The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for September 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 Saskatoon real estate market continues to lead the province with impressive numbers. September was a record setting month with 901 new listings, 30 percent higher than the five year average and a 22 percent increase over last September. Unit sales of 427 represent a 20 percent increase over last September, 23 percent higher than the five year average.
Surprisingly, the price range with the greatest increase in units sold was between $550,000-$750,000 with 450 sales year-to-date, a 35 percent increase. By the end of the third quarter the $300,000-$350,000 price range had the most transactions at 798 units, on par with 2013. According to the MLS® stats from the SRAR, Saskatoon has had 3,621 unit sales and 7,313 listing this year for a sales-to-listing ratio of 50 percent putting it in balanced territory. The average days to sell a home in Saskatoon is 40. This number can vary considerably depending on price range and inventory levels in a similar price range.
In spite of this robust activity, inventory levels continue to increase with 1,612 units available at month end. "This is a level of inventory that we have not experienced since 2008,” said Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR). "Prices increased at an exponential rate in 2007 leading to a slight correction in 2008." When asked if we are going to see a similar correction in 2015, Yochim's response is "not likely.” Immigration and employment numbers are strong as well as economic growth. "Our provincial population has grown by nearly 20,000 in the past year and these people need somewhere to live and raise a family,” he adds. "Inventory levels are increasing mostly because new listings are increasing at a faster percentage than sales.”
The MLS® Home Price Index is the most accurate determinate of where the market is trending. According to the index the composite single family residential price of $328,000 is virtually unchanged in 2014. This further reinforces the stability of the real estate market in Saskatoon.
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