Saskatoon real estate listings continue to fall in October 2018: SRAR

The total number of new MLS® residential listings in Saskatoon this year reached 7,111 by the end of October. This represents a year-over-year decline of 12 percent. By this time last year, 8,065 properties had been listed for sale. The number of residential listings for Saskatoon and region is now at 10,929, down ten percent from last year. New listing numbers have seen year-over-year declines each month this year.

This decline in new listings has contributed to lower inventory levels in Saskatoon. At the end of October, there were a total of 1,808 homes for sale in Saskatoon and an additional 1,095 in the regional market surrounding the city. The five-year average for active listings in Saskatoon is 1,806. The ten-year average is 1,487.

“Since 2015, the Saskatoon market has experienced higher inventories of active listings. This puts downward pressure on prices and upward pressure on the sales to new listing ratio,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.

The average price of a Saskatoon home was $332,000 at the end of October, down four percent in a year. It’s now lower than it was two years ago by $20,000. Although much focus in real estate is on the average price, this measure can be misleading and is easily skewed by shifts in popular price ranges.

A better indicator of what is happening with home prices is the Home Price Index (HPI). The HPI establishes attributes for “benchmark homes” of various types and tracks price changes for those homes since 2005. The price of a benchmark single-family home in January of 2005 was $140,400. This category reached its peak price in May of 2015 at $329,500. Currently, the benchmark price of a Saskatoon single-family home is $312,600. That’s up slightly from last month, and $1500 higher than it was a year ago. The benchmark price for a typical townhouse in Saskatoon was $222,900 at the close of October. Apartments closed the month at $180,100.

MLS® sales were at 285 for Saskatoon in October, unchanged from the same month last year, but down nine percent from October 2016. Year-to-date, the total number of residential sales on the MLS® system in Saskatoon was 2,964, down two percent from last year. For Saskatoon and region, the total number of sales was 4,074, a one percent decline from 2017.

“It’s encouraging to see home sales at a comparable level to last year in spite of economic challenges and the “stress test” changes to financing earlier this year,” comments Yochim.

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

Average home price in Saskatoon continues to fall through September, 2018:SRAR

Saskatoon, October 3, 2018.

In the month of September, there were 268 residential sales on the MLS®. This is similar to September of 2017. The total number of sales for the first three quarters of 2018 was 2,679, a five percent decline from last year. By comparison, in the first three months of 2016, there were 2,935 sales in the city of Saskatoon.

Active listings in Saskatoon continued to shrink with a year-over-year decline of seven percent. In Saskatoon, at the end of September there were 1,944 active listings compared to 2,082 a year ago. Active listings are higher in the region surrounding the city which includes the cities of Martensville and Warman. At the end of September there were 1,161 available properties compared to 1,086 for the surrounding area. The decline in available properties is mostly attributable to an overall decline in new listings coming on the market. Year-to-date, there have been 6,521 properties listed in the city of Saskatoon, a decline of 11 percent compared to 2017. In the month of September, there were 648 new listings in Saskatoon. By comparison, in September of 2017 there were 767 new listings and 779 in 2016.

“It seems that sellers who are not highly motivated are choosing to wait until conditions are more favourable to sell,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “Currently we are in a buyer’s market with elevated levels of inventory and downward trending prices for most properties,” he adds.

Year-to-date, the average price for a home in Saskatoon is $332,700 which represents a decline of four percent from a year ago. By comparison in the past three years, the third quarter average price was $347,165 in 2017 and $352,103 in 2016. Although much focus in real estate is on the average price, the average can be misleading and is easily skewed. A better indicator of what is happening with home prices is the Home Price Index.

The Home Price Index establishes attributes for a 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 how prices are trending. The value for the typical single-family home in January of 2005 was $140,400. It reached its peak in May of 2015 at $329,500. Currently, this value is at $312,200 which is the highest level for 2018 and is virtually unchanged from a month earlier. The Benchmark price for a typical Townhouse style property in Saskatoon was $219,700 last month, this is the lowest point since April of 2007 when the value was $205,300. For apartment style properties, the Benchmark value of $176,200 in September was the first increase since December of 2017 when the value was at $190,600.

