A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of August of 2018 follows.
For the seventh straight month, the number of active residential listings in the Saskatoon market was down year-over-year (it’s actually eight consecutive months, but who’s counting). At the end of August, there were 2,019 active residential listings in the city, a decline of eight percent from a year ago. Of the active listings, approximately 1,227 are single family homes while just over 780 are condominiums. The decline in active listings is largely due to a drop in the number of homes listed this year compared to last. To date, a total of 5,875 residential properties have been listed in Saskatoon on the Multiple Listing Service® (MLS®). That’s down 11 percent when compared to the end of August last year. “In a slower market, one typically sees fewer speculative sellers than in a hot market,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “It’s important to bear in mind that homes sell in all markets. If a seller needs to sell then they must be sure to have good advice and price to the current market conditions,” adds Yochim.
In the month of August, there were 329 residential sales through the MLS®. This is on par with August of 2018 and just slightly below the five year average of 352. Year-to-date, there have been 2,411 residential MLS® sales in Saskatoon. Of these 1,751 are single-family properties, unchanged compared to the first eight months of last year. On the other hand, 648 condominiums traded by the end of last month, 11 percent fewer than last year.
Year-to-date, MLS® sales of homes priced between $200,000 – 300,000 totaled 657 transactions, down from 707 last year. The number of homes that sold between $350,000-750,000 was also lower by just over 100 sales from 1,036 transactions in 2017. So far in 2018, a total of 41 properties have sold in excess of $750,000 in Saskatoon, on par with last year.
The Home Price Index (HPI) Value for a single-family home in Saskatoon increased slightly from July to $312,200. 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 townhouse style residences declined for the month to $225,200, down from $234,400 in July. Benchmark pricing for apartment style condominiums continues to decline for the eighth straight month. Year-to-date, the average sale price was $334,226, down four percent decrease from this time last year. 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.
Last month, the average home in Saskatoon took 52 days to sell in Saskatoon. The five year average for the month of August is 50.4 days.
For further information, please contact:
Jason Yochim CAE, CRAE
Chief Executive Officer – Saskatoon Region Association of REALTORS®