July 4, 2019
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.”
July 4, 2019
June 5, 2019
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.”
May 3, 2019
April housing demand in the Saskatoon region was the strongest in three years, as sales jumped 18 per cent over the same month of 2018.
The Saskatoon Region Association of REALTORS® (SRAR) reported 513 sales on the MLS® system, up from 433 last April and 414 in 2017. Those sales generated a dollar volume of $169.6 million, up 12 per cent from last year’s $152 million and 14 per cent from $147 million in 2017. Year-to-date, sales are up seven per cent to 1,440, as compared to 1,342 in 2018 and 1,368 in 2017. Dollar volume is up three per cent to $460.2 million from last year’s $447.8 million.
The spring market usually brings an increase in listings, and April followed that tradition. Listings rose four per cent to 1,295, although year-to-date listings are down slightly to 3,971 from 3,989. Compared to the 4,475 properties posted in the first four months of 2017, however, listings are down significantly.
“People came out of hibernation and said, it’s time,” said Jason Yochim, CEO of SRAR. “We’re seeing the beginning of a spring market, which is nice.”
Other factors potentially influencing the market include stable interest rates and lower prices, he added. “There’s less inventory and people are buying what they’re finding on the market,” Yochim said. “It’s feeling more like it’s time to make that move.”
In the city of Saskatoon, the number of properties brought to market actually fell two per cent in April to 774, down from 787 last year and significantly down from the 842 listed in April, 2017. Year-to-date, 2,511 homes have been listed, down three per cent from 2,594 in the same period of 2018. Listings in 2017 were considerably higher, at 3,024.
April sales in the city proper came in at 380, up 14 per cent from last year’s 333 and generating a 16 per cent increase in the dollar volume, to $130.4 million. That figure is up from both 2018 and 2017, when $112.7 million and $113.6 million in sales were recorded, respectively. So far this year, Saskatoon sales are up seven per cent to 1,047, up from 978 in 2018.
The average selling price in the city increased one per cent to $343,121 in April, up from $338,438 last year. Year-to-date, the price remains down by two per cent at $327,995. The region surrounding Saskatoon, including towns and cities such as Warman, Martensville and Dalmeny, saw a whopping 25 per cent increase in dollar volume to $31 million on 105 sales, up 36 per cent from 77 last year. The average price was down eight per cent to $295,780.
Active listings in Saskatoon as of April 30 were down three per cent to 1,778 from 1,834 last year, and up four per cent in the region, to 1,083.
Stronger sales activity was reflected in Saskatoon’s sales to listing ratio, which at 49 per cent is considered a balanced market. “It’s an encouraging sign,” said Yochim. “A balanced market offers a good equilibrium, with a good balance of buyers and product from sellers. Depending on how long it lasts, it helps slow the decline in pricing.”
New housing starts are down considerably, which is also affecting the market. March, for example, saw a 33 per cent drop in single-family home starts and a 70 per cent fall in multiple units. It will take some time before the rising demand spurs more building, because there is always a lag between an improvement in sales and starts, Yochim said.
April 4, 2019
After a fairly strong February, the city of Saskatoon’s March housing market had spring in its step as both new listings and sales rose over last year, by five and 11 per cent respectively.
The Saskatoon Region Association of REALTORS® (SRAR) reported 702 listings were posted to the Multiple Listing Service® (MLS®), up from 668 last March, but significantly down from 850 in 2017.
Sales jumped 11 per cent to 258, up from 233 last year but down from 308 in March 2017. At the same time, the average selling price dropped four per cent to $316,445, down from just over $328,000 a year earlier, partly due to a higher proportion of entry-level home sales below $400,000. There was also a significant decrease in the number of sales recorded between $400,000 and $450,000. Even so, the dollar volume of homes sold increased seven per cent to just over $81.6 million, up from $76.5 million a year earlier.
“We’re coming into the spring market, and the degradation of prices over the last three year has made it a little more attractive out there. People do get a little bit more optimistic in the spring,” said Jason Yochim, CEO of SRAR.
