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Saskatoon home sales see declines in Q1, 2018: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of March 2018 follows.


In the first quarter of 2018, there were 648 Saskatoon home sales, a 10 percent decline on a year-over-year basis. The decrease in sales for the month of March was 24 percent with just 234 residential transactions occurring last month.


Saskatoon home prices by month and category to March 2018



The number of new listings introduced on the MLS® for Saskatoon is also down for the quarter. There have been 1,807 Saskatoon homes listed so far this year compared to 2,183 for the same period in 2017.


At the end of March, active residential listings in Saskatoon totaled 1,670 for both single and multi-family homes, consistent with the five year average of 1,695. The inventory would take just over seven months to liquidate at the current rate of sales.


The reduction in active listings is not only the result of fewer homes being listed on the market. “Some sellers may have decided not to re-list their home just yet, opting to wait for the more active spring market to try their luck,” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). “Many sellers believe that spring is the best time to sell,” he adds.


Saskatoon real estate listings (new and active) through the multiple listing service in March 2018



The sale-to-listing ratio is a comparison of the number of sales to the number of new listings for a specific period of time. Understanding this ratio allows us to determine if we are in a buyer’s market, a seller’s market or a balanced market. A ratio between 40% and 60% is considered to be a balanced market. A ratio below 40% is considered to be a buyer’s market, while a ratio exceeding 60% is considered to be a seller’s market. The sale-to-listing ratio for March was 35%, down slightly from the five year average of 40%.


Last month, Saskatoon homes took an average of 64 days to sell compared to 47 days in March of 2017. The five year average days to sell for the Saskatoon market is 50 days.


The average year-to-date residential sale price continued its steady decline falling 2%. For the first quarter of 2018, the average home sale price in Saskatoon was $333,826. Since averages can be misleading, the median price tends to be a better reflection of the market. The median home sale price continued to decline from $330,000 in January, to $317,250 in March. In March of 2017, the median price was just slightly higher at $320,000. The five year average for median residential home sale price in Saskatoon is $330,000.


The Home Price Index Composite Benchmark Price (HPI) increased slightly for the first time since June of 2017 to $293,200. By comparison, the composite benchmark has not been this low since February of 2012. The highest point ever reached was $319,600 in May of 2015. Declines to the HPI began showing signs of slowing in January of 2018. The HPI is the most accurate indicator of where home prices are trending.


Saskatoon home prices by month and category to March 2018



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.
 

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.

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