Brisk Saskatoon real estate market remains balanced through August, 2014: SRAR

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

At the end of August there were 1,595 properties available in the Saskatoon real estate market. This represents an increase of 16 percent year-over-year in inventory levels and is nearly 11 percent higher than the five year average. The number of homes that have been listed for sale in the Saskatoon area in 2014 reached 9,734 for a 13 percent increase over 2013.

Click the images for a larger version of the chart.

Strong sales, which were up eight percent for the same period, helped keep the sales-to-listing ratio at just over 50 percent to produce a balanced market. "Depending on what price range a property is in the sales to listing ratio will vary. Currently the west side of Saskatoon enjoys a slightly stronger seller’s market than the east side and north end,” comments Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®. The months of inventory, which reflects the time needed to liquidate the current inventory of listed homes, is up slightly to just over 4 months as the increase in properties for sale continues to outpace the increase in sales across Saskatoon.

Click the images for a larger version of the chart.

The activity in homes priced between $500,000 and $750,000 continues to do well with 332 unit sales, an increase of 35 percent over last year.  Not surprisingly, the price range with the most unit sales year-to-date is between $350,000 and 400,000 with 551 units sold, a 16 percent increase from 2013. Saskatoon's transaction volume for 2014 sits at just under $1.5 billion, an increase of 11 percent over last year and is on track to reach $2 billion by year’s end. "It is encouraging to see strong activity across the board in the Saskatoon market, especially over the summer months when real estate activity typically slows,” comments Yochim.  "In spite of our strong market we continue see a modest three percent increase in the average sale price."  The average price of a home in Saskatoon currently sits at $353,000.

Click the images for a larger version of the chart.

Currently there are just over 330 newly constructed homes available on the Multiple Listing Service® in Saskatoon. According to reporting by Canada Mortgage and Housing Corporation, single-family detached housing starts are on pace with last year while multi-family unit starts are almost double those of 2013 halfway through the year. Competitive pricing and continued low interest rates are resulting in more absorption in the new home market.

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

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