Inventory of Saskatoon homes continues to decline in February 2018: SRAR

Inventory of Saskatoon homes continues to decline in February 2018: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of February of 2018 follows.

A year-over-year drop in new listings contributed to a declining availability of homes in the Saskatoon market in February. At the end of last month, there was a total of 1,588 active residential listings in Saskatoon. This represented a four percent decline from a year ago when there were 1,659 properties available.

By the end of February, REALTORS® had listed a total of 1,139 residential properties for the year, a 14 percent decline compared to 1,332 listings that had been added to the system by this point in 2017.

“For the past couple of years inventory levels have hovered around 2,000 available properties,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “It is definitely a positive trend to see inventory levels shrinking. This is helpful for slowing price declines,” he adds. 

Saskatoon real estate listings (new and active) through the multiple listing service in February 2018

Although the number of sale transactions in February (211), was down six percent from the same month last year, strong sales in January kept year-to-date sales one percent ahead of last year. Year-to-date, a total of 413 residential sales have been recorded on the MLS® in Saskatoon. The overall dollar volume for home sales in Saskatoon was just under $70 million which is down six percent from last February. The year-to-date dollar volume of transactions is unchanged from last year at $139 million.

So far this year, sales in the region surrounding Saskatoon, which includes the cities of Warman and Martensville, totaled 122 units representing, a 14 percent increase from last year. The total dollar volume for this area was just under $39.5 million for the first two months of the year, an increase of 12 percent compared to last year.

Saskatoon homes sales for the month of February 2018

The average sale price for a home in Saskatoon slipped one percent in February. The Home Price Index (HPI) composite benchmark value declined just slightly in the last 30 days to $292,800. Although this is its lowest point since February of 2012, the decline in the composite price appears to be slowing. With the exception of a couple of months in the spring of last year, the HPI composite value has been in an overall decline since August of 2016 when the value was $317,600.

Saskatoon home prices by month and category to February 2018

For further information, please contact:

Jason Yochim CAE, CRAE

Chief Executive Officer

Saskatoon Region Association of REALTORS®

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