“Some of that optimism may have sprung from the federal government’s recent policy announcement regarding changes to home buyers’ plan, which provides a five per cent interest-free loan on existing homes, and 10 per cent on new homes, to first-time buyers. Our industry has been lobbying for changes such as this for a long time.”
The Saskatoon Region, which includes smaller communities in the Census Metropolitan Area, saw a five per cent increase in listings, to 1,084 (up from 1,034 in 2017) and a four per cent increase in monthly sales, to 359 (up from 345). Listings generally begin to trend upward as March, and spring, approach.
Excluding Saskatoon, regional listings were flat with last March and sales fell nine per cent to 77, down from 85. The selling price dropped 12 per cent to $275,000. In 2019 so far, Saskatoon and region listings, taken together, are down two per cent to 2,675, 1,736 of those in the city proper. Sales are up two per cent to 929, up from 909 in 2018, and dollar volume has fallen one per cent to $213 million, down from $215.5 million. Active listings sat at 3,184 at the end of March, down one per cent, with 1,611 of those in Saskatoon, down four per cent.
While the 2019 market has been kinder to home sellers than in the last three years, it remains important to price properties appropriately to present conditions, said Yochim. The sales to listings ratio was 37 per cent in March, which still signifies a buyers’ market.
“Home sellers, not to mention buyers, can benefit from the knowledge a REALTOR® brings to a housing transaction. REALTORS® know how to help a seller arrive at a realistic price, and they are also professionals who subscribe to a strict code of ethics. They can guide sellers, and buyers, through the process, and help them make the best decisions.”
March 6, 2019
Despite the very cold temperatures in February, Saskatoon and region home sellers found a little warmth as new listings dropped 7% and sales rose 6%.
The Saskatoon Region Association of REALTORS® (SRAR) reported 731 homes were listed, down from 783 in the same month of last year, while sales rose to 296 from 280.
The dollar volume of homes sold through the Multiple Listing Service® (MLS®) rose 4%, to $95.8 million from $92.4 million.
Year to date, listings dropped 7% to 1,591, sales were up 1% to 570, and the dollar volume was down a marginal 1% to $180.8 million.
Excluding the region, new Saskatoon listings were down 8.6% in February to 478 — the fewest since 2013 — while sales held steady with last year, rising by one to 211. Months of inventory dropped to 6.7 from 7.5 last February.
City homes listed to date in 2019, at 1,033, are at their lowest level in nine years. February statistics indicate a change in a market that has been declining for four years.
“Sales have stabilized somewhat, and inventory levels are coming down,” said Jason Yochim, CEO of SRAR. “As an optimist, I believe and hope it will continue. However, people have to be confident that the economy is improving before committing to the purchase of a home.”
He noted that while some sectors of the economy, such as potash mining, are doing well, others are less robust. “It’s not that people aren’t working; they are. But they won’t upgrade unless they have confidence in their situations.”
The average price in Saskatoon also recovered slightly to $338,268, up 2.3% from last February. Yochim cautioned that average prices can be misleading because the basket of sales in any given month can be very different from another. For example, if two or three high-priced homes sell, that can significantly skew the average. A better gauge, said Yochim, is the Home Price Index (HPI), which tracks prices over time based on a benchmark determined 15 years ago. Saskatoon’s overall HPI, including apartment-style condos, was $282,600 last month, down 3% from last year. The most expensive category, two-storey single-family homes, was down 1% at $356,000.
Saskatoon remains a buyers’ market, with a sales-to-listing ratio of 44; but the ratio has risen from 34 in January, for a year-to-date ratio of 40. A ratio of 50 is a balanced market, while a ratio of 60 denotes a sellers’ market.
“Even in a buyers’ market, sellers can successfully sell their homes,” said Yochim. “The most important aspect to achieving a sale is pricing a specific property to match the current market conditions. This is where the assistance of a REALTOR® comes in. Not only do REALTORS® have the knowledge to help a seller arrive at a realistic price, but they are also professionals who subscribe to a strict code of ethics. They can guide sellers, and buyers, through the process, and help them make the best decisions.”