| Saskatoon. October 2nd, 2014.Saskatoon continues to lead the province with impressive numbers in the real estate market. September was a record setting month with 901 new listings, 30% higher than the five year average and a 22% increase over last September. Unit sales of 427 were a 20% increase over last September, 23% higher than the five year average. In spite of this robust activity, inventory levels continue to increase with 1,612 units currently available. “This is a level of inventory that we have not experienced since 2008.” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR). “Prices increased at an exponential rate in 2007 leading to a slight correction in 2008.” When asked if we are going to see a similar correction in 2015, Yochim’s response is “not likely”. Immigration and employment numbers are strong as well as economic growth. “Our provincial population has grown by nearly 20,000 in the past year and these people need somewhere to live and raise a family.” he adds. “Inventory levels are increasing mostly because new listings are increasing at a faster percentage than sales.”|
Higher inventory levels do not affect all markets in Saskatoon in the same way. “It is important to seek the opinion of a professional REALTORP® to ensurethat a property is not only priced competitively but to be sure that the homeowner is receiving fair value for their home.” States Yochim, “A REALTORP® can also assist a buyer in selecting the right property at the right price for their particular needs.”
Surprisingly, the price range with the greatest increase in units sold was between $550-750,000 with 450 sales year-to-date, a 35% increase. By the end of the third quarter the $300-350,000 price range had the most transactions at 798 units, on par with 2013. According the MLS® stats from the SRAR, Saskatoon has had 3,621 unit sales and 7,313 listing for a sales-to-listing ratio of 50%, balanced territory. The average days to sell a home in Saskatoon is 40, this number can vary considerably depending on price range and inventory levels in a similar price range.
The MLS® Home Price Index is the most accurate determinate of where the market is trending. According to the index the composite single family residential price of $328,000 is virtually unchanged in 2014. This further reinforces the stability of the real estate market in Saskatoon. The index for a single family home was set at a base rate of 100 in January of 2005; the value of this index has increased to 232.5 since that time
The Saskatoon Region Association of REALTORSP®P consists of more than 600 professionally licensed and trained REALTORP®P members. REALTORSP®P subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.
Saskatoon Market Continues to Lead Province
- November 22, 2014