Buyers were harder to find in May which was reflected in a 5 percent decrease year to date in unit sales compared with last year. Listing activity continued to be strong however with a total of 5,111 properties listed so far in 2013. This represents a 3% increase over the same period last year. "Although listing activity is up slightly over last year, 1,314 active listings in Saskatoon represents only 2 properties per REALTOR®." says Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS® "An increase in inventory of homes would provide the buyers with more to choose from and help to increase the sales activity." The average price of a home in Saskatoon continued to inch up at the rate of 5% year to date.
For the first time this year, the sale of homes priced between $400,000 and $450,000 eased off, however homes prices above $450,000 continued to sell well. According to Yochim, "There is a 56% increase in the sale of homes between $750,000 and a million year to date with 28 homes selling in this range since January."
Last month, the Saskatoon Region Association of REALTORS® launched the Home Price Index. This tool more accurately reflects what trends are taking place for homes in and around Saskatoon. The information related to home prices is based on a base value for five typical types of property and indexes the changes to these values over time using a base year and indexing this figure similar to the CPI. A link to this tool is available on www.saskatoonrealtors.ca.