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Misty Harris, Postmedia News, March 25, 2014

After a modest week of sales activity in the Saskatoon real estate market two weeks ago, last week there were an impressive 95 firm sales recorded on the Saskatoon MLS. Of those sales last week, the average price was $365,565 while the average house was listed for 41 days on market. Over the past month in Saskatoon we have seen an average of 79 sales per week, with an average price of $353,474, 44 days on market and an average selling price $6320 under asking price. During the same month period in 2013 we witnessed 4 more sales per week, average selling price $15,807 lower, an average of 4 less days on market and an average selling price $3639 under asking price. Ultimately sales volume numbers are slightly down and average prices have come up nearly 4.5% since last year.

At the moment the resale market in Saskatoon is accounting for nearly 90% of the total sales in the market. As mentioned in previous market updates, first time home buyers are entering the market as interest rates are very attractive. Prices are higher than they were a year ago and it should be noted that higher home prices are elastically linked to interest rates. Since rates at the moment are hovering around 3% for a 5 year fixed, there are more buyers entering the market. This increased demand has increased average home prices year over year.

There are currently 1332 active listings in Saskatoon (787 single family, 436 condominiums) which when comparing year over year is higher than ever. There are currently roughly 250 more listings in Saskatoon than there were during the same period in 2013 (110 more single family, 120 more condominiums). Last week there were 163 new listings (118 single family, 37 condominiums). Expect the overall listing count to surge over the coming weeks as we enter the most active period historically in the Saskatoon real estate market!

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The Saskatoon market has remained consistent in 2014, however we haven’t seen sales numbers take off quite yet which is somewhat surprising. For nearly the entire 2014 year, the Saskatoon real estate market had out performed last year’s numbers in terms of sales volume and average price. However, last week in Saskatoon sales numbers remained stagnant as there were only 69 firm sales reported to the local MLS with an average price of $334,025. A notable trend in the Saskatoon market is that 70% of sales occurred under the $400,000 range last week, driving the weekly average price down. During the same week in 2013 there were a very impressive 94 firm sales (25 more) reported to the Saskatoon MLS at an average price of $334,007.

When comparing the 4 week average (Feb 17th to March 16th, 2014) to the same period from 2013, its evident that sales volume is down and average prices have gone up. In 2014 over the past month we have seen an average of 73 sales per week with an average price of $352,277, average $5,819 selling price under asking and 44 days on market. Whereas last year during the same month period, we saw 6 more sales per week, an average price $20,332 lower, average $3381 under asking price and an average of 2 less days on market.

Listing numbers are on the rise as sellers prepare their homes to hit the market during the most active time of year in the Saskatoon real estate market. Last week there were 180 listings posted to the MLS (122 single family, 53 condominiums), which is an impressive figure. As of Monday morning we have 1298 active listings in Saskatoon (761 single family, 429 condominiums). In 2013 at this time of year there were 656 single family homes and 297 condominiums.

When looking at the numbers, you’d assume that inventory is plentiful. However what we’ve seen of late is a majority of the inventory on the market in the newer areas especially in the single family market. Currently there isn’t a whole lot to choose from in the re-sale market, as homes are often sold within the first few days on market, especially under $400,000.

For more information on the current market or if you’re thinking about buying or selling, contact us here.

Finally there is a light at the end of the dark cold tunnel! The real estate market in Saskatoon usually begins to prosper as the snow begins to melt, as sales volume and listing activity increase. At the moment the market is more active than it has ever been, however not by a large margin. Last week there were 73 firm sales in the Saskatoon real estate market at an average price of $358,546. Over the past 4 weeks in Saskatoon there have been an average of 77 sales per week with an average price of $356,432, the average house sold in 44 days on market and the average selling price was $7405 under asking price.  The numbers over the past month have eclipsed the figures during the same period in 2013 in both sales volume (3 more per week) and average price ($22,939 higher). Most notably the average prices jumping up nearly $22,939 over the past year are quite impressive.

