Spring Housing Activity Improves in May
Overall activity in the Saskatoon real estate market is up year to date with a 15% increase in listing activity and a 10% increase in sales. The most active price range continues to be with homes priced under $450,000. Listing activity continued to be strong in May with 945 new properties added to the market. The total number of homes placed on the Multiple Listing Service® (MLS®) year to date was 3,809, a 15% increase over 2013. There are more builders' homes now available on the MLS® in an attempt to increase exposure to the market. Based on a 36% increase in home sales between $500-750,000 in May, it appears that the strategy by home builders in placing their product on the MLS® is working. "Statistically, greater exposure through the MLS® results in stronger activity, less days to sell and a higher sale price." states Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.
The average sale price in Saskatoon year to date is just over $353,000 which is a 3% increase over the same period last year. By comparison, the median sale price is $340,000. According to the Home Price Index the composite benchmark price for a typical single family home in Saskatoon is $327,000. This figure has been slowly trending upward since a slight decline late in 2013. The Home Price Index is similar to the Consumer Price Index which measures the trending value of a typical home measuring change in value over time.
Currently there are 3,178 properties available in the Saskatoon and area market with half of these homes in the city limits. The total number of sales year to date for Saskatoon and area was 2,528 units which is an 11% increase over 2013. City wide, Saskatoon is still considered to be in a balanced market position overall with the sales to listing ratio at 52%. The average time to sell a home on the MLS® System in Saskatoon is currently 36 days. "The ratio of sales to listings, inventory levels and days to sell will vary greatly depending on the area and price range" according to Yochim "The best advice for a homeowner prior to marketing, is to contact one of our REALTOR® members".