The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for July of 2014recently accompanied by the following release.
Please note that many of the association’s comments touch on “year-to-date” numbers, and some may be based on all sales within the association’s full trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month-to-month basis over the past several years.
The number of properties available on the Multiple Listing Service® at the end of July stood at 1,615 for Saskatoon. This was partly due to 932 additional properties listed for sale in July, an increase of 19 percent over last July as well as a reduction in sales compared to last July.
In 2008, inventory levels spiked in response to a levelling off in the market after the dramatic market activity of 2006/07. "I don't believe we are in a situation where the market is experiencing a correction but rather it seems the long awaited summer weather has buyers opting for vacations instead of house hunting,” comments Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.
An increase in newly listed properties combined with a slowdown in sales resulted in the months of inventory increasing to 3.85 from just less than 3 months in June. "The months of inventory is determined by dividing the number of active listings by the number of sales and gives a sense of how long it may take a property to sell,” adds Yochim. "Typically the higher the price range the greater the increase in the months of inventory.”
The average price, year-to-date, was up 3 percent to $356,800 supported partly by an increase in homes selling at the higher end of the market.
According to the Home Price Index, the benchmark value for a typical single family home in Saskatoon was $329,700 while the index was at 233.6, continuing a steady upward trend in values since December. In October of 2013, the index showed a slight downward trend through to the end of the year. The Home Price Index reflects the change in value for a typical single family home over time similar to the Consumer Price Index.
The total number of Saskatoon homes to trade in July was 420, down 9 percent compared to July of 2013. Home sales between $500,000 and $750,000 were up 40 percent compared to last July while a total of 9 sales between $750,000 and $1 million was almost double that of July 2013. Year-to-date, homes selling between half a million and a million were up 29 percent over the same period last year while there have been a total of 2,801 sales in the Saskatoon market, an increase of 7 percent over last year.
Sales activity was also quieter in the market outside of Saskatoon down two percent compared to last July. Year-to-date, the number of sales in the rural and surrounding communities stood at 838 units, an increase of 15 percent. The number of new properties listed for sale also increased by 15 percent to 2,128 year to date.
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Norm Fisher Royal LePage Saskatoon Real Estate