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May brings buyers to Saskatoon housing market: SRAR

Sales rise 16 percent over the same month of last year


A hot, dry May brought a warmer market for Saskatoon home sellers as sales rose 16 percent over the same month of 2018.


City sales came in at 422 units, up from 363 last May and 420 the year before, the Saskatoon Region Association of REALTORS® (SRAR) reported Monday. Sales are also up 10 percent year-to-date at 1,469, up from 1,342 last year.


“Sales have rebounded significantly this year, in large part due to an increase in condo sales,” said Jason Yochim, CEO of SRAR. “Condo sales are up almost 21 percent over

a year ago. Prices have been coming down, and they are very affordable compared to most housing types.”


Year-to-date, 449 condos have sold, as compared to 372 last year. Over the same period, single-family home sales rose six percent to 1,292, up from 1,215 last year. In May, single-family home sales were up 13 percent from last May.


Saskatoon MLS sales for May 2019



As sales rose, unit listings fell three percent to 911 in May, down from 942 in 2018 and 1,031 the previous year. Year-to-date listings are also down three percent; so far, 3,422 homes have been listed to the Multiple Listing Service (MLS) as compared to 3,536 last year and 4,055 in 2017.


As of the end of May, buyers had 3,164 listings to choose from in Saskatoon and area, unchanged from last year. Of those, 1,938 are in the city proper (down from 2,001 last May) and 1,126 are in surrounding towns and regions (down from last year’s 1,164). “We’re finally seeing some stabilization in the housing market, which has been in buyers’ market territory for some time due to oversupply and lower consumer confidence,”





“I suspect first-time home buyers have been very active this spring based on the condo sales,” Yochim said. “When lower-priced homes sell, it has a downward effect on the average price.”


The higher sales resulted in a 17 percent dollar volume increase over last May to $140.7 million, up from $120.5 million. That’s despite a two percent drop in the average selling price, which fell to $329,595 from $334,651.


Average Saskatoon home price in May 2019




In the Saskatoon and region, including communities such as Warman, Martensville, and Dalmeny, sales rose 14 percent in May to a three-year high of 561 units. Listings fell seven percent to 1,386, down from 1,485 and 1,553 in the previous two years. Dollar volume rose 12 percent to $181.3 million from $162.3 million last year. Yochim said, “The sales to listing ratio was 46 percent in May, which is approaching a balanced market.”


In the surrounding region excluding the city, dollar volume was down 13 percent to $31.5 million from $36.3 million. Listings fell 20 percent to 317, after two years at about 390, and sales rose eight percent to 113, up from 105 last May. The average selling price fell 19 percent, however, to $279,095, after posting $346,130 last May.


Year-to-date, the surrounding region has seen a three percent decrease in dollar volume at $120 million; a three percent drop in listings, to 1,344; and unit sales of 421, up by nine percent from last year.


Jason Yochin

CEO of the Saskatoon Region Association of REALTORS®


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Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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