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.”

Number of Listings Declining

The total number of new residential listings in Saskatoon on the Multiple Listing Service (MLS®) year to date totaled 7,111. This represents a 12% decline when compared to the same period last year with 8,065 properties listed. The total number of residential listings for Saskatoon and region year to date is 10,929, a 10% decline from last year. The individual month end totals for new listings in 2018 was down each month as well compared to 2017 totals. This decline in new listings has contributed to lower inventory levels for available properties in Saskatoon. At the end of October there was a total of 1,808 active residential properties for sale in Saskatoon and 1,095 in the regional market surrounding Saskatoon. The five-year average for active listings in Saskatoon is 1,806 while the ten-year average is 1,487. “Since 215, the Saskatoon market has experienced higher inventories of active listings, this puts downward pressure on pricing and often upward pressure on the sales to new listing ratio.”  comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. The median price of a home in Saskatoon has declined as well since 2015 as has the average price. The average residential price was $332,000 at the end of October, down 4% from a year ago and $20,000 from two years ago. Although much focus in real estate is on the average price, the average can be misleading and is easily skewed. A better indicator of what is happening with home prices is the Home Price Index. The Home Price Index establishes attributes for a typical single-family home with a base value in 2005. From that starting point, changes in value are recorded over time to get a better sense of what is happening to pricing and where prices are trending. The value for the typical single-family home in January of 2005 was $140,400. This value reached its peak in May of 2015 at $329,500. Currently this value is at $312,600 virtually unchanged from a month earlier. The Benchmark price for a typical Townhouse style property in Saskatoon was $222,900 last month, for apartment style properties, $180,100 in October. For more information on HPI go to saskatoonrealtors.ca.

Year to date, the total number of residential sales on the MLS® system in Saskatoon was 2,964, down 2% from last year. For Saskatoon and region the total number of sales was 4,074, a 1% decline from 2017. Total MLS® sales of 285 in Saskatoon for October was unchanged from the same month last year and but down 9% from October 2016. “It s encouraging to see home sales at a comparable level to last year in spite of economic challenges and the “stress test” changes to financing earlier this year.” Comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. “It would seem that sellers are recognizing the importance of expert advice from our REALTOR® members in pricing to the current market.” he adds.

Average Home Sale Price Declining

Year to date the average price of $332,700 for a home in Saskatoon represents a decline of 4% from a year ago. By comparison in the past three years, the third quarter average price was $347,165 in 2017 and $352,103 in 2016. Although much focus in real estate is on the average price, the average can be misleading and is easily skewed. A better indicator of what is happening with home prices is the Home Price Index. The Home Price Index establishes attributes for a typical single family home with a base value in 2005. From that starting point, changes in value are recorded over time to get a better sense of what is happening to pricing and where prices are trending. The value for the typical single family home in January of 2005 was $140,400. This value reached its peak in May of 2015 at $329,500. Currently this value is at $312,200 which is the highest level for 2018 and is virtually unchanged from a month earlier. The Benchmark price for a typical Townhouse style property in Saskatoon was $219,700 last month, this is the lowest point since April of 2007 when the value was $205,300. For apartment style properties, the Benchmark value of $176,200 in September was the first increase since December of 2007 when the value was at $190,600. For more information on HPI go to saskatoonrealtors.ca 

Active listings in Saskatoon continued to shrink with year over year decline of 7%. In Saskatoon at the end of September there were 1,944 active listings compared to 2,082 a year ago. Active listings are higher in the region surrounding the city which includes the cities of Martensville and Warman. At the end of September there were 1,161 available properties compared to 1,086 for the surrounding area. The decline in available properties is mostly attributable to an overall decline in new listings coming on the market. Year to date, there were 6,521 properties listed in the city of Saskatoon, a decline of 11% compared to 2017. In the month of September, there were 648 new listings in Saskatoon. By comparison in September of 2017 there were 767 new listings and 779 in 2016. “It seems that sellers who are not highly motivated are choosing to wait until conditions are more favourable to sell.” Comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. “Currently we are in a buyers market with elevated levels of inventory and downward trending prices for most properties.” He adds.

