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345 4th Avenue South #210 Saskatoon, SK S7K 1N3 |
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April house sales jump 18 per cent in Saskatoon regio

April housing demand in the Saskatoon region was the strongest in three years, as sales jumped 18 per cent over the same month of 2018.


The Saskatoon Region Association of REALTORS® (SRAR) reported 513 sales on the MLS® system, up from 433 last April and 414 in 2017. Those sales generated a dollar volume of $169.6 million, up 12 per cent from last year’s $152 million and 14 per cent from $147 million in 2017.


Year-to-date, sales are up seven per cent to 1,440, as compared to 1,342 in 2018 and 1,368 in 2017. Dollar volume is up three per cent to $460.2 million from last year’s $447.8 million. The spring market usually brings an increase in listings, and April followed that tradition. Listings rose four per cent to 1,295, although year-to-date listings are down slightly to 3,971 from 3,989.


Compared to the 4,475 properties posted in the first four months of 2017, however, listings are down significantly.

“People came out of hibernation and said, it’s time,” said Jason Yochim, CEO of SRAR. “We’re seeing the beginning of a spring market, which is nice.”


Other factors potentially influencing the market include stable interest rates and lower prices, he added.

“There’s less inventory and people are buying what they’re finding on the market,” Yochim said. “It’s feeling more like it’s time to make that move.”


In the city of Saskatoon, the number of properties brought to market actually fell two per cent in April to 774, down from 787 last year and significantly down from the 842 listed in April, 2017.

Year-to-date, 2,511 homes have been listed, down three per cent from 2,594 in the same period of 2018. Listings in 2017 were considerably higher, at 3,024.

April sales in the city proper came in at 380, up 14 per cent from last year’s 333 and generating a 16 per cent increase in the dollar volume, to $130.4 million. That figure is up from both 2018 and 2017, when $112.7 million and $113.6 million in sales were recorded, respectively.


So far this year, Saskatoon sales are up seven per cent to 1,047, up from 978 in 2018.

The average selling price in the city increased one per cent to $343,121 in April, up from $338,438 last year. Year-to-date, the price remains down by two per cent at $327,995.


The region surrounding Saskatoon, including towns and cities such as Warman, Martensville and Dalmeny, saw a whopping 25 per cent increase in dollar volume to $31 million on 105 sales, up 36 per cent from 77 last year. The average price was down eight per cent to $295,780.

Active listings in Saskatoon as of April 30 were down three per cent to 1,778 from 1,834 last year, and up four per cent in the region, to 1,083.


Stronger sales activity was reflected in Saskatoon’s sales to listing ratio, which at 49 per cent is considered a balanced market.

“It’s an encouraging sign,” said Yochim. “A balanced market offers a good equilibrium, with a good balance of buyers and product from sellers. Depending on how long it lasts, it helps slow the decline in pricing.”

New housing starts are down considerably, which is also affecting the market. March, for example, saw a 33 per cent drop in single family home starts and a 70 per cent fall in multiple units. It will take some time before the rising demand spurs more building, because there is always a lag between an improvement in sales and starts, Yochim said.

Prince Albert and region also recorded improved home sales, which rose 25 per cent to 60 units, up from 48 last year. Dollar volume jumped 26 per cent to $12.2 million from $9.7 million last April. Listings were up a marginal two per cent, to 168 from 165. In the city itself, sales were up 41 per cent to 38.

“That’s encouraging for P.A., because the market was quite depressed for a number of months,” Yochim said.

Activity was less robust in the Battlefords region. Sales rose 17 per cent in April to 35, up from 30 last April, but dollar volume dropped 35 per cent to $5 million from $8 million. Listings, however, fell seven per cent to 138.

Every market, including the strengthening Saskatoon market, comes with its own challenges for buyers and sellers, noted Yochim.

“If you want to know how the recent changes in the market affect your individual home and needs, it’s best to contact a SRAR member. They have the knowledge, experience and objectivity to help you make good decisions about your personal circumstances.”

