A media release from The Saskatoon Region Association of REALTORS® (SRAR) regarding May, 2015 residential real estate sales in Saskatoon and area.

Please note that the association’s comments often touch on “year-to-date” numbers, and some of their comments may touch on sales within the association’s full trading area. The charts that you see on these posts , as always, reflect data for activity within the city if Saskatoon on a month-to-month basis over the past five years.

Active listings in the Saskatoon market have exceeded the 2,000 unit mark for the first time. This is significantly higher than the five-year average which is just over 1,500 units. At the current rate of unit sales in May, it would take just under 5 months to liquidate the current inventory.

Unit sales, year-to-date total 1,583 units which is a 15 percent reduction from the same period last year. The five-year average for unit sales is 1,700 units for the first five months of the year.

In spite of the rising inventory and declining sales, the average price remains virtually unchanged. This appears to be due to a greater decrease in unit sales in certain price ranges below $500,000. "For this reason average price can be misleading and the expert advice of a REALTOR® should be sought when deciding on price,” cautions Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. "The decision where to price a home when selling, or what should be offered when buying, is the single most important decision that most of us will make and should not be taken lightly."

On average it takes 45 days for a home to sell in Saskatoon which is approximately 20 percent longer than the average of the past 4 years.

According to the MLS® Home Price Index (HPI), single family property values are beginning to level off for most areas of the city. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. The HPI is a more accurate way to measure housing price trends than the average or median price. As summer approaches it is expected that prices will start to decrease slightly overall. This would be based on inventory levels continuing to remain high and sales decreasing slightly from the spring market activity levels as they traditionally do.

"It should be kept in mind that the past couple of years have been exceptionally good years for the real estate market and today's sales levels are more reflective of the norm,” adds Yochim. The five-year average for May sales in Saskatoon is 445 units which is marginally more than the 422 unit sales last month. The sales to listing ratio was at 43 percent which is still within balanced territory. A balanced market is considered to be when 40-60 percent of the homes that are listed for sale end up with a sale. In recent years this number has been closer to 50 percent. New construction appears to have cooled off with a significant decrease in the number of permits issued in 2015 compared to last year. As of the end of April, 268 permits were issued for fsingle-family homes compared to 466 for the same period in 2014.

Jason Yochim Chief Executive Officer - Saskatoon Region Association of REALTORS®

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Norm Fisher

Royal LePage Vidorra

A media release from The Saskatoon Region Association of REALTORS® (SRAR) regarding April, 2015 residential real estate sales in Saskatoon and area.

Please note that the association’s comments often touch on “year-to-date” numbers, and some of their comments may touch on sales within the association’s full trading area. The charts that you see on these posts , as always, reflect data for activity within the city if Saskatoon on a month-to-month basis over the past five years. The Saskatoon housing market reached a record level of 1,934 active listings as of the end of April, a 34 percent increase compared with the same time last year. Of the active listings, just over 700 are multi-family properties representing more than a third of the available inventory. In spite of record inventory levels, the average price remains unchanged from a year ago at $352,000. "When inventory levels were lower we were experiencing a three to four percent annual increase in the average price," comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®.  "It is reasonable to expect a slight downward change in the average price if the rate of increase in inventory levels continue to outpace that of sales." 

According to the Home Price Index (HPI), single family property values are trending slightly upward recovering from steady decreases since last July. Townhouse and apartment condo values, on the other hand, have been trending downward over the past number of months. This is largely due to an increase in multi-family housing starts late in 2014 which are now seeing completion and entering the market. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January of 2005. The HPI is a more accurate way to measure housing price trends than the average or median price. A benchmark value of $328,100 for single family homes is the highest level recorded since July of 2014. This contrasts the benchmark value for townhouses and apartment condos of $260,400 and $217,100 respectively, which is the lowest level since last January. 

All in all, the province and the city of Saskatoon have weathered the recent economic storm quite well compared to many other major Canadian cities. "A very diverse economy has insulated the province from the fallout of recent economic challenges," adds Yochim.  "Furthermore, higher inventory levels provide several positives. There is more to choose from for buyers, pricing remains in check and supply keeps pace with the growth in population." The sales to listing ratio currently sits at 42 percent which is still considered to be balanced territory. When the active listings are divided by the number of sales in April, it would take just under six months to liquidate the current inventory of homes for sale, the five year average is four months.   

On average a home in Saskatoon will take approximately 45 days to sell, slightly longer than the five year average of 38 days. "Sellers need to be properly advised as to how to price their property in order to achieve a sale within the average time to sell," cautions Yochim. "Buyers are more educated today than ever before and will not move on a home that is overvalued."  

