TeamFisher, Royal LePage Saskatoon Real Estate : Archived blog posts for : June 2023

Canadian home sales continue to pick up steam in May of 2023: CREA

Posted on June 15, 2023 by Norm Fisher, Royal Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for May of 2023.

"Home sales recorded over Canadian MLS® Systems posted a 5.1% increase between April and May 2023, building on the double-digit jump in April and smaller gains in February and March.

“The rebound has been evident for a number of months at this point, but May really drove the point home with year-over-year comparisons for national sales activity and national average home price back in positive territory,” said Larry Cerqua, Chair of CREA. “That being said, the degree to which recovery will play out on the sales side as opposed to the price side will come down to supply, which remains quite low. If you’re looking for information and guidance about how to buy or sell a property in your local market, contact a REALTOR® in your area,” continued Cerqua.

Highlights of this report:

• National home sales climbed 5.1% month-over-month in May.

• Actual (not seasonally adjusted) monthly activity came in 1.4% above May 2022.

• The number of newly listed properties rose 6.8% month-over-month but is still historically low.

• The MLS® Home Price Index (HPI) climbed 2.1% month-over-month but was still down 8.6% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 3.2% year-over-year increase in May.

Read the recently released national sales statistics for May of 2023.

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Norm Fisher

Royal LePage Vidorra

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Saskatoon home sales take off in May of 2023

Posted on June 2, 2023 by Norm Fisher, Royal Saskatoon Real Estate

After failing to make any gains in April, Saskatoon home sales spiked higher as local REALTORS® reports 538 residential sales, up from 396 the previous month, and even making some very modest gains over May of last year to break 16 consecutive months of year-over-year sales declines.

New listings grew from last month by close to 100 units as 765 Saskatoon homes were offered for sale. down 10.7 percent from last May.

The total inventory of active MLS® listings remained stagnant as we finished the month with just 1,043 active listings, down about 12 percent from a year ago, and nearly 37 percent below the ten-year average for May. This pushed “months of inventory” to 1.9 in the residential category and led to a bit of a buyer bloodbath as multiple offers seemed to present themselves on a regular basis.

Prices grew on a month-to-month basis for each measure we track, except for apartments which fell about two thousand dollars from last month (MLS Home Price Index Benchmark). It finished the month down on an annual basis as well, by $1,600.

Meanwhile, the average price of a Saskatoon home grew more than 20K from last month to reach $389,442. That’s up roughly 12K from last May, and just slightly lower than our peak average price over the last five years. Last June, it got close to $392,000. I won’t be surprised if we top that in June of 2023 given the bleak inventory situation.

The benchmark price of a Saskatoon single-family home went from $421,000 in April to $430,000 in May to finish higher on an annual basis by $2500.

Townhomes saw a larger jump as the benchmark price grew by just $4,000 from last month but finished higher than they were last year by more than $13,000.