In the month of September there were 268 residential sales on the MLS®. This is similar to September of 2017. The total number of sales for the first three quarters of 2018 was 2,679, a 5% decline from last year. By comparison, in the first three months of 2016, there were 2,935 sales in the city of Saskatoon.

Active Listings Continue Decline

For the seventh straight month this year, the number of active listings in the market was down year over year. At the end of August there were 2,019 active residential listings in the city of Saskatoon, a decline of 8% from a year ago. Of the active listings, approximately 1,227 are single family while just over 780 fall under condominium ownership. The decline in active listings is largely due to a decline in homes listed year over year. To date, a total of 5,875 residential properties have been listed in Saskatoon on the Multiple Listing Service® (MLS®), down 11% compared to the end of August last year. “In a slower market, one typically sees fewer speculative sellers than in a hot market” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® “It’s important to bear in mind that homes sell in all markets. If a seller needs to sell then they must be sure to have good advice and price to the current market conditions.” adds Yochim.

In the month of August there were 329 residential sales on the MLS®. This is on par with August of 2018 and just lightly below the five year average of 352 sales for August. Year to date there have been 2,411 residential MLS® sales in Saskatoon, of these 1,751 are single family properties, unchanged compared to the first eight months of last year. On the other hand, there were 648 condominium at the end of last month, 11% fewer than last year.

Year to date residential MLS® sales between $200 - 300,000 totaled 657 transactions, down from 707 a year ago. The number of homes that sold between $350-750,000 on the MLS® year to date was also down by just over 100 sales from 1,036 transactions in 2017. So far in 2018, a total of 41 properties have sold in excess of $750,000 in Saskatoon, on par with last year.

The Home Price Index (HPI) Value for single family residential home sales in Saskatoon increased slightly from July to $312,200. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing. The HPI value for townhouse style residences declined for the month to $225,200, down from $234,400 in July. Benchmark pricing for apartment Style condominiums continue to decline for the eighth straight month. For more information on HPI go to saskatoonrealtors.ca . Year-to-date, the average sale price was $334,226, a 4% decrease from the same period last year. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

Last month, the average home in Saskatoon took 52 days to sell in Saskatoon. The five year average for days to sell in the month of July is 50.4 days.

REALTORS® subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession. This is not the case for those who sell real estate in the province and who are not members of an association of REALTORS®.

Increase in July Home Sales 

The month of July saw a significant increase of over 25% in the year-over-year Multiple Listing Service® (MLS®) sales activity with a total of 390 unit sales in the month. This compares with 310 transactions in July of 2017. Total MLS® transactions for Saskatoon year to date was down 3.3% with 2,082 home sales compared to 2,152 to the end of July 2017. 

“Although one month does not constitute a trend, it is very encouraging to see such a significant increase in activity during a month when many buyers typically leave town on vacation” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. Other positive indicators are a decline in the number of new MLS® listings coming on to the market. 

A total of 710 new MLS® listings in July represented a decrease of 10% over last year and well below the five year average of 830 listings. Fewer new listings combined with an increase in sales reduced the number of active listings from 2,109 in June to 2,048 at the end of July. The five year average for active MLS® listings is 1,977 units. “Lower inventory levels will help move the market from a buyer’s market towards balance and stabilize home prices.” adds Yochim.

MLS® sales below $200,000 totaled 57 transactions in July, 55% higher than July of 2017, while year to date sales increased by 26% with 307 transactions. Homes that sold between $300-400,000 on the MLS® in July showed an increase of 27% over the previous July while year to date the number of sales in this price range totaled 1,229, a decline of 5%. Home sales in excess of $400,000 totaled 540 transactions year to date, a decline of 12% over the previous year.

The Home Price Index (HPI) Value for single family residential home sales in Saskatoon took a slight decrease in July of 0.1% to $315,400 compared to $315,800 at the end of June. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing.