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Spring Home Sales Show Positive Increase 

Residential home sales in Saskatoon were 6.7% higher than April of last year with 335 units selling last month. This represents a third of home sales in Saskatoon so far this year. Although the year to date sales for the first four months of 2018 is down 4.8% over the same period in 2017, last month’s increase in sales helped to close the gap. The increase in April sales also was a welcome reversal of a two month trend of declining sales for February and March. Unit sales for April showed increases for homes priced under $350,000. Of the 202 sales in April under $350,000, 73 were condominiums. Homes that sold between $400,000 and $450,000 showed a 30% increase in sales in April over the same month last year with 39 sales. Homes that are properly priced in that entry level have been seeing competing offers in many cases.

Also of note, year to date there have only been two residential sales over $1M in Saskatoon compared with six for the first four months in 2017. The number of active residential properties for sale in Saskatoon at the end of April was 1,834 units. This is consistent with the five year average of 1,830. This is largely due to a decrease in the number of new listings brought to the market. The number of new listings for the first third of 2018 was 2,594 compared to 3,024. This represents more than a 14% decline year over year.

The sales to listing ratio increased to 43% from 37% a year ago. The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. Although the sales to listing ratio is moving towards balance,  we are still in a buyer’s market. The increase in this ratio in April was largely due to the 6.5% reduction in new listings and the comparative 6.7% increase in sales. Last month, the average home in Saskatoon took 53 days to sell compared with the five year average of 47 days. 

The average sale price saw its first increase this year by 1.75% to $318,729 in April. For the first quarter of 2018, the average home sale price in Saskatoon was $333,826. Since averages can be misleading, a better reflection of the market is the median. The median home sale price increased slightly from March to $320,000. The five year average for median residential home sale prices in Saskatoon is $332,650. 

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Friday, April 27th, 2018

Humboldt Broncos Tribute Concert

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:30 pm

Price: $65.00

Website: sasktelcentre.com

 

Ideas on Tap Presents: Small Business Branding – A Digital Marketing Bootcamp

Vendasta - #405-220 3rd Ave S

Time: 4:00 – 7:00 pm

Price: Free

Website: https://www.facebook.com/events/182432119072975/

 

Saturday, April 28th, 2018

Equine Assisted Learning Date Night

Lift Farm – Merril School Road

Time: 6:00 – 7:30 pm

Price: $100.00 per couple

Website: https://www.facebook.com/liftfarmEAL/

 

Free Meditation Retreat for Everybody

St. Joseph Parish – 535 8th St E

Time: 8:00 am – 11:00 am

Price: Free

Website: https://www.mahamevnawasaskatoon.com/

 

Saskatchewan Rush VS Calgary Roughnecks

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:30 pm

Price: $25.00-$69.00

Website: www.saskrush.com

 

Saskatoon Speed Dating Singles 34 – 45

Finn’s Irish Pub – Park Town Hotel

Time: 7:00 – 9:00 pm

Website: https://34to45april28.eventbrite.ca

 

The SJO Plays Stans Getz

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Price: $30.00/$15.00

Website: broadwaytheatre.ca

 

Sunday, April 29th, 2018

Saskatchewan Blue Cross MS Walk

Archibald Arena – 1410 Windsor Street

Time: 10:00 am

Website: mswalks.ca

 

Monday, April 30th, 2018

Donovan Woods and the Opposition

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Website: broadwaytheatre.ca

 

Ongoing

April 26th – 29th, 2018

The 2018 Saskatoon Gem & Mineral Show

German Cultural Centre – 160 Cartwright St E

Time: Thursday – Saturday 10:00 am – 8:00pm, Sunday 10:00 am – 5:00 pm

Price: Free

Website: canadagemshows.com

 

 

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Saturday, April 21st, 2018

Shades of Psych II

Amigos Cantina – 806 Dufferin Ave

Time: 10:00 pm

Price: $12.00 at the door, $10.00 in Advance

Website: https://www.facebook.com/events/416294932174761/

 

SSO 9 and 3/4S – Music of Harry Potter

TCU Place – 35-22nd St E

Time: 7:30pm

Price: $15.00 - $95.00

Website: saskatoonsymphony.org/event/pops-4-music-of-harry-potter/

 

Monday, April 23rd, 2018

Peppa Pig Live!