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

Saskatoon real estate listings (MLS®) fall for 8th 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 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®

Saskatoon home sales increase significantly in July of 2018: SRAR

The month of July saw an increase of over 25 percent in Multiple Listing Service® (MLS®) sales activity, year-over-year (Norm’s note: that is the largest year-over-year increase for any month in the past five years). In July, a total of 390 Saskatoon homes were sold, up from 310 transactions in the same month of 2017. Year-to-date, MLS® transactions for Saskatoon were down 3.3 percent with 2,082 home sales compared to 2,152 to the end of July 2017. “Although one month does not constitute a trend, it is very encouraging to see such a significant increase in activity during a month when many buyers typically leave town on vacation,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.

MLS® sales below $200,000 totaled 57 in July, 55 percent higher than in July of 2017. Year-to-date, sales in the same price range increased by 26 percent to 307 transactions. Homes that sold for between $300,000 and $400,000 showed an increase of 27 percent over the previous July. The number of sales year-to-date in this price range totaled 1,229 for a decline of five percent compared to sales by this time in 2017. Home sales at prices that exceeded $400,000 totaled 540 so far this year, a decline of 12 percent over the previous year.
Another positive indicator is a decline in the number of new MLS® listings coming on to the market. A total of 710 new MLS® listings were added to the system in July, a decrease of ten percent over the same period of last year, and well below the five-year average of 830 listings. Fewer new listings combined with an increase in sales reduced the number of active listings from 2,109 in June to 2,048 at the end of July. The five-year average for active MLS® listings at this time of year is 1,977 units. “Lower inventory levels will help move the market from a buyer’s market towards balance and stabilize home prices,” adds Yochim.


Year-to-date, the average sale price of a residential property in Saskatoon was $334,676, down 4.1 percent from the same period 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 Home Price Index (HPI) benchmark value is a better indicator of the market. 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) benchmark value for Saskatoon single-family homes saw a slight decrease to $315,400 compared to $315,800 at the end of June (Norm’s note: a 1.3 percent annual decline).

The HPI benchmark value for townhouse style properties continued on an upward trend, increasing by 1.2 percent for the month to $234,400 (Norm’s note: down 6.4 percent, year-over-year).

Last month, Saskatoon homes took an average of 49 days to sell. The five-year average days to sell during July is 48.

For more information contact:

Jason Yochim
CEO of the Saskatoon Region Association of REALTORS®

Saskatoon home buyer’s market persists through May, 2018: SRAR

Fewer homeowners were ready to put their home on the market this year compared to last. In May, a total of 943 properties were added on the Multiple Listing Service® (MLS®) in Saskatoon representing a nine percent decline from last May. Year-to-date, there have been 13 percent fewer homes listed in Saskatoon.

The total number of active listings in Saskatoon at the end of May was 2,001, just slightly above the five-year average of 1,945 units. “Typically we see the highest number of active listings between May and September,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “It’s the most active time in our market, largely due to favourable weather,” he added. Saskatoon MLS® inventory levels reached an all-time high in July of last year with 2,210 homes for sale. At the current rate of sales, it would take five and a half months to liquidate the current stock of active listings.

In May, there were 364 Saskatoon homes sold, a decrease of 13 percent from the same month last year. Year-to-date, sales for the city are down seven percent with a total of 1,345 residential MLS® home sales. So far this year, sales have declined in every price range with the exception of the under $200,000 range which saw a 30 percent increase with a total of 203 sales. The price range with the greatest decline in sales were homes priced between $450-500,000 with a year-to-date total of 85 sales, a 17 percent drop from last year. Homes selling between $750,000 and $1M are on par with last year at 19 sales. Sales with prices in excess of $1M however are off sharply with three just MLS® sales year-to-date. In 2017, there were three home sales in May alone over $1M and nine year-to-date.

The sales-to-listing ratio fell from 43 percent in April to 39 percent in May. The sales-to-listing ratio is a comparison of the number of sales for a period of time against the number of new listings. “Saskatoon remains a buyer’s market, however, homes that are priced to market and in good condition will still command great interest and in some cases competing offers,” comments Yochim. Last month, the average home in Saskatoon took 47 days to sell. This is the lowest time to sell so far this year.

Year-to-date, the average sale price was $334,449, a four percent decrease from the same period last year. Since averages can be misleading, a better reflection of the market is the median. The median home sale price year to date is $320,000. The five year average for median residential home sale prices in Saskatoon is $341,980.

The Home Price Index Composite Benchmark Price (HPI) continued on an upward trend for most home types (except apartments) again in May. 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®