Strong Saskatoon spring real estate market continues into June

The stronger residential housing market that began in March continued into June, as Saskatoon Realtors® sold 372 homes for a dollar volume of just under $126 million, the Saskatoon Region Association of REALTORS® (SRAR) reported Friday.
Sales were up six per cent from last June’s 350, while the combined value rose nine per cent from $116 million.
Buyers also had fewer listings to choose from, as 784 units were added to the city’s market, down 10 per cent from last year’s 871 and well down from the previous year’s 949.
“Fewer listings and a renewed interest from first-time home buyers have helped support the Saskatoon market,” said SRAR CEO Jason Yochim. “We’re in a fairly balanced market, as demonstrated by a sales-to-listing ratio of 47 per cent.”
A buyer’s market is indicated by a ratio of under 40 per cent, while a seller’s market ratio begins at 60 per cent.
Year-to-date, local agents have listed 4,206 homes, down five per cent from last year’s 4,407 and also down from 2017’s 5,004. In that time, 1,840 homes have sold, up nine per cent from 2018’s 1,691. The dollar volume rose eight per cent to $610 million from $564.7 million.
Similar numbers were posted in Saskatoon and region, which includes neighbouring towns and cities such as Warman, Martensville and Dalmeny. Listings fell five per cent to 1,232 in June from 1,291 in the same month of 2018, while sales were up three per cent to 490 from 474. Dollar volume was up seven per cent to $169.5 million from $157.8 million.
Year-to-date, Saskatoon and region have seen 6,586 homes listed, down three per cent from 6,765, and sales of 2,489, up eight per cent from 2,310, for a value of $810 million. That number is up six per cent from last year’s $768 million.
In the region alone, 96 homes sold last month, down seven per cent from the previous June’s 103, although year-to-date sales are up five per cent to 517, up from 491. Dollar volume was down one per cent to $31 million from $31.3 million. Listings were up 10 per cent in June to 325 but were almost even year-to-date at 1,668.
The average sales price rose six per cent in Saskatoon and region to $323,291 in June, up from $304,449. However, the year-to-date average price remains down seven per cent at $292,039.
“I think we’re seeing a renewed confidence in the market, while prices are coming down in some categories,” Yochim said. “There may also be some pent-up demand. Prudent buyers are sensing that this is the time to buy in this market.”

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