May brings buyers to Saskatoon’s housing market

Sales rise 16 per cent from same month of last year

Saskatoon — A hot, dry May brought a warmer market for Saskatoon home sellers, as sales rose 16 per cent over the same month of 2018.
City sales came in at 422 units, up from 363 last May and 420 the year before, the Saskatoon Region Association of REALTORS® (SRAR) reported Monday. Sales are also up 10 per cent year-to-date at 1,469, up from 1,342 and 1,450 in the last two years.
“Sales have rebounded significantly this year, in large part due to an increase in condo sales,” said Jason Yochim, CEO of SRAR. “Condo sales are up almost 21 per cent over
a year ago. Prices have been coming down, and they are very affordable compared to most housing types.”
Year-to-date, 449 condos have sold, as compared to 372 last year. Over the same period, single family home sales rose six per cent to 1,292, up from 1,215 last year. In May, single family home sales were up 13 per cent from last May.
As sales rose, unit listings fell three per cent to 911 in May, down from 942 in 2018 and 1,031 the previous year. Year-to-date listings are also down three per cent; so far, 3,422 homes have been listed to the Multiple Listing Service (MLS) as compared to 3,536 last year and 4,055 in 2017.
The higher sales resulted in a 17 per cent dollar volume increase over last May to $140.7 million, up from $120.5 million. That’s despite a two per cent drop in the aver- age selling price, which fell to $329,595 from $334,651.
“I suspect first-time home buyers have been very active this spring based on the con- do sales,” Yochim said. “When lower-priced homes sell, it has a downward effect on the average price.”
In Saskatoon and region, including communities such as Warman, Martensville and Dalmeny, sales rose 14 per cent in May to a three-year high of 561 units. Listings fell seven per cent to 1,386, down from 1,485 and 1,553 in the previous two years. Dollar volume rose 12 per cent to $181.3 million from $162.3 million last year. Yochim said, “The sales to listing ratio was 46 per cent in May, which is approaching a balanced market.”