Saskatoon residential real estate sales cool slightly in January, 2013: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for January of 2013 today accompanied by the following release.

Please note that many of the association’s comments touch on “year-to-date” numbers, and some are based on all sales within the board’s 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 units sold in Saskatoon declined by 10% when compared with January of 2012, however, sales activity in the communities and acreages outside of the city increased by 40% compared with last January. "The decrease in sales is partly the result of the mortgage rule changes in July of 2012 as well as a shortage of product in the $250,000 - $400,000 price range," says Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS® (SRAR). Of the 1,105 active listings at the end of January, only 200 of them fall between $250,000 and $400,000. "More buyers are considering bedroom communities in an attempt to find what they are looking for in this price range."

Click the image for a larger version of the chart.

The average sale price in Saskatoon and area continues to increase at a healthy rate of around 5% which insulates our market from price corrections as experienced in major Canadian cities like Vancouver and Toronto. Currently the average price for a home in Saskatoon sits at just over $335,000 while the surrounding communities average price is $279,000.

Click the image for a larger version of the chart.

New listings in Saskatoonin the month of January totalled 571 units which is an 8% increase compared to the same period last year, while the 204 listings outside of Saskatoon represented a 10% increase. "It's encouraging to see that our listing activity is up at the outset this year in contrast to 2012, which saw a slight decrease in new listings over the year." says Yochim. Active residential listings within the city of Saskatoon sat at 1,015 at the close of January, up from 951 at the same time last year.

Click the image for a larger version of the chart.

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

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Norm Fisher
Royal LePage Saskatoon Real Estate