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Saskatoon’s upper end home sale numbers soften in April, 2014: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for April 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.


Sales activity in the Saskatoon market continued to be strong, up eight percent year-over-year. Although sales activity has been strong in all price ranges this year, sales over $400,000 were five percent lower in April 2014 compared to April of last year. During this same period, the number of homes selling below $400,000 increased by 18 percent.


"A surplus in the inventory of homes priced in excess of $400,000 has created a buyer’s market, especially in new homes,” according to Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.  "The higher the price, the longer homes have been sitting on the market. This gets expensive especially for builders who are carrying these homes,” says Yochim. Of the active listings available priced over $500,000 it would take a year at the current rate of absorption to clear out the inventory, this time frame nearly doubles for homes above $600,000. This is quite a contrast to homes priced between $250,000 and $450,000 where there is only 2.6 months of inventory.


"A key element in pricing of new homes is the cost of land which many stakeholders fear is bringing "sticker shock" to purchasers in this price range,” adds Yochim. "To move inventory, developers are forced to reduce prices and cut margins." Comparatively, the cost of labor and materials has not experienced significant increases in the past couple of years.


In April, the median price in Saskatoon took its first drop this year from $348,000 to $341,000. There were 884 homes listed by Saskatoon REALTORS® in April which represents 31 percent of the total number of homes listed so far this year. The current inventory of active homes in Saskatoon is 1,443 which is an increase of 22 percent year-over-year. Based on the current rate of sales this represents 3.2 months of inventory which is just slightly below the five year average of 3.35 months.


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.
 

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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