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Norm Fisher

Royal LePage Vidorra

A media release from The Saskatoon Region Association of REALTORS® (SRAR) regarding March, 2015 residential real estate sales in Saskatoon and area.

Please note that the association’s comments often touch on “year-to-date” numbers, and some of their comments may touch on sales within the association’s full trading area. The charts that you see on these posts , as always, reflect data for activity within the city if Saskatoon on a month-to-month basis over the past five years.

Despite a predominately negative outlook in the media regarding the housing market in western Canada, it seems that buyer confidence is beginning to gain momentum as we enter the spring market in Saskatoon. In the first two months of 2015 unit sales were down 22 percent from the same period in 2014. In March, the 348 transactions in Saskatoon represented just a ten percent reduction from March of last year.

It appears that momentum has been gradually building in the past couple of weeks. "The MLS® Home Price Index (HPI) composite benchmark value of $313,700 for the Saskatoon market continued its upward trend that started in January," states Jason Yochim, CEO for the Saskatoon Region Association of REALTORS®. The HPI is the most accurate indicator of the direction that the housing market is trending. "Although the increase is slight it reverses a predominately downward trend in the latter half of 2014," adds Yochim.

In some neighbourhoods this market trend is sharper than others while in some areas the market is actually trending downward. "With this kind of differentiation of neighbourhood activity, the importance of the insight of a knowledgeable professional REALTOR® cannot be overstated," cautions Yochim. Currently there are 1,748 active residential properties in Saskatoon which is up 30 percent from the same time last year. This represents approximately five months of inventory which is down from eight months in January. Almost 1,100 of the homes for sale in Saskatoon are single family homes with approximately one third of these constructed in the past year.

Of interest to many is the sales to listing ratio (percentage of listings that actually sell) which is an indicator of whether the market favours buyers or sellers. A sales to listing ratio between 40 percent and 60 percent is considered balanced. This percentage is typically lower in the first quarter and currently sits at 39 percent which is just outside of "balanced territory" and 12 percentage points below the five year average of 51 percent for the first quarter of the year. "An increase in inventory acts as a control mechanism for housing prices to keep them in check and also provides greater selection for the home purchaser," comments Yochim. “Buyers get frustrated and complacent when there is little to choose from and when they sense the market is climbing out of reach.  More selection is likely why there are more buyers in the market comfortable with making a purchase that fits their needs and budget. This also means that sellers need to be careful when pricing their home in a competitive market," he adds.

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

Norm Fisher
Royal LePage Vidorra

A media release from The Saskatoon Region Association of REALTORS® (SRAR) regarding February, 2015 residential real estate sales in Saskatoon and area.

Please note that the association’s comments often touch on “year-to-date” numbers, and some of their comments may touch on sales within the association’s full trading area. The charts that you see on these posts , as always, reflect data for activity within the city if Saskatoon on a month-to-month basis over the past five years.

Year-to-date, the Saskatoon Region Association of REALTORS® (SRAR) experienced a 22 percent reduction in the number of sales along with an eight percent increase in the number of properties listed for sale. This has resulted in an overall increase in inventory levels of 13 percent. The greatest increase in inventory is within the city limits where the increase is 26 percent over 2014. The number of multi-family units is on the rise representing almost 40 percent of the Saskatoon inventory. In 2014 new housing starts for multiple units exceeded single family starts by 65 percent. Many of these units are now complete and added to the resale inventory to increase supply. The sale-to-listing ratio in Saskatoon is currently 37 percent which is the lowest level since last January.

"Stories of oversupply, slower sales, cooling economy, and bursting real estate bubble do have a psychological effect on the behaviour of consumers. To be sure there are real economic impacts as a result of low crude oil prices however speculation based on negative outlooks has an even bigger impact in my opinion," comments Jason Yochim, CEO with the SRAR. "I heard it once said that 'the economists have accurately predicted five of the last two recessions'. Two points here, firstly, no economist knows for certain what the future may hold and secondly if the media is full of speculation that an economic apocalypse is inevitable, then it is to be expected that a decrease in consumer confidence will result in reduced spending and investment in real estate," adds Yochim.

In spite of higher inventory and lower sales, the average sale price year-to-date is up three percent. The number of properties selling over $500,000 was consistent with last year’s numbers with two sales in excess of one million dollars. Home sales in all price ranges were down compared to 2014 with a notable 32 percent decrease for sales in the $450,000 to $500,000 range.