The HPI value for townhouse style residences continued on its upward trend, increasing by 1.2% for the month to $234,400. For more information on HPI go to saskatoonrealtors.ca . Year-to-date, the average sale price was $334,676, a 4.1% decrease from the same period last year. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

Last month, the average home in Saskatoon took 49 days to sell in Saskatoon last month. The five year average for days to sell in the month of July is 48 days.

Friday, July 20th 2018	Chester Bennington Memorial River Landing Amphitheatre 0 414 Spadina Cres E Time: 7:00 – 9:00 pm
Saturday, July 21st, 2018	1st Annual Bunnock Tournament UMEA Sports Fields (Behind Lawson Heights Mall) Time: 10:00 am Price: $100/Team (Mixed Teams of 4) Website: https://www.picatic.com/event15245223029816
Ongoing	July 17th – 22nd, 2018 Taste of Saskatchewan Kiwanis Park – 601 Spadina Cres E Website: www.tasteofsaskatchewan.ca July 21st – 22nd, 2018 FIBA 3X3 World Tour Masters 4th Ave & 21st St Time: 12.00 pm Price: Free Website: www.fiba.basketball/3x3worldtour/2018 July 19th – 22nd, 2018 Ness Creek Music Festival 20 kms North East of Big River, SK Website: nesscreekmusicfestival.com July 4th – August 19th, 2018 Shakespeare on the Saskatchewan Big White Tents off Spadina Crescent Website: www.shakespearesask.com/ July 20th – 22nd, 2018 2018 Saskatchewan Woodturners Symposium Persephone Theatre – 100 Spadina Cres E Website: newsite.hubcityturners.ca/events/turning-symposia-2014-2016/symposium-2018/ July 15th – 22nd, 2018 Canadian Rugby Championship Saskatoon Rugby Fields – 134 English Cres Time: All Day Price: $5.00 per day/ $20.00 Full event pass Website: https://rugby.ca/en/news/2018/04/saskatoon-to-host-2018-senior-women-age-grade-canadian-rugby-championships-in-july

Mark your calendar's and get ready to eat! The Taste of Saskatchewan is exactly one week from today! Make sure to come on down to Kiwanis Park in Downtown Saskatoon to enjoy amazing food, drinks and music from noon to night from July 17th - 22nd, 2018.

Click here for the Website.

Click here to check out what is on this years menu.

Click here to jot down what time you need to be there to listen to your favorite music.

 

Residential Dollar Volume Continues to Decline

At the midway point of the year, the total dollar volume for residential MLS® sales in Saskatoon sits at $565,435,958. This is down 12% from last year and represents the lowest volume in ten years. In June of 2007 the total dollar volume for residential MLS® sales was $550,023,364. “This is a reflection of a decrease in sales volume coupled with a decrease in pricing” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. Year-to-date residential MLS® sales of 1,693 homes is down 8%. Last month there were 350 MLS® home sales, an 11% decline from last June and the lowest number for June in 10 years. The median home sale price of $316,500 is at its lowest point this year, down from $330,000 in January. The Home Price Index (HPI) Value for single family residential home sales in Saskatoon continued its slow but steady increase from February and was at $315,800 at the end of June. The HPI Value for single family residential reached its highest level in May of 2015 at $331,800. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing. The HPI value for apartment style residences has been on a steady decline since January but appears to have levelled out at $179,100. HPI value for townhouse style residences has been trending up sharply since March and was at $231,600. For more information on HPI go to saskatoonrealtors.ca .

Year-to-date, the average sale price was $333,985, a 5% decrease from the same period last year. The highest average residential sale price for June was in 2015 at $361,719. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

Inventory levels continue to be elevated with 2,109 residential properties available on the MLS® in Saskatoon at the end of June. This is just slightly above the five year average for active listings which is 1,990. The sales to listing ratio remained virtually unchanged from a year ago at 40%. The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. This number reflects that four out of every