from last year’s 1,164).“We’re finally seeing some stabilization in the housing market, which has been in buyers’ market territory for some time due to oversupply and lower consumer confidence,”


The Battlefords Region

May also brought improved home sales in The Battlefords region, where the dollar volume jumped 81 per cent to $13 million, a 52 per cent increase from last May, on50 sales. Listings were up five per cent to 150, although that represents an increaseof just seven properties. The average selling price soared 24 per cent over last May to $299,318.

Year-to-date, dollar volume is down 11 per cent in The Battlefords to $30 million and listings have fallen nine per cent from last year, to 547 from 601. The average price is also down 12 per cent, to $194,353.


Prince Albert Region

The Prince Albert Region’s spring sales season has been less robust, as dollar volume fell 18 per cent to just over $12 million in May on 53 sales, down 16 per cent from last May. Listings fell a marginal two per cent to 241.

The city itself saw 34 sales, down 23 per cent from last year’s 44, although the av- erage sale price rose four per cent to $234,972. That brought a dollar volume of $8 million, down 19 per cent from last year.

So far this year, the region has seen 730 listings (up two per cent), 212 sales (downfive per cent) and a dollar volume of $44 million (down eight per cent).

For more information, please contact Jason Yochim at 306-343-3444.

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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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