TCU Place – 35-22nd St E

Time: 6:00 pm

Website: tcuplace.com

 

Vancouver International Mountain Film Festival Tour

Broadway Theatre – 715 Broadway Ave

Time: 7:00 pm

Website: broadwaytheatre.ca

 

Ongoing

April 12th – 21st, 2018

Home is a Beautiful Word

Broadway Theatre – 715 Broadway Ave

Price: $28.00

Website: persephonetheatre.org

 

April 21st – 22nd, 2018

Saskatoon Potters Guild Spring Show and Sale!

Albert Community Centre – 3rd Floor – 610 Clarence Ave S

Time: Saturday 9:00 am – 7:00 pm, Sunday 9:00 am – 4:00 pm

Price: Free

Website: www.saskatoonpottersguild.com

 

April 19th – 22nd, 2018

Slow Food in Canada 2018 Summit

Website: slowfood.ca/2018-national-summit-in-saskatoon/

 

April 20th – 22nd, 2018

Your Family History: Finding and Assembling the Pieces

Park Town Hotel – 924 Spadina Cres E

Time: 12:00 pm

Website: genealogysaskatoon.org

 

 

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Friday, March 30th, 2018

Lee Aaron & Harlequin

Dakota Dunes Casino – 204 Dakota Dunes Way

Time: Doors - $7.00 pm, Showtime - $8.00

Price: $40.00

Website: dakotadunescasino.com

 

Saturday, March 31st, 2018

Olate Dogs

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Website: broadwaytheatre.ca

 

Sunday, April 1st, 2018

Annual Easter Brunch

German Cultural Centre – 160 Cartwright St E

Time: 10:00 am – 2:00 pm

Website: saskgerman.com

 

Easter Sunday Brunch Buffet at the Park Town Hotel

Park Town Hotel – 924 Spadina Cres E

Time: 9:30 am – 2:00 pm

Website: www.parktownhotel.com/blog/page/four-seasons-restaurant

 

Easter Sunday Dinner Buffet at the Park Town Hotel

Park Town Hotel – 924 Spadina Cres E

Time: 4:40 – 8:00 pm

Website: www.parktownhotel.com/blog/page/four-seasons-restaurant

 

Ongoing

March 30th – 31st, 2018

Draggins Rod and Custom Car Show

Prairieland Park – 503 Ruth St W

Time: 10:00 am – 10:00 pm

 

March 24th – April 12th, 2018

Paraph

Saskatchewan Craft Council Gallery – 813 Broadway Ave

Time: Tuesday – Saturday 10:00 am – 5:00 pm

Price: By Donation

Website: https://saskcraftcouncil.org/affinity-gallery-exhibitions/current-exhibition/

 

March 22nd – 31st, 2018

Spirit Wrestler by Greg Nelson

Greystone Theatre – 118 Science Place

Time: 8:00 pm

Price: Adults - $22.00, Seniors - $19.00, Students - $17.00

Website: https://www.facebook.com/events/151156728887280/

 

 

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Home Sales Down So Far in 2017

Total home sales in Saskatoon year to date saw a 5% decrease with a total of 1,037 units changing hands. The month of April was also notably quiet with a total of 315 sales, a 16% decrease from 2016. Listing activity is also down by 4% compared to last year with a total of 3,038 new listings introduced to the market so far this year. Listing activity for April was also lower by 10% compared to April of 2016. Inventory levels remain quite high with a total of 1,975 active listings at the end of April. This is considerably higher than the five-year average of 1,700 units. For the last three years, there has been in excess of 1,900 homes available for sale at the end of April. It would be ideal to have around 1,500 units available for sale at this time of year. “Higher inventory levels are a great opportunity for buyers for selection and a reasonable purchase price,” says Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® “The market will eventually shift and those who waited will end up with less selection and more competition for the home they offer on” he adds. 

