Saskatoon residential real estate sales ease in May, 2013: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for May of 2013today 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.

Buyers were harder to find in May which was reflected in a five percent decrease year-to-date in unit sales compared to last year.(Norm’s notes: Looking specifically at May of 2013, units sales declined by 11 from April and were down seven percent (31 properties) from May of last year when 459 Saskatoon homes traded. Still, sales continued at strong levels exceeding the five year average for the month of May, 409)

Listing activity continued to be strong however with a total of 5,111 properties listed so far in 2013. This represents a three percent increase over the same period last year. "Although listing activity is up slightly over last year, 1,314 active listings in Saskatoon represents only two properties per REALTOR®." says Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS® "An increase in inventory of homes would provide the buyers with more to choose from and help to increase the sales activity."(Norm’s note: The number of listings per buyer is far more relevant than the number of listings per agent. Note that “months of inventory,” the total amount of time it would take to exhaust current inventory based on recent sales if no new listings were to come on the market, increased .4 months to 3.1 months. Most analysts would still classify that as “seller’s market” conditions, perhaps just moving into balanced territory.)

The average price of a home in Saskatoon continued to inch up at the rate of five percent year-to-date. For the first time this year, the sale of homes priced between $400,000 and $450,000 eased off, however homes prices above $450,000 continued to sell well. According to Yochim, "There is a 56 percent increase in the sale of homes between $750,000 and a million year to date with 28 homes selling in this range since January." (Norm’s notes: The average price of a Saskatoon home rose six percent from last May to reach $355,405. The median price of a Saskatoon home, the point at which half of all sales occur above and the other half below, grew by eight percent to $340,000. The home price index numbers due towards the middle of the month will provide a clearer, apples to apples comparison of how prices are really trending but these advances appear to be real.)

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


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