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Saskatoon average and median home prices 'virtually unchanged' in June 2017: SRAR


At the halfway point of the year, housing sales are on par with year-to-date totals in 2016. 1,850 units have traded hands in Saskatoon this year. 


The average sale price of $350,000 is virtually unchanged from a year ago. Also, the year-to-date median price is $330,000 which is also comparable to that of last year. Helping to sustain these prices is a notable increase (25 percent) in home sales over $600,000 offsetting a decline (three percent) in sales below $600,000.


For this year, the total number of sales over $600,000 in Saskatoon is 101 of which 90 were single-family homes. There were 1,765 transactions below $600,000 by the end of June. The number of condominium units sold so far this year was 533, representing a five percent increase over last year. With the mortgage qualification changes implemented last October, some buyers had to shift their purchase decision from single-family to condominium to allow for a reduced purchase price. The total dollar volume for Saskatoon and area of $846 million is the lowest year-to-date total since June of 2011. The highest dollar volume reached for the midpoint of the year was in 2014 when volume had reached $1.1 billion.


Much has been said about the number of homes available in Saskatoon. Currently, there are over 2,100 active listings in the city. This number of homes would take just over five months to liquidate at the current rate of sales. This number of actively listed properties also means that we are still firmly in a buyer’s market. Just 41 percent of listed homes are selling compared to the five-year average of 50 percent. In the overheated market of 2007, there were only 375 active listings and a sales to listing ratio of an incredible 79 percent. This was at a time when Saskatoon’s population was around 210,000 residents meaning we had one active listing for every 560 residents. In 2012, we had 1,254 active listings. With a population of 239,420, there was one active listing for every 190 residents. Today, as Saskatoon’s current population is 268,158 we have one active listing for every 125 people.


On average, it takes 45 days to sell a home in Saskatoon. This is the lowest days on market average for any month in 2017. “Average days on market can be misleading as well,” cautions Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “If homes are properly priced in any price range and in any market condition, they can easily see an offer in much less time.” The key is to get sound advice on the current market for each specific home. “Our REALTOR® members are market experts who are objective and can guide a seller in this critical decision,” he adds.

The market surrounding Saskatoon had a year-to-date decline in sales of 11 percent with a total of 456 transactions. Active listings in this market at the end of June were 1,112 which is a four percent decline from last year. 


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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