I apologize for the delay in posting the October 2017 MLS® sales and listing stats for Saskatoon. The House Price Index (HPI) numbers needed some work following an August upgrade to the MLS® system and I was not comfortable moving forward before that was completed.
A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of October 2017 follows. I have edited the original release for grammar, and to include the updated HPI numbers to the corrected stats, which show a year-over-year decline, as opposed to an increase that was originally reported with this release.
Conditions remain ideal for those in search of a home in Saskatoon with 1,967 city listings on the market at the end of October, plus an additional 1,022 residential properties in the regions outside of Saskatoon. This is an increase of almost 12 percent compared to the same time last year. With upcoming mortgage rule changes being introduced in the new year, relatively low interest rates and more available homes, this is an ideal time for buyers to tie up that purchase.
The sales-to-listing ratio for Saskatoon was just over 40 percent in October. This means that for every ten homes listed for sale, four were successfully sold. The number of Saskatoon sales for October was 287 units. Although this was an eight percent decline compared to October 2016, it represented an increase of ten percent over September's sales of 262. Year-to-date, by the close of October sales for Saskatoon were at 3,030 units, a 6.7 percent decrease from the same period last year. A total of 8,069 homes have been placed on the market this year in Saskatoon, down slightly from 8,217 by this time last year.
“I expect that there may be a slight spike in sales as the year winds down,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “This would be due to recently introduced mortgage qualification rules for conventional buyers plus some recent upward pressure on interest rates.” The federal government continues to address issues with overheated markets in Canada's two largest cities. These rule changes, however, affect local real estate markets much differently.
The average days on market for a home in Saskatoon was 54, which is unchanged from September and slightly higher compared to October of 2016 when it took 50 days. Not surprising, with higher inventory levels and declines in sales the average selling price for a home in Saskatoon continues to fall, with a year-over-year decline of 3.2 percent. It is now at $331,889. The median price, however, remained unchanged at $330,000. The MLS® Composite Home Price Index (HPI) Benchmark Price fell by just over four percent annually to $299,900. The Composite HPI measures the rate of change in a benchmark price for a typical home and is the most accurate indicator of pricing direction in a market.
For further information, please contact:
Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®