Facts worth considering are that Saskatchewan has a strong and diverse economy, people are still moving into our province and the housing needs of families change as they move through the various stages of life. Homes and condominiums will continue to be bought and sold to meet the demands of these changes. It is important to realize that housing supply and demand can vary significantly depending on area, condition and pricing compared to competing properties in the market. The largest source of market specific data is in the hands of a professional REALTOR® who can not only provide the data but also interpret it and make specific recommendations for each situation. "This is critical for a seller who wishes to sell within a certain time frame or a buyer who is interested in getting fair value for their money," Yochim comments.

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

Norm Fisher
Royal LePage Vidorra

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for January of 2015 today 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.

As was widely expected, low world crude oil prices and a sagging Canadian dollar have had an effect on the housing market in Saskatoon. Inventory levels continue to build due to a 14 percent increase year-over-year in listings and a 21 percent reduction in home sales. "Although this will undoubtedly have a downward effect on home prices in Saskatoon, I'm not sure we are ready to follow Chicken Little around and take cover from a falling sky," comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS ^®(SRAR). Listing activity was consistently trending upward for the past number of months and this past January is no exception to that trend. The 21 percent reduction in sales year-to-date actually represents only 40 fewer home sales when compared to last January. "Although we can't ignore the potential impact of market forces we need to keep things in perspective. When buyers and sellers hear bad news it affects their decisions but may not reflect the actual market," he adds.

At the end of January the number of homes available for sale in Saskatoon reached 1,453 units. Higher inventory levels and cautious buyers will generally lead to a downward pressure on pricing. Some neighborhoods will be affected more than others depending on demand and price range. Since there are typically more buyers in the $250-450,000 range, the impact of reduced pricing will likely be less. Another side effect of higher inventories is an increase in the number of days to sell. Currently it takes 55 days in Saskatoon for the average home to sell compared to 51 a year ago. "If sellers are unable or unwilling to look at pricing to market, they have to be prepared to be receptive to offers" says Yochim. “ This is a simple fact of supply and demand in any market. Higher supply and lower demand equals a decrease in the value of a product."

The average sale price of $357,000 continues its gradual climb at a four price increase for the year. Year-to-date, the number of homes that had sold between $350,000 and $500,000 was up 18 percent with 1541 unit sales. Sales between $500,000 and $750,000 increased by 32 percent with 443 unit sales and homes priced between $750,000 and one million dollars were up 38 percent with 61 unit sales. Home that sold for more than one million dollars in Saskatoon were virtually unchanged from 2013 at 11 properties. In contrast, there were only three sales that exceeded one million dollars in the market area surrounding Saskatoon, a 50 percent reduction year-to-date compared with 2013.

A key indicator of pricing trends in the Saskatoon real estate market is the SRAR Home Price Index (HPI). The HPI is the most accurate predictor available of where the market is trending and measures a change in value of homes sold over time. Overall the composite index for Saskatoon has been trending slightly downward since the later part of 2014 with a 1.19% change since July. Even with the higher inventory levels and slower sales the index showed only a negative change of 0.09% in January. When comparing the five major areas within Saskatoon, all continued to see a slight reduction with the exception of area 4 which continues to show a positive trend in pricing. Area 4 encompasses the neighbourhoods located between Idylwyld Drive and Circle Drive west with a benchmark value of $222,500.

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher Royal LePage Vidorra

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Norm Fisher

Royal LePage Vidorra

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for November of 2014 today 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.

For the first time in Saskatoon and area, MLS® sales have topped the $2 billion mark. "We had an expectation that we would reach this milestone by year’s end but it was a pleasant surprise to see it at the end of November," comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®.

The number of transactions recorded for Saskatoon and area is also at an all-time high of 5859 units. "This is a huge economic driver to the area as the average transaction generates in excess of $50,000 of spin off business, according to research conducted by the Canadian Real Estate Association," adds Yochim. The dollar volume for Saskatoon corporate was in excess of $1.5 billion which is 11 percent higher than last year.

Within Saskatoon itself, the number of homes listed so far in 2015 stands at 8682, up 16 percent from last year, while the number of sales year-to-date was 4295,  an increase of seven percent. Inventory also remains high with 1510 units available, a 5.15 month supply of inventory. "Sellers need to consider the impact that higher inventory, additional competition and a traditionally slower time of year will have on their sale," warns Yochim. "Sellers who need to sell may have to consider adjusting their price to attract a buyer." Compared to last year at this time, there were just 1239 active listings, a 4.24 months of inventory. In November alone, there were 601 properties listed for sale in Saskatoon, a 27 percent increase compared with November of 2013.

