A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of November 2017 follows.
Saskatoon home sales were up seven percent for the month 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.
Year-to-date sales, however, show a six percent decline with 3,287 Saskatoon transactions. Homes that sold between $300,000 and $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 marketplace, activity in this range has declined by nearly 12 percent compared to the first eleven months of 2016. Sales activity for homes that sold between $750,000 and $1,000,000 remained unchanged compared to last year with a total of 45 units trading. Homes that sold in excess of $1,000,000 were slightly lower with 14 sales compared to 16 last year.
The number of active residential listings that were on the market within the city of Saskatoon was 1,826, eight percent 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 percent.
In November, it took an average 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 of the Saskatoon Region Association of REALTORS®, “As for sellers who need to sell, they must have a true sense of the market and price accordingly to sell within the average number of days”, he adds.
The average price of a Saskatoon home continued to decline and slipped to $340,398 from $349,015 a year ago. The MLS® Composite Home Price Index (HPI) Benchmark Price continued to fall for the third consecutive month, now down by four percent, year-over-year. 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.
Home sales in areas surrounding Saskatoon showed a significant bump in activity with 71 transactions, a 22 percent increase from November of 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 these areas where there were 926 available properties for sale at the end of November.
For further information, please contact:
Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®