The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for March of 2014recently accompanied by the following release.
Please note that many of the association’s comments (in italics) 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.
In the first quarter of the year 1,240 MLS® transactions occurred in the Saskatoon and region marketplace for a volume of $423 million, up 16 percent year-over-year. Listing activity is also up 19 percent over last year with just over 3,000 new listings added to the market. Sales activity has also been solid with a ten percent increase over the first quarter of last year. According to Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS®, "Consumer confidence remains strong across the board in all price ranges." Homes in the $500,000 to $750,000 range experienced the greatest change in sales increasing from 78 units in Q1 of 2013 to 118 units by the end of March this year representing a 51 percent increase. "The inventory of new homes seems to be moving again which often brings entry level homes to the market as families move up to their second home,” adds Yochim.
Currently the 1,349 homes on the MLS® within Saskatoon represent a 4.1 month supply of inventory, the lowest level since October of 2013 which had 3.9 months. Area 1, which includes several new neighbourhoods, had 154 sales in March and an existing inventory of 721 properties (4.7 months). Comparatively, Area 4, which includes many of the core neighbourhoods and mostly existing property sales saw 47 properties change hands on MLS® and currently has an inventory of 142 properties (3 months). "These numbers indicate that home owners and developers in certain neighbourhoods have to be patient in waiting for a sale or consider adjusting their asking prices for a quicker sale, as price and time to sell are inversely related,” states Yochim.
The benchmark value for a typical single family home in Saskatoon continued its upward trend to a value of $326,000. This value does not represent the average or median price but rather is a comparative value of single family homes in markets across Canada. The cities of Regina, Calgary, Toronto and Greater Vancouver had benchmark values of $314,100, $472,800, $574,000 and $945,700 respectively for comparable properties. By comparison, homes are still very affordable in Saskatoon.
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