Saskatoon home sales failed to gain any traction during April as local agents reports 396 firm residential trades to the MLS® system, down one unit from March, and lower annually by 14 percent. This is the fourth consecutive month that demand has fallen on an annual basis, which comes as a surprise to no one, given the interest rate environment, and the lack of listing inventory, but it’s quite a rarity not to see some growth over the previous month as we move further into spring.
Fortunately, the number of new listings added to the system did show some growth. Saskatoon real estate agents brought 669 local homes to the system, higher than the previous month by close to 100 units, and also higher by a small handful compared to April of last year.
Year-to-date, new listing numbers are down close to 11 percent annually.
A more robust supply of new listings allowed the inventory of Saskatoon homes for sale to grow from 935 at the end of March to 1035 by the end of April. That leaves us down by 5.4 percent from a year ago, and lower than the ten-year average supply by 36.7 percent. Total supply, expressed as “months of supply” is very low at just 2.6 months, a clear seller’s market.
Prices seem to have remained in check despite the supply versus demand imbalance. The average price of a Saskatoon home grew just $12,000 from a year ago. The benchmark price of a single-family home rose by less than three thousand dollars, while the benchmark price of an apartment fell lower annually by about $1600. Townhomes showed some gains as the benchmark price grew by $13,000 year-over-year.
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Norm Fisher
Royal LePage Vidorra
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