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Saskatoon residential real estate inventory reaches historic high in June, 2015: SRAR

A media release from The Saskatoon Region Association of REALTORS® (SRAR) regarding June, 2015 residential real estate sales 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.


The number of active residential listings in the Saskatoon market exceeded the five-year average by nearly 40 percent at the mid-point of the year, and 32 percent higher than a year ago. There are currently 2,081 active listings in a market that has absorbed 340 home sales a month on average for 2015. At that rate it would take over six months to clear out all available property. "As inventory levels continue to rise against a decrease in sales, I would expect prices to flatten and even decrease for some markets in Saskatoon," warns Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®.


"Most of us would like to see our home values continue to rise however that is not realistic. All markets go through periods of growth and correction." In spite of the probability of a decrease in the average price, some homes are still selling quickly and for full price, or more in many cases. "It is simply a function of proper pricing to current market conditions. If you have to sell, it is highly advisable to obtain credible advice on how the current market is affecting your home specifically." adds Yochim.


In spite of higher levels of homes for sale the average price has changed very little. This is likely due to a spike in sales between $900,000 and 1,000,000 in 2015 with seven sales versus just two, year-to-date in 2014. Also June over June sales of homes priced between $700,000 and 750,000 increased from two sales last year to seven this year. This underscores the concern with gauging the market based on the average price. An increase in sales within a certain price range can skew the average for a measured period of time.


The best indication of future trends in housing prices is the Home Price Index (HPI). Like the Consumer Price Index, it measures the relative change in home values over a period of time. This is a more accurate measure of value than the average price as the average can be skewed by a change in the number of sales in any specific price range.The HPI price for single family homes was $329,500 at the end of June, virtually unchanged from a year ago. The single family home value has slowly risen from $325,000 in January which was an 18 month low.


Overall the total number of homes that changed hands was 2,044 year to date which is a 14 percent decrease from a year ago. However, the five year average for home sales is only two percent higher than this. By the mid-point in 2013 the total transactional dollar volume for the Saskatoon Region Association of REALTORS® exceeded $1.1 Billion for the first time. So far this year it is slightly down at $960 million which equals that of 2013.


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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.
 

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.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
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