For the first time in Saskatoon and area, MLS® sales have topped the $2 Billion mark. "We had expectation that we would reach this milestone by years end but it was a pleasant surprise to see it at the end of November." comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. The number of transactions recorded for Saskatoon and area is also at an all-time high of 5,859 units. "This is a huge economic driver to the area as the average transaction generates in excess of $50,000 of spin off business according to research conducted by the Canadian Real Estate Association." adds Yochim. The dollar volume for Saskatoon corporate was in excess of $1.5 Billion which is 11% higher than last year.
Within Saskatoon itself the number of homes listed so far in 2015 stands at 8,682 up 16% while the number of sales year to date was 4,295 an increase of 7%. Inventory also continues to remain high with 1,510 units available representing 5.15 months of inventory. "Sellers need to consider the impact that higher inventory, additional competition and a traditionally slower time of year will have on their sale" warns Yochim "Sellers who need to sell may have to consider adjusting their price to attract a buyer." Compared to last year at this time, there were 1,239 active listings and 4.24 months of inventory. In November alone, there were 601 properties listed for sale in Saskatoon, a 27% increase compared with November of 2013.
Year to date, the number of homes that sold between $350,000 and $500,000 was up 18% with 1,541 unit sales. Sales between $500,000 and 750,000 increased by 32% with 443 unit sales and homes between $750,000 and 1M were up 38% representing 61 unit sales. Home sales in excess of $1M in Saskatoon were virtually unchanged from 2013 with 11 units sold. In contrast, there were only 3 sales in excess of $1M in the market surrounding Saskatoon, a 50% reduction year to date compared with 2013.
The average sale price of $357,000 continues its gradual climb at a 4% increase for the year. The number of days required to sell a home in Saskatoon at the end of November was 40 while the sales to listing ratio was 49%. This means that approximately half of the homes placed for sale on the market do not result in a successful sale. "Although this is considered a balanced market it appears that the buyers are starting to gain a bit more of an advantage, all things considered."