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Saskatoon home sales hit the tank in April 2020


April 2020 is now in the books and while the Saskatchewan REALTORS® Association has not yet released their official numbers, here's a brief look at what occurred as Saskatonians hunkered down to avoid the Covid-19 virus.


I will add the SRA's media release to the comments of this post when it's released next week.



Saskatoon homes sales by month to April 2020


New and active Saskatoon real estate listings by month to April 2020


Saskatoon home prices by month and category to April 2020


Video Transcript

Well, hello there.


April of 2020 is in the bag and I thought I would give you a little bit of an update on MLS activity in the Saskatoon market, specifically for home sales.


You may recall in March, that the month finished off fairly strong. We ended about 6% higher than we were a year ago. And I think that that was a result of some momentum that had been building for a number of months. And, you know, a number of people who were midway through a move when the state of emergency was declared.


Real estate sales really fell off in April, in a fairly significant way. We saw 213 Saskatoon homes trade hands, which is down from 378 in the same month a year ago, so about a 45% decline. Interestingly though, over the last few weeks, sales seem to be getting some footing and we're actually seeing some growth over the last three weeks. In fact, sales bottomed out Easter week at 34 units. They climbed to 40 the next week, 51 the next week and this week finished with 69 sales. So it looks like people are beginning to feel comfortable getting out and looking at homes again.


New listings fell off in April to under 500, which is pretty remarkable for a spring month, that also down nearly 40% from last year.


Currently, our active listings are sitting at about 1360, which is down 23% from where they stood a year ago.


Prices appear to be holding pretty steady. The average sale price of a Saskatoon home was down $3000 from one year ago, pretty modest decline. But when you look at the home price index and the specific categories of housing, you see single-family homes actually rose $3400 over the month. The benchmark single-family home for Saskatoon, that came in at $305,600, which is down just $500 from a year ago. Townhomes were up $4500 from last month, to $231,900, which is an $18,000 increase on a year-over-year basis. And apartments fell to $165,900, down a thousand dollars from a month earlier and down $1600 from a year ago.


So that's basically it in a nutshell. It remains to be seen what'll happen as the Saskatchewan market begins to reopen and people get a little bit more accustomed to being out of their house on a daily basis.


But I'm gonna crunch numbers over the weekend and do some blogging, so check us out at teamfisher.com if you'd like to have a closer look at the numbers.



________________________________


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TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.


I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com


Norm Fisher

Royal LePage Vidorra

Comments:
Norm Fisher on May 15, 2020 5:11 PM posted:
SASKATCHEWAN REAL ESTATE MARKETS FARE BETTER THAN EXPECTED: poised to help boost provincial economy May 5, 2020 For immediate release COVID-19 has had significant economic impact across all sectors of the economy. Despite those challenges, the Saskatchewan real estate market has been relatively resilient to date. While Q1 new listings and average prices were down 4.4% and 0.2% respectively over last year, Q1 sales were up 7.0%. The true impact of the pandemic, however, was not going to begin to be felt until April, and although activity was down, it was not down as much as anticipated. Across the province, new listings were down 48.1% from April of last year while sales were down 45.1%. This contrasts significantly from the SARS pandemic which saw transactions in some markets fall up to 72% and cease completely during COVID-19 in certain markets. Average home prices in April fell 3.2% year-over-year which is consistent with the modest price decline experienced in other markets affected by pandemics. Evidence from prior pandemics suggest that transaction volumes return to normal quite quickly once physical distancing measures are relaxed. The province is just beginning to re-open the economy and we anticipate that “the real estate industry in Saskatchewan will likely emerge from this shutdown with only a few cuts and scrapes,” said Saskatchewan REALTORS® Association CEO Jason Yochim. Home sales produce approximately $54,000 in additional spinoff spending across multiple sectors of the economy. Reduced restrictions on the home buying process have the potential to boost employment and help the provincial economy to recover and offset some losses in other areas of the economy. “The number of employment opportunities and essential economic activities that are created when a home is bought or sold is significant,” said Yochim. “Sales that don’t occur during this pandemic will be recovered once the province has opened up again.” Saskatchewan REALTORS® have taken every action possible to protect public safety concerning COVID- 19 and recognized early on that business could not carry on as usual. The industry has worked hard to develop and provide a significant amount of virtual resources for REALTORS® as well as buyers and sellers which has proved to be invaluable while practicing social distancing. Saskatoon Sales in Saskatoon were down 43.9%, going from 380 in April 2019 to 213 in April 2020, and down 44.9% in the overall region, going from 514 to 283. In Saskatoon, sales were 34.3% below the 5-year average (and 40.5% below the 10-year average), while in the larger region, sales were 35.1% below the 5-year average (and 42.9% below the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 10.8% over last year, dropping from 1,048 to 935, while YTD sales in the larger region also fell 10.9%, going from 1,422 to 1,267. Sales volume was down 44.2% in the city, going from $129.6M to $72.4M in 2020 (35.6% below the 5- year average, and 42.9% below the 10-year average). YTD sales volume in the city was $312.2M, a decrease of 9.0% from last year. In the region, sales volume was down 44.2%, going from $166.0M to $92.7M (35.4% below the 5-year average and 42.7% below the 10-year average). YTD sales volume also fell 9.6% in the region, going from $443.7M in 2019 to $401.3M in 2020. The number of new listings in April 2020 fell from the number last year as well. In Saskatoon, new listings fell 36.7%, going from 774 to 490 (36.1% below the 5-year average and 37.5% below the 10-year average), while in the region the situation was even worse, with new listings falling 43.6% from 1,201 last year to 677 this year. Active listings also fell 17.9% in Saskatoon (down from 1,781 to 1,463) and 16.4% in the region (down from 3,240 to 2,708). The sales to listing ratio was 43.5% in Saskatoon and 41.8% in the region suggesting somewhat balanced market conditions in the area. Homes in Saskatoon stayed on the market an average of 56 days in April—marking no change from 56 days last year (but still slightly above the 5-year average of 52 days and the 10-year average of 44). Homes in the region stayed on the market somewhat longer than homes in the city at 67 days on average in 2020, up modestly from an average of 65 days last year. Median home prices in Saskatoon went from $332,000 to $320,000 (a decrease of 3.6%) and were approximately 1.8% below the 5-year and 2.4% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 2.4% from $302,200 to $305,600. Median home prices in the region also fell 1.2%, going from $313,750 to $309,900 which is 2.1% below the 5-year and 2.1% below the 10-year average median price.

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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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