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High inventory, softer demand and weaker prices provide ideal conditions for buyers in October 2017: SRAR

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®

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.
 

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