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Saskatoon housing activity stable in December, 2015 considering economic conditions: SRAR

A media release from The Saskatoon Region Association of REALTORS® (SRAR) follows regarding December, 2015 real estate activity in Saskatoon and area.


Please note that the association’s comments often touch on “year-to-date” numbers, and some of their comments may address sales within the association’s full trading area. The charts that you see on these posts , as always, reflect data for activity within the city if Saskatoon on a month-to-month basis over the past five years.


Prior to January of 2015, the Saskatoon real estate market experienced months of positive sales activity year-over-year. January 2015 recorded a 21 percent decrease in sales activity compared to the previous January. With the exception of July, which experienced a 6 percent annual increase, every month last year averaged a 14 percent decrease over 2014. In December of 2015, the year-over-year decrease was only eight percent.


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Although this number is still on the negative side of the ledger it was an improvement over the average for the year. Inventory levels have also been reduced to just over 1,600 units, 13 percent lower than the monthly average for 2015. At the end of 2014 the market was perfectly balanced with a sales-to-listing ratio of 50 percent. Comparatively, at the end of last year the market had shifted to a buyer's market with a sales-to-listing ratio of 40 percent. This ratio is determined by dividing the number of sales for the year by the number of new listings. Overall, the 9,750 homes listed for sale in 2015 was an 8 percent increase over the previous year. Over the same period however, there was a 13 percent reduction in units and sales volume.


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The average price continued to hold fairly steady at $354,000 representing a one percent reduction from the previous year. The median price for 2015 ended up at $342,750. Last year all price ranges showed a decline in sales over 2014 with the exception of homes selling between $650,000 and $700,000. Homes in this price range rose by four percent year-over-year with a total of 56 units trading.


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The steady decline in the CREA HPI (Home Price Index) composite benchmark price for the Saskatoon market continued in December and will likely do so until at least the second quarter of 2016. The current benchmark value of $304,500 is the lowest point since May of 2013. In January of 2002, when the benchmark value was established, it was set at $114,000. The greatest increase in the benchmark price was when it climbed from $139,000 in January of 2006 to $303,000 by June of 2008. The CREA HPI is the most accurate indicator of the current real estate market.

"Amidst the difficult economic conditions nationally and globally, the Saskatoon real estate market is weathering the storm fairly well compared to other western markets," comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “However, until the economy strengthens, activity increases and inventory levels decline, sellers will need to be sensitive when pricing their homes for a successful sale,” Yochim cautions.

Sound pricing and timing advice can be provided by one of the 640 professionally licensed and trained REALTOR® members of The Saskatoon Region Association of REALTORS®. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.

 Jason Yochim


CEO, Saskatoon Region Association of REALTORS®


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Vidorra

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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