Saskatoon homes sales increase for third consecutive month: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of January 2018 follows.

Saskatoon home sales are off to a positive start in 2018. The number of transactions that occurred in January was 203 which represents an 11 percent increase over January of 2017. The five-year average for January is 194 units. Last month’s sales activity also resulted in an increase in the overall dollar volume by 10.5 percent to $90,673,143 which is the highest dollar volume for any January since 2014. Sales in the region surrounding Saskatoon, including the cities of Warman and Martensville showed a 27.5 percent increase with 65 transactions and an 11.7 percent increase in dollar volume to $18,049,600.

“While it is still very early in the year, the past three months have shown trends of increasing sales for Saskatoon, which is certainly a positive sign after many months of lower sales”, according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR).

The average sale price for a home in Saskatoon was $344,771, up one percent from last January while the median price increased by 4.1 percent to $330,000. Significant increases in the number of homes selling in the higher price ranges contributed to these upward pricing changes. Overall the number of sales between $400,000 and $1 million increased by 45 percent with 64 sales. The number of homes that sold in January between $500,000 and $750,000 made up just over a third of the 64 transactions. The number of home sales between $200,000 and $300,000 remained strong and consistent with last January at 56 transactions. Many of these would be condominium sales which helps to absorb inventory in that sector of the market.

The Home Price Index (HPI) composite benchmark value declined by 4.1 percent in January to $293,300, its lowest point since February of 2012. With the exception of a couple of months in the spring of last year, the HPI composite value has been in an overall decline since August of 2016 when it was at $317,600.

“If inventory levels continue to decline due to absorption and fewer properties being listed, we should expect to see some increase in home prices later in the year,” predicts Yochim. The number of active listings in Saskatoon at the end of January was 1,529, the lowest level in the past three years for January and a four percent reduction from last year. This was aided by the increase in sales and a 14 percent decline in the number of new listings for January.

Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®

Canadian home sales surge in December, 2017: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of December 2017 this week.

Home sales via Canadian MLS® Systems posted their fifth consecutive monthly increase in December 2017, fully recovering from the slump last summer.

Highlights of CREA’s report

  • National home sales rose 4.5% from November to December.
  • Actual (not seasonally adjusted) activity was up 4.1% year-over-year.
  • The number of newly listed homes climbed 3.3% from November to December.
  • The MLS® Home Price Index (HPI) in December was up 9.1% year-over-year.
  • The national average sale price advanced by 5.7% year-over-year.

Read the entire report on Canadian MLS® sales for December of 2017.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra

In spite of a strong December, Saskatoon real estate market sees a drop in sales in 2017: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of December 2017 follows.

The number of Saskatoon home sales for December came in at 205 units, up 11 percent compared to the same month in 2016. Sales activity in the area surrounding Saskatoon saw a 13 percent increase. These gains could be partially attributed to the mortgage rule changes that took effect January 1st of 2018. Home buyers with a downpayment of 20 percent or more now have to qualify at an interest rate that is 200 basis points higher than the posted rate, or the Bank of Canada’s five-year rate, whichever is higher.

Listing activity, on the other hand, declined dramatically with an 18 percent reduction in new listings for the month, year-over-year. “This decrease in listing activity could be the result of seller’s fatigue from having been on the market for an extended time period without securing an offer,” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “The increase in December sales and decline in new listings is a positive for decreasing high inventory levels,” he added.

Not surprisingly, with lower sales and a large inventory of homes to choose from, home prices continued to see downward pressure. The median price for a home in Saskatoon declined by 3.3 percent from last December to $324,000 while the average price showed a half point decline to $339,520. The Home Price Index (HPI) composite benchmark value declined by 3.7 percent to $295,100, its lowest point since March of 2012. The HPI composite value has been in an overall decline since August of 2016 when it was $317,600.

On average, it took 61 days to sell a Saskatoon home in December, up sharply from 51 for the same month last year.

The year-to-date story for 2017 is one of a slower market when compared to 2016. The total dollar volume for this year’s sales came in just shy of $1.6 billion, a nine percent decrease from 2016. This was the third straight year of decline since the Saskatoon market peaked with sales volume of $2.1 billion in 2014. Saskatoon home sales totalled 3,491 units in 2017, a five percent decline from 2016, and significantly lower than the five-year average of 3,957 sales. In 2017 there were a total of 8,972 homes listed for sale within Saskatoon, a three percent decline from the previous year. The sales-to-listing ratio (percentage of listings that became firmly sold while listed for sale) for the year was 35 percent. In other words, roughly a third of the homes listed actually ended up selling.

“Successfully selling a home in this current market requires more than information,” comments Yochim. “Sellers need the guidance of a REALTOR® to understand how historical sales data impacts their pricing decision.”

For further information, please contact:

Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®

Canadian home sales rise sharply in November 2017: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of November 2017 this week.

Home sales via Canadian MLS® Systems rose for the fourth month in a row in November 2017, up 3.9% from October.

Highlights of CREA’s report

  • National home sales rose 3.9% from October to November.
  • Actual (not seasonally adjusted) activity was up 2.6% from November 2016.
  • The number of newly listed homes climbed 3.5% from October to November.
  • The MLS® Home Price Index (HPI) was up 9.3% year-over-year (y-o-y) in November 2017.
  • The national average sale price edged up 2.9% year-over-year in November.

Read the entire report on Canadian MLS® sales for November, 2017.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra

Canadian home sales edge up again in October 2017: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October 2017 this week. According to the CREA, “National home sales posted a modest monthly increase in October but remain below levels recorded one year ago.

Home sales via Canadian MLS® Systems edged up 0.9% in October 2017 on the heels of monthly increases in August and September, but remained almost 11% below the record set in March.

Highlights of CREA’s report

  • National home sales rose 0.9% from September to October.
  • Actual (not seasonally adjusted) activity stood 4.3% below last October’s level.
  • The number of newly listed homes edged back by 0.8% from September to October.
  • The MLS® Home Price Index (HPI) was up 9.7% year-over-year (y-o-y) in October 2017.
  • The national average sale price climbed by 5% y-o-y in October.

Read the entire report on Canadian MLS® sales for October, 2017.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra