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Listings drop while home sales rise in Saskatoon region, February 2019: SRAR


Despite the very cold temperatures in February, Saskatoon and region home sellers found a little warmth as new listings dropped 7% and sales rose 6%.


The Saskatoon Region Association of REALTORS® (SRAR) reported 731 homes were listed, down from 783 in the same month of last year, while sales rose to 296 from 280.


The dollar volume of homes sold through the Multiple Listing Service® (MLS®) rose 4%, to $95.8 million from $92.4 million.


Year to date, listings dropped 7% to 1,591, sales were up 1% to 570, and the dollar volume was down a marginal 1% to $180.8 million.


Excluding the region, new Saskatoon listings were down 8.6% in February to 478 — the fewest since 2013 — while sales held steady with last year, rising by one to 211. Months of inventory dropped to 6.7 from 7.5 last February.

City homes listed to date in 2019, at 1,033, are at their lowest level in nine years. February statistics indicate a change in a market that has been declining for four years.


Saskatoon residential real estate sales by month from February 2019



“Sales have stabilized somewhat, and inventory levels are coming down,” said Jason Yochim, CEO of SRAR (Norm’s note: The inventory of active residential listing available to Saskatoon home buyers is at its lowest point in four years for the end of February). “As an optimist, I believe and hope it will continue. However, people have to be confident that the economy is improving before committing to the purchase of a home.”


Saskatoon real estate listings (new and active) by month from February 2019



He noted that while some sectors of the economy, such as potash mining, are doing well, others are less robust. “It’s not that people aren’t working; they are. But they won’t upgrade unless they have confidence in their situations.”


The average price in Saskatoon also recovered slightly to $338,268, up 2.3% from last February. Yochim cautioned that average prices can be misleading because the basket of sales in any given month can be very different from another.

For example, if two or three high-priced homes sell, that can significantly skew the average. A better gauge, said Yochim, is the Home Price Index (HPI), which tracks prices over time based on a benchmark determined 15 years ago. Saskatoon’s overall HPI, including apartment-style condos, was $282,600 last month, down 3% from last year. The most expensive category, two-storey single-family homes, was down 1% at $356,000.


Saskatoon residential sale prices by month from February 2019



Saskatoon remains a buyers’ market, with a sales-to-listing ratio of 44; but the ratio has risen from 34 in January, for a year-to-date ratio of 40. A ratio of 50 is a balanced market, while a ratio of 60 denotes a sellers’ market.


“Even in a buyers’ market, sellers can successfully sell their homes,” said Yochim. “The most important aspect to achieving a sale is pricing a specific property to match the current market conditions.


Jason Yochim, CEO, SRAR

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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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