Currently there are 1249 active listings in Saskatoon which is much higher than the same period last year when there were roughly 200 less listings. After witnessing the total number of listings dwindle over the past couple of weeks due to stagnant listing activity, last week the figures turned for the better. Last week there were 187 new listings posted to the MLS which is 40 more than the previous week and 4 less than the same week period in 2013. Expect the number of listings to increase over the coming weeks as we should see roughly 200 per week over the short term.

For any questions regarding the current real estate market, or if you’re thinking about buying/selling, contact us here.

There were an impressive 78 sales in the Saskatoon real estate market last week with an average price of $351,205. Last week’s numbers were slightly ahead of the averages over the past month. During the month of February there were an average of 75 sales per week at an average price of $349,092, 42 days on market, and the average home sold for $8077 under asking price. These numbers are substantially higher than the figures in February of 2013 when there were only 7 less sales per week at an average price of $18,617 lower and 43 days on market. The Saskatoon real estate market has continually out-paced the 2013 market this year which is a promising figure.

There are currently a healthy amount of listings on the market in Saskatoon at the moment as there are 1195 MLS listings in Saskatoon (687 single family, 409 condominiums). At this time last year there were only 599 single family and 297 condominiums on the market. Last week there were 147 new listings posted to the local MLS (98 single family, 40 condominiums). Look for the overall listings to increase over the coming weeks as activity will ramp up even more.

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If you've followed our blog lately, you would know that the Saskatoon real estate market is off to a terriffic start in 2014. The Saskatoon Region Association of Realtors (SRAR) released statistics earlier in February.

Unit sales appear to be strong so far in 2014. January recorded 331 sales compared to 297 year to date in 2013, an increase of 11%. The number of units listed also increased by 13% with 958 new listings bringing the total inventory in the Saskatoon market to 1,324 properties currently for sale. In January of 2013, there were only 1,061 properties available on the market. Many homes priced between $500-750,000 reduced their asking price late last year. The buyers appear to have responded accordingly with sales in this range increasing by 84% with 35 units sold year to date.

Two other factors of interest are the sales-to-listing ratio and the months of inventory. These two indicators will vary greatly depending on price range. The sales-to-listing ratio compares the number of newly listed homes to the number of sales for a given period. In homes priced between $350,000 and $650,000, the sales to listing ratio averages 28%. However over $650,000 this formula drops to 14%. At the lower price range, one out of every two homes below $350,000 is selling.

The number of months of inventory is simply determined by dividing the number of sales for a period by the number of properties available on the market. When looking at Inventory below $350,000 there is three months availability of homes. Between $350,000 and $550,000 there is just over 6 months of inventory, between $650,000 and $750,000 the number jumps to 20 months. Overall the number of months of inventory in Saskatoon hovers just below six months. According to Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®, “The more months of inventory, the longer a seller can expect to wait for a sale. This just means that there are a small number of sales relative to what is available for sellers to select from.”

The Saskatoon MLS® Home Price Index (HPI) reflects market trends for five specific property types as well as a composite of the Saskatoon market. The HPI works similar to the Consumer Price Index using a benchmark price and start date of January 2005. The composite benchmark price for Saskatoon had reached its peak in May of 2008 at a value of $308,900. By January of 2009, with the market adjustment, it had dropped to a low of $258,700. The market then began a slow climb until October of last year reaching a new high of $312,600, however, by years end the composite benchmark price declined to $306,600. “Since October of 2013 the Saskatoon MLS® Home Price Index had been trending slightly downward, indicating a shift to more of a buyers’ market especially in the higher price ranges.” states Yochim. “The recent burst of activity in January should arrest that decline.”

“Irrespective of the stats, every home is unique in its own way and every seller’s situation is unique. Trends in the market will affect sellers directly.

