Home Inventory Levels Declining
A year over year decline in home sales and new listings in February contributed to a declining availability of homes in the Saskatoon market. At the end of last month there was a total of 1,588 active residential listings in Saskatoon. This represented a 4% decline from a year ago when there were 1,659 properties available. Although the number of sale transactions in February, 211, represented a 6% decline from the same month last year, strong sales in January helped the overall sales year to date to remain 1% ahead of last year. Year to date, a total of 413 residential sales have been recorded on the MLS® in the city of Saskatoon. In February, REALTORS® in Saskatoon listed a total of 1,159 residential properties, this is a 14% decline compared to last February’s number of 1,332.
In February of 2016, a total of 1,410 homes were listed for sale. The number of transactions that occurred in Saskatoon was 203 units which represents an 11% increase over January of 2017. The overall dollar volume for home sales in Saskatoon was just under $70 million which is a 6% decline from last February. The year to date total volume of transactions is unchanged from last year at $139 million. Year to date sales in the region surrounding Saskatoon, which includes the cities of Warman and Martensville, totaled 122 units representing a 14% increase. The overall dollar volume for this surrounding market was just under $39.5 million for the first two months of the year, an increase of 12% compared to last year. “For the past couple of years inventory levels have hovered around 2,000 available properties.” Comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR) “It is definitely a positive trend to see inventory levels shrinking, this is helpful for slowing price decline.” he adds. The average sale price for a home in Saskatoon slipped 1% in February.
The Home Price Index (HPI) composite benchmark value declined only very slightly in the last 30 days to $292,800. Although this is its lowest point since February of 2012 the decline in the composite price appears to be slowing. With the exception of a couple of months in the spring of last year, the HPI composite value has been in an overall decline since August of 2016 when the value was $317,600.