The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for November of 2014 today accompanied by the following release.
Please note that many of the association’s comments touch on “year-to-date” numbers, and some may be based on all sales within the association’s full trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month-to-month basis over the past several years.For the first time in Saskatoon and area, MLS® sales have topped the $2 billion mark. "We had an expectation that we would reach this milestone by year’s end but it was a pleasant surprise to see it at the end of November," comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®.
The number of transactions recorded for Saskatoon and area is also at an all-time high of 5859 units. "This is a huge economic driver to the area as the average transaction generates in excess of $50,000 of spin off business, according to research conducted by the Canadian Real Estate Association," adds Yochim. The dollar volume for Saskatoon corporate was in excess of $1.5 billion which is 11 percent higher than last year.
Within Saskatoon itself, the number of homes listed so far in 2015 stands at 8682, up 16 percent from last year, while the number of sales year-to-date was 4295, an increase of seven percent. Inventory also remains high with 1510 units available, a 5.15 month supply of inventory. "Sellers need to consider the impact that higher inventory, additional competition and a traditionally slower time of year will have on their sale," warns Yochim. "Sellers who need to sell may have to consider adjusting their price to attract a buyer." Compared to last year at this time, there were just 1239 active listings, a 4.24 months of inventory. In November alone, there were 601 properties listed for sale in Saskatoon, a 27 percent increase compared with November of 2013.
Click the images for a larger version of the chart.
The average sale price of $357,000 continues its gradual climb at a four price increase for the year. Year-to-date, the number of homes that had sold between $350,000 and $500,000 was up 18 percent with 1541 unit sales. Sales between $500,000 and $750,000 increased by 32 percent with 443 unit sales and homes priced between $750,000 and one million dollars were up 38 percent with 61 unit sales. Home that sold for more than one million dollars in Saskatoon were virtually unchanged from 2013 at 11 properties. In contrast, there were only three sales that exceeded one million dollars in the market area surrounding Saskatoon, a 50 percent reduction year-to-date compared with 2013.
Click the images for a larger version of the chart.
The average number of days that it took to sell a home in Saskatoon at the end of November was 40, while the sales to listing ratio was 49 percent. This means that approximately half of the homes placed for sale on the market do not result in a successful sale. "Although this is considered a balanced market, it appears that the buyers are starting to gain a bit more of an advantage, all things considered."
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