Sales have been very brisk in the Saskatoon real estate market of late as figures are well ahead of the record breaking pace of the 2013 market. Last week there were 70 firm sales (11 less than the previous week) recorded by the Saskatoon MLS with an average price of $364,927, which is higher than usual due to higher amount of activity at the top end of the market. Over the past month we’ve seen an average of 74 sales per week at an average price of $348,068, 45 days on market and a selling price of $7862 under asking. In 2013 during the same month period there were an average of 7 less home sales per week and the average price was $14,414 lower (4% increase in average price). As has been the same story for consecutive weeks in 2014, sales volume and average prices have incrementally shot up. At the moment consumer confidence seems to be very high as interest rates remain extremely attractive for individuals looking upgrade or enter the home owners market for the first time.

Currently there are 1222 active listings (705 single family, 400 condominiums) in Saskatoon, which is roughly the same figure as the same time period in 2013. Last week there were only 111 new listings (72 single family, 37 condominiums) posted to the market. This is a lower total than we usually witness at this time of year, however you can expect this total to rise as buying and selling conditions are optimal at this time.

If you require and further information on the current market or if you’re thinking about buying/selling, please contact us here. 

Last week in the Saskatoon real estate market there were 66 firm sales (43 single family, 21 condominiums) recorded on the local MLS. Last week’s average price dipped down to $324,405 due to 56% of all sales under the $300,000 range. Over the past month we have averaged 58 sales/week while the average sale price in Saskatoon is a higher than last week at $347,588, the average home sold in 50 days and $7919 under asking price. Last year during the same month period there were 55 sales/week with an average price of $337,982 (2.8% lower than 2014), the average home sold 8 days faster, and the average selling under asking was $6021. Prices and sales volume have consistently been higher than in 2013, so both are positive signs for things to come.

There are currently 1214 active listings (711 single family, 385 condominiums) in Saskatoon at the moment, which is much higher than in 2013 when there were only 590 single family and 329 condominiums listed during the same time period. Last week there were 165 new listings added to the Saskatoon MLS, which are 34 more than were posted during the same week last year.

Interest rates at the moment are interest rates are around 3.09% for a 5 year fixed, which is a great deal and this should entice first time home buyers to enter the market. What we saw last week was a high amount of activity under $300,000 and the trend should continue.

If you are interested in buying or selling or if you would like some more information on the current market, contact us here.

Sales volume is most definitely on the upswing in the Saskatoon real estate market as last week there was a very impressive 74 firm sales reported to the local MLS (highest weekly total since October 2013). The average price last week closed out at $347,225, while the average home sold on an average of 54 days on market and $7351 under asking price. To put these impressive figures from last week into perspective, we can look at the 4 week average. 

Year                    Sales/Week                    Avg. Price                   Days on Market

2014                           60                             $351,140                             51

2013                           53                             $339,509                             45

It’s evident that last week’s numbers have eclipsed the average over the past month in sales volume by 14. The Saskatoon real estate market is also averaging 7 more sales per week more than the same month period from last year, which is also a promising figure. Overall average prices have come up 3.4% from last year.
Currently there are 1174 active listings (697 single family, 359 condominiums) in Saskatoon. The overall listing count was affected by the 142 new listings that were posted to the market last week. In 2013 during the same week period there were 140 new listings posted.

Overall these numbers are very promising. The market tends to heat up in February as most buyers start to look more seriously this time of year. Activity may fluctuate slightly in terms of sales volume and listing inventory. However, this was the week that the Saskatoon real estate market shook the winter blues.

If you have any questions about buying or selling, or if you have any questions about the current market, you can contact us here.

Home sales in Saskatoon eclipsed the half century mark last week for the first time since the before holiday season. There were 50 firm sales reported to the local MLS in Saskatoon last week, with an average price of $353,215, while the average home sold on average of 43 days on market. Over the past month there have been an average of 44 sales per week, the average price is $349,852 while the average selling price under asking is $8561. These numbers are far ahead of numbers for the same period in 2013. Last year during the same month period, the Saskatoon market averaged 38 sales per week at an average price of $328,648 in an average of 46 days on market, while the average home sold for $6709 under asking price. All things considered, the Saskatoon market in 2014 is more productive in sales volume and prices have gone up nearly 6% during the sample period. It’s illogical to think prices have come up 6% since last year; however one can assume that prices have increased, which is a good sign.