Click the images for a larger version of the chart.

The average sale price of $357,000 continues its gradual climb at a four price increase for the year. Year-to-date, the number of homes that had sold between $350,000 and $500,000 was up 18 percent with 1541 unit sales. Sales between $500,000 and $750,000 increased by 32 percent with 443 unit sales and homes priced between $750,000 and one million dollars were up 38 percent with 61 unit sales. Home that sold for more than one million dollars in Saskatoon were virtually unchanged from 2013 at 11 properties. In contrast, there were only three sales that exceeded one million dollars in the market area surrounding Saskatoon, a 50 percent reduction year-to-date compared with 2013.

Click the images for a larger version of the chart.

The average number of days that it took to sell a home in Saskatoon at the end of November was 40, while the sales to listing ratio was 49 percent. This means that approximately half of the homes placed for sale on the market do not result in a successful sale. "Although this is considered a balanced market, it appears that the buyers are starting to gain a bit more of an advantage, all things considered."

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher Royal LePage Vidorra

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher

Royal LePage Saskatoon Real Estate

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher

Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for July 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 number of properties available on the Multiple Listing Service® at the end of July stood at 1,615 for Saskatoon. This was partly due to 932 additional properties listed for sale in July, an increase of 19 percent over last July as well as a reduction in sales compared to last July.

In 2008, inventory levels spiked in response to a levelling off in the market after the dramatic market activity of 2006/07. "I don't believe we are in a situation where the market is experiencing a correction but rather it seems the long awaited summer weather has buyers opting for vacations instead of house hunting,” comments Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.

An increase in newly listed properties combined with a slowdown in sales resulted in the months of inventory increasing to 3.85 from just less than 3 months in June. "The months of inventory is determined by dividing the number of active listings by the number of sales and gives a sense of how long it may take a property to sell,” adds Yochim. "Typically the higher the price range the greater the increase in the months of inventory.”

The average price, year-to-date, was up 3 percent to $356,800 supported partly by an increase in homes selling at the higher end of the market.

According to the Home Price Index, the benchmark value for a typical single family home in Saskatoon was $329,700 while the index was at 233.6, continuing a steady upward trend in values since December. In October of 2013, the index showed a slight downward trend through to the end of the year. The Home Price Index reflects the change in value for a typical single family home over time similar to the Consumer Price Index.

The total number of Saskatoon homes to trade in July was 420, down 9 percent compared to July of 2013. Home sales between $500,000 and $750,000 were up 40 percent compared to last July while a total of 9 sales between $750,000 and $1 million was almost double that of July 2013. Year-to-date, homes selling between half a million and a million were up 29 percent over the same period last year while there have been a total of 2,801 sales in the Saskatoon market, an increase of 7 percent over last year.

Sales activity was also quieter in the market outside of Saskatoon down two percent compared to last July. Year-to-date, the number of sales in the rural and surrounding communities stood at 838 units, an increase of 15 percent. The number of new properties listed for sale also increased by 15 percent to 2,128 year to date.

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for June of 2014 recently 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 and area housing market finished off the first half of 2014 with impressive numbers overall. A total of 7,184 homes were listed on the Multiple Listing Service® so far in 2014 represented an increase of 15 percent over last year.

There was also a healthy increase in sales of 13 percent totalling 3,249 units. "It's encouraging to see strong activity in the Saskatoon market. We need to get comfortable with the 'new normal' that we are experiencing in the growth of our city,” states Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.

"In spite of these impressive increases in activity, the growth in average price continues to climb at a modest three percent,” said Yochim.

In terms of dollars, the total volume for real estate transactions exceeded 1.1 billion at the end of June, on track to reach $2 billion by year end. The number of days to sell a home in Saskatoon dropped from 40 days a year ago to just 33 days in 2014. "Sellers have to be mindful of averages and consider that the days to sell will vary significantly based on several factors such as condition, location, price range and competing homes" adds Yochim. "The best way to know for sure is to contact a REALTOR® who will have access to key data."

The market surrounding Saskatoon has experienced similar increases this year with a notable increase of 36 percent in property sales in June alone compared to last year. This market includes cities, towns, acreages and rural properties in close proximity to Saskatoon. The average days to sell for this market was 64 days.

Home sales in the higher price ranges continued to show positive signs. The number of homes that have sold between $350,000 and $500,000 increased by 24% while home sales priced between $500,000 and $750,000 increased by 33%. At this time last year, 7 properties sold for over $1 Million compared with 5 so far in 2014. Currently there are 15 properties advertised on the Multiple Listing Service over $1Million.

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate