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Saskatoon home sales stable in July, 2019 but prices are still down: SRAR Stats

I’m not sure why but the Saskatoon Region Association of Realtors® has not yet distributed their monthly media release for July 2019. Since we are well into August already, I thought I’d get some numbers in front of you and I will place their release in the comments below when it does come out.


July was the first month since February of this year that did not record year-over-year increases to unit sale numbers. Local REALTORS® sold 390 Saskatoon homes, precisely the number that sold last July. By month-end, 2,228 homes had traded hands this year leaving us ahead of sales at this time in 2018 sales by 7.2 percent.


Saskatoon condo sales continued to perform very well as 129 buyers scooped one up. That’s the highest number of sales in this category for any month since June of 2015.


Historical Saskatoon MLS home sales by month and category to July 2019



New listings were up annually for the first time since March. That’s occurred just twice this year. A total of 748 residential properties entered the MLS®, up from 709 last July. That brings total listings for the year to 4,952, down modestly from 5,116 at the close of July last year.


Active listing inventory continued to soften falling to 1932 by the end of the month. That’s down from 2048 a year earlier and at its lowest July close since 2014.


New and active Saskatoon real estate listings for July 2019



The average selling price of a Saskatoon home was $331,780 in July, down 1.7 percent from this time last year. 


The MLS® Home Price Index shows annual losses for all three major housing types. The benchmark single-family home price is down $2600 from a year aga to $308,700. Apartment prices have slipped $2000 from this time last year, with the indexes benchmark coming in at $175,800. Finally, townhomes saw the biggest year-over-year decline as the benchmark fell $14,000 to $220,000.


Saskatoon home prices by month and category to July 2019




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 Aug 15, 2019 12:15 PM posted:
Here is the media release from the Saskatoon Region Association of REALTORS® which was distributed August 14, 2019. Hot weather and summer holidays brought a slight cooling to Saskatoon and region’s housing market, as sales and total dollar volume fell by 9.8 and 9.4 per cent respectively from last July. Multiple Listing Service®(MLS) sales totaled 481, down from 533, while listings rose a marginal 0.4 per cent to 1,140. Dollar volume fell to $154.7 million from last year’s $170.7 million, reported the Saskatoon Region Association of REALTORS®(SRAR). “Typically people think summer will always be busy, but spring is the busiest market,” said SRAR CEO Jason Yochim. “It tapers off a bit in summer. Winter weather can be brutal, and people take advantage of summer when it’s here.” Still, year-to-date numbers remain up over 2018. Sales rose 4.4 per cent to 2,968 from 2,843, while dollar volume is up 2.8 per cent to $964.7 million from $938.7 million. Listings so far this year are down 2.2 per cent, to 7,724 from 7,900; and well down from 2017’s 8,692. In the city of Saskatoon, July sales were exactly on par with last year’s 390 transactions and well up from 310 in 2017. Dollar volume fell 1.7 per cent to $129.4 million, while listings rose 5.5 per cent to 748 from 709. Year-to-date, and largely due to a strong spring market, the city’s dollar volume is up six per cent to $739 million from $696.4 million last year. Sales increased seven per cent to 2,228 from 2,081 and listings fell three per cent to 4,952 from 5,116. Active listings in Saskatoon are down 5.7 per cent to 1,932 from 2,048 last year, while the region’s listings are down 0.7 per cent to 1,213 from 1,221. In July, the city’s sales-to-listings ratio reached 52 per cent, which is considered a balanced market. “Inventory levels are still declining, and that’s a good sign,” Yochim said. “The slight decline over the last three years helps us maintain a balanced market.” The city’s average price slipped 1.7 per cent to $331,780 in July. Year-to-date the price has fallen one per cent to $331,649. “It’s good to see in the city that while the average price dropped in 2017 and 2018, we’re very close to those values, so it’s levelled a bit,” Yochim said. “Overall, it’s positive; it’s stable. We’ve seen some good growth in Saskatoon in the last quarter. Our sales numbers year-to-date are the highest in three years.” The surrounding region saw less-robust interest from buyers. July sales dropped nearly 40 per cent to 69 sales from last year’s 114, and dollar volume fell 35 per cent to $21.5 million from $33 million. Listings were down 3.3 per cent to 291 from 301. However, the region’s average sales price rose 7.5 per cent to $311,998 in July, up from last year’s $290,322. To date, the price is down 5.2 per cent to $294,389. Prince Albert and region saw a burst of activity in July, posting 75 sales for an increase of 74.4 per cent from last year’s 43. That brings year-to-date sales to 345, up 5.8 per cent from 326. Dollar volume jumped accordingly by almost 49 per cent to $16 million, up from $10.8 million last year. Listings were also up by 4.8 per cent in July to 152, but down by one to 1,052 year-to-date. Average prices fell in both Prince Albert and region, by 12 per cent to $217,111 in the city proper and 26.3 per cent to $190,991 in the region. “A little pent-up demand finally kicked in, which is good. Buyers are seeing the inventory they’re looking for to purchase,” Yochim said. “As you have lower sales, if it starts to grow the inventory, you’re going to have more selection.” The Battlefords region also saw an increase in sales, which rose 8.3 per cent to 39 in July and 2.7 per cent to 225 year-to-date. Dollar volume fell 19 per cent to $7.3 million from last July’s $9 million, and 14.4 per cent to $43.4 million year-to-date. However, listings fell 12.6 per cent to 111 in July, and are down 10 per cent to 786 year-to-date. The average sales price is down seven per cent this year to $201,053. Active listings are also down in The Battlefords by 11 per cent to 207, and “sales are up over last year, so that’s a positive sign,” Yochim said. For further information, please contact Jason Yochim, SRAR CEO, at 306-343-3444.

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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.
 

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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