There are currently 1173 active listings (710 single family, 359 condominiums) on the Saskatoon MLS at the moment, which is roughly 150 higher than the same time period in 2013. Last week new listing inventory was rather slow as there were only 126 new listings posted to the market (14 more than 2 weeks ago). There were 132 posted to the market in Saskatoon during the same week period last year.

The Saskatoon real estate market is poised for a very active spring as interest rates are as low as 3.29% for a 5 year fixed mortgage. Rates should continue to be attractive for buyers for the rest of the year as the Bank of Canada is concerned low inflation rates and stated in this article below that we may see a reduction to the base lending rate in the near future.

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If you have any questions about the current market or if you’re considering buying or selling, contact us here.

The Saskatoon real estate market hasn’t quite heated up since holiday season, as last week there were only 42 firm sales (27 single family, 14 condominiums) reported to the local MLS. In 2013 for the same week period there were 37 firm sales in Saskatoon, while two weeks ago there were 48 firm sales.  The average sale price in Saskatoon last week was higher than usual and closed at $374,302, while the average home sold in 58 days on market. Over the past month there have been an average of 39 sales per week , while the average price is a little closer to normal at $353,280 and the average house sold in 52 days on market. Last year during the same month period there were an average of only 32 sales per week, while the average price was substantially lower at $324,593, while the average house sold in 46 days on market.

Currently there are 1163 active listings in Saskatoon (689 single family, 357 condominiums). These numbers have grown over the past few weeks as listing inventory has replenished itself nicely. In terms of overall listing inventory, there are more listings currently than any of the past five years for the same week period. In 2013 there were 591 single family and 299 condominiums on the market during the same time period. Last week there were 125 new listings posted to the Saskatoon MLS (77 single family, 35 condominiums).

Currently in Saskatoon, sales volume, average prices and listing inventory figures are well ahead of a record breaking 2013.These numbers suggest that we’re in for an incredibly active 2014. Interest rates have dropped over the past week and are at 3.39 for a 5 year fixed. If you’re willing to lock in for 2 years, there are rates at 2.99 at the moment. So make sure to lock in, if you may be buying within the next 3 months.

Contact us here if you have any questions about the current market, if you’re buying/selling, or if you would like to get some information on where to get the lowest rates.

Since a few weeks prior to the holiday season and after the New Year, sales in Saskatoon have been relatively slow. However this is to be expected during this time of year, which is typically the slowest time of year for real estate sales and the numbers tell the story. Last week there were 48 firm sales in Saskatoon with an average price of $347,052. Over the past 4 weeks there was an average of 40 sales per week with an average price of$341,116, 48 days on market and the average house sold for $8,737 under asking price. Comparing these figures to 2013 during the identical month period, where there were an average of only 36 sales per week, the average price was $337,459 and the average house sold  in 46 days. In 2014 we have seen a slight bump up in the average price and a minor bump up in sales volume (4 more per week). This isn’t anything significant, however one can assume sales to pick up significantly over the short term as we expect history to repeat itself (roughly 60 sales per week until mid February).

Last week in Saskatoon there were 182 new listings (110 single family, 56 condominiums) posted to the Saskatoon real estate market. These figures are skewed because of many properties that were re-listed after the new year. The most active neighbourhoods were Evergreen - 16, Rosewood - 14, Willowgrove - 22, Stonebridge - 23 and Hampton Village - 14. Currently there are 1114 active listings in Saskatoon (672 single family, 344 condominiums), which is a slight bump up in inventory from last year when there were 599 single family homes and 337 condominiums on the market during the same week period.

If you have any questions about the current market or if you’re thinking about buying or selling, contact us here.