A smokin’ hot August brought home buyers out in droves as Saskatoon home sales exploded and reached record levels. Local real estate agents reported 528 residential sales to the MLS® system, to finish higher than July’s numbers by 37 units, and up 88 on an annual basis.
Single-family home sales rose by 22 on both a monthly and annual basis, while condominiums saw the biggest gains growing by 12 compared to July, and up 50 sales on a year-over-year basis reaching 189.
Meanwhile, new listing activity fell lower, as is typical for this time of year. A total of 657 new listings were processed through the local multiple listing service®, down six percent from July and on par with numbers recorded last August.
As new listings slipped lower and sales reached new heights, active listing numbers continued to suffer. At the close of business on the final day of August, a total of 1,000 Saskatoon homes were showing an active status on our system. That’s down 92 from the previous month’s close, and lower than it was a year ago by 250 units. Ouch! You don’t have to be a statistician to see a problem that continues to worsen as you look at the active listings graph below. Our city keeps growing and inventory keeps slipping lower.
Months on inventory slipped to 1.9 at the close of August, down from 2.8 at this time last year.
The average sale price of a Saskatoon home slipped $3,000 from July to settle at $373,397. That number is also lower than it was a year ago, by $7,000.
The benchmark values from the MLS® Home Price Index, meanwhile show annual gains across the board.
Single-family home prices slipped $7,700 from July but remained up on an annual basis by $4,800.
The benchmark price of an apartment condo fell $400 from a month earlier but finished higher annually by $6,000.
Townhomes showed the largest gains as the benchmark price grew $5,400 from July to finish higher on a year-over-year basis by $15,000.
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Norm Fisher
Royal LePage Vidorra
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