At the mid-point of the year, the total dollar volume for residential MLS® sales in Saskatoon sits at $565,435,958. This is down 12 percent from last year and is the lowest dollar volume of sales for any June in the past ten years. “This is a reflection of a decrease in unit sales volume coupled with lower prices,” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.
Last month there were 350 MLS® home sales, an 11 percent decline from last June and the lowest number of homes sold for the month of June in 10 years. Year-to-date, 1,693 Saskatoon homes have sold through the MLS®, down eight percent from this time last year.
Year-to-date, the average sale price was $333,985, down five percent from the same period last year. The highest average residential sale price for June was in 2015 at $361,719. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.
The median sale price of a Saskatoon home (all residential categories) was $316,500 in June, its lowest point this year, and down from $330,000 in January. The Home Price Index (HPI) Value for Saskatoon single-family homes continued its slow but steady increase from February when it was $308,900 and climbing to $315,800 at the end of June. The HPI Value for single-family residential reached its highest level in May of 2015 at $331,800. The HPI value for apartments has been on a steady decline since January but appears to have leveled out at $179,100. HPI value for townhouse style residences has been trending up sharply since March and was at $231,600. The HPI measures the change in value over time for a typical home with a standard set of attributes. This index works similarly to the Consumer Price Index and is the most accurate indicator of home pricing.
Inventory levels continue to be elevated with 2,109 residential properties available on the MLS® in Saskatoon at the end of June. This is just slightly above the five-year average for active listings which is 1,990. The sales to listing ratio remained virtually unchanged from a year ago at 40%. The sale to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. This number shows that four out of every ten homes that hit the market end up selling. In reality, this percentage is likely higher as many homeowners that do not sell will cancel their current listing and re-list, often at a different price. This elevates the true number of listings relative to sales. Last month, it took 47 days on average to sell a Saskatoon home, unchanged from May of this year.
Jason Yochim
CEO of the Saskatoon Region Association of REALTORS®
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