Canadian homes sales improve slightly in March, 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of March 2018 today.

According to the report, “Home sales via Canadian MLS® Systems edged up 1.3 % from February to March 2018. Despite having improved marginally in March, national sales activity in the first quarter slid to the lowest quarterly level since the first quarter of 2014.

Highlights of CREA’s report

  • National home sales inched up 1.3% from February to March.
  • Actual (not seasonally adjusted) activity was down 22.7% from last year’s all-time March record.
  • The number of newly listed homes rose 3.3% from February to March.
  • The MLS® Home Price Index (HPI) in March was up 4.6% year-over-year (y-o-y).
  • The national average sale price declined by 10.4% y-o-y in March.

Read the entire report on Canadian MLS® sales for March of 2018.

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

Saskatoon home sales see declines in Q1, 2018: 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 March 2018 follows.

In the first quarter of 2018, there were 648 Saskatoon home sales, a 10 percent decline on a year-over-year basis. The decrease in sales for the month of March was 24 percent with just 234 residential transactions occurring last month.

The number of new listings introduced on the MLS® for Saskatoon is also down for the quarter. There have been 1,807 Saskatoon homes listed so far this year compared to 2,183 for the same period in 2017.

At the end of March, active residential listings in Saskatoon totaled 1,670 for both single and multi-family homes, consistent with the five year average of 1,695. The inventory would take just over seven months to liquidate at the current rate of sales. 

The reduction in active listings is not only the result of fewer homes being listed on the market. “Some sellers may have decided not to re-list their home just yet, opting to wait for the more active spring market to try their luck,” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “Many sellers believe that spring is the best time to sell,” he adds.

The sale-to-listing ratio is a comparison of the number of sales to the number of new listings for a specific period of time. Understanding this ratio allows us to determine if we are in a buyer’s market, a seller’s market or a balanced market. A ratio between 40% and 60% is considered to be a balanced market. A ratio below 40% is considered to be a buyer’s market, while a ratio exceeding 60% is considered to be a seller’s market. The sale-to-listing ratio for March was 35%, down slightly from the five year average of 40%.

Last month, Saskatoon homes took an average of 64 days to sell compared to 47 days in March of 2017. The five year average days to sell for the Saskatoon market is 50 days. 

The average year-to-date residential sale price continued its steady decline falling 2%. For the first quarter of 2018, the average home sale price in Saskatoon was $333,826. Since averages can be misleading, the median price tends to be a better reflection of the market. The median home sale price continued to decline from $330,000 in January, to $317,250 in March. In March of 2017, the median price was just slightly higher at $320,000. The five year average for median residential home sale price in Saskatoon is $330,000. 

The Home Price Index Composite Benchmark Price (HPI) increased slightly for the first time since June of 2017 to $293,200. By comparison, the composite benchmark has not been this low since February of 2012. The highest point ever reached was $319,600 in May of 2015. Declines to the HPI began showing signs of slowing in January of 2018. The HPI is the most accurate indicator of where home prices are trending.

Jason Yochim CAE, CRAE

Chief Executive Officer 
Saskatoon Region Association of REALTORS® 

Canadian homes sales fall to lowest levels in five years in February, 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of February 2018 today.

According to the report, “Home sales via Canadian MLS® Systems were down 6.5% in February. This marks the second consecutive monthly decline following the record set in December 2017 and the lowest reading in nearly five years…The drop off in sales activity following the record-breaking peak late last year confirms that many homebuyers moved purchase decisions forward late last year before tighter mortgage rules took effect in January,” said Gregory Klump, CREA’s Chief Economist.

Highlights of CREA’s report

  • National home sales declined by 6.5% from January to February.
  • Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) in February.
  • The number of newly listed homes recovered by 8.1% from January to February.
  • The MLS® Home Price Index (HPI) in February was up 6.9% y-o-y.
  • The national average sale price declined by 5% y-o-y in February.

Read the entire report on Canadian MLS® sales for February of 2018.

CREA’s most recent Resale Housing Market Forcast, also released today can be found here.

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

Inventory of Saskatoon homes continues to decline in February 2018: 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 February of 2018 follows.

A year-over-year drop in new listings contributed to a declining availability of homes in the Saskatoon market in February. At the end of last month, there was a total of 1,588 active residential listings in Saskatoon. This represented a four percent decline from a year ago when there were 1,659 properties available.

By the end of February, REALTORS® had listed a total of 1,139 residential properties for the year, a 14 percent decline compared to 1,332 listings that had been added to the system by this point in 2017.

“For the past couple of years inventory levels have hovered around 2,000 available properties,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “It is definitely a positive trend to see inventory levels shrinking. This is helpful for slowing price declines,” he adds. The average sale price for a home in Saskatoon slipped one percent in February.

Although the number of sale transactions in February (211), was down six percent from the same month last year, strong sales in January kept year-to-date sales one percent ahead of last year. Year-to-date, a total of 413 residential sales have been recorded on the MLS® in Saskatoon. The overall dollar volume for home sales in Saskatoon was just under $70 million which is down six percent from last February. The year-to-date dollar volume of transactions is unchanged from last year at $139 million. So far this year, sales in the region surrounding Saskatoon, which includes the cities of Warman and Martensville, totaled 122 units representing, a 14 percent increase from last year. The total dollar volume for this area was just under $39.5 million for the first two months of the year, an increase of 12 percent compared to last year.

The Home Price Index (HPI) composite benchmark value declined just slightly in the last 30 days to $292,800. Although this is its lowest point since February of 2012, the decline in the composite price appears to be slowing. 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 the value was $317,600.

For further information, please contact:

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

Canadian home sales fall sharply in January, 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of January 2018 late last week.

According to the report, “Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to the highest monthly level on record in December. Although activity retreated to the lowest monthly level in three years, January sales were on par with the 10-year monthly average.”

Highlights of CREA’s report

  • National home sales declined by 14.5% from December 2017 to January 2018.
  • Actual (not seasonally adjusted) activity was down 2.4% year-over-year in January.
  • The number of newly listed homes plunged 21.6% from December 2017 to January 2018.
  • The MLS® Home Price Index (HPI) in January was up 7.7% year-over-year.
  • The national average sale price advanced by 2.3% year-over-year.

Read the entire report on Canadian MLS® sales for January of 2018.

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