Higher inventory levels typically mean lower prices, however, for homes priced over $600,000, there has been an increase in the number of sales which sustains the average price even with fewer sales. Even though the average price remains unchanged year over year, the median price has decreased by 1.9%. So far in 2017, there is a 65% increase in homes that sold over $600,000 with a total of 93 sales compared to 56 in 2016. In April alone there were 19 sales over $650,000 compared to just 9 last April, three of the sales were in excess of $1M. Comparatively, there is a notable decrease in homes selling below $500,000. By the end of April 2016 there was a total of 438 home sales, so far this year there are only 358. Year to date the sale of single-detached properties declined by 11% while the number of multi-family unit sales increased by 4%. 

The sales to listing ratio of 37% also confirm that we are firmly in a buyer’s market. This is the lowest it has been for the month of April in over 5 years. At the current rate of sales, it would take over six months to liquidate the existing number of homes that are for sale, the five-year average for months of inventory is 4.5 months. Currently, it takes about 50 days for a home to sell in Saskatoon, just slightly longer than the 46 days of a year ago. Homes that are selling continue to realize sale prices in excess of 97% of the asking price. This underscores the importance of proper pricing in a buyers market. “A buyers market is not one for speculative selling” cautions Yochim. “Today's consumers are very well informed and with many homes to choose from are not afraid to move on if the seller is unwilling to respond to an offer at market value” he adds. 

Activity in the markets surrounding Saskatoon continues to experience a decline in both sales and listing activity. A total of 249 sales at the end of April is a 14% decrease from 2016. The number of homes listed for sale for the first four months of 2017 is down by 13%. The sales to listing ratio for this market is 28% while the time it takes the average house to sell is two months. Homes are realizing sale prices of 94% of the asking price. The number of active listings for the area surrounding Saskatoon, which includes the cities of Warman and Martensville, was down 15% with 979 available properties.

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Friday, April 21st, 2017

Soul to Sole Retreat

Queen’s House Retreat – 601 Taylor St W

Time: 8:00 am – 4:30 pm

Price: $100.00

 

Saturday, April 22nd, 2017

SSO Presents the Music of Star Wars

TCU Place – 35-22nd St E

Time: 7:30 pm

Price: $15.00 - $70.00

Website: saskatoonsymphony.org/event/careless-whisper-sso-does-the-80s/

 

Sharp Tailed Grouse Dance

Northeast Swale – Lowe Road & Agra Road

Time: 4:45 am – 8:00 am

Price: Free

 

Saskatchewan Rush VS Toronto Rock

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:30 pm

Price: $25.00 - $69.00

Website: www.saskrush.com

 

Restless Gypsy Open House

Restless Gypsy Vendor Store – 510 33rd St W

Time: 10:00 am – 5:00 pm

Price: Free

Website: https://www.facebook.com/restlessgypsyvendorstore/

 

March for Science

Victoria Park

Time: 1:30 – 4:00 pm

Price: Free

 

Bret Higgins’ Atlas Revolt

The Bassment – B3 202-4th Ave N

Time: 8:00 pm

Price: $22.00 - $27.00

Website: thebassment.ca/event/bret-higgins-atlas-revolt/

 

Jessica Robinson: An Evening with Eva

The Bassment – B3 202-4th Ave N

Time: 9:00 pm

Price: $22.00 - $27.00

Website: thebassment.ca/event/jessica-robinson-an-evening-of-eva/

 

Monday, April 24th, 2017

Scott Cook

The Bassment – B3 202-4th Ave N

Time: 8:00 pm

Price: $18.00 - $23.00

Website: thebassment.ca/event/scott-cook/

 

Ongoing

April 21st – 22nd, 2017

Scribble Bots with the Saskatchewan Science Centre

Western Development Museum – 2610 Lorne Ave

Time: 9:00 am – 5:00 pm

Website: www.sasksciencecentre.com/events-calendar/

 

April 21st – 23rd, 2017

Artist’s Workshop Show & Sale

Grace West Minster Church – 505 10th St E

Time: Friday 7-9pm, Saturday 10am-5pm, Sunday 12-4pm

Price: Free

Website: https://artistsworkshop1.wordpress.com

 

April 17th – 22nd, 2017

Easter Week at the Creek

Beaver Creek Conservation Area

Time: 1:00 pm – 4:00 pm

Website: meewasin.com/events/

 

 

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Phone: 306-221-9221

345 4th Avenue South #210

Saskatoon, SK S7K 1N3

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