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Saskatoon real estate market continues to lead province through September, 2014: SRAR


The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for September of 2014recently accompanied by the following release.


Please note that many of the association’s comments touch on “year-to-date” numbers, and some may be based on all sales within the association’s full trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month-to-month basis over the past several years.


The Saskatoon real estate market continues to lead the province with impressive numbers. September was a record setting month with 901 new listings, 30 percent higher than the five year average and a 22 percent increase over last September. Unit sales of 427 represent a 20 percent increase over last September, 23 percent higher than the five year average.


Surprisingly, the price range with the greatest increase in units sold was between $550,000-$750,000 with 450 sales year-to-date, a 35 percent increase. By the end of the third quarter the $300,000-$350,000 price range had the most transactions at 798 units, on par with 2013. According to the MLS® stats from the SRAR, Saskatoon has had 3,621 unit sales and 7,313 listing this year for a sales-to-listing ratio of 50 percent putting it in 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.


Click the image for a larger version of the chart.


In spite of this robust activity, inventory levels continue to increase with 1,612 units available at month end. "This is a level of inventory that we have not experienced since 2008,” said 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.”


Click the image for a larger version of the chart.


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.


Click the image for a larger version of the chart.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


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Norm Fisher

Royal LePage Saskatoon Real Estate

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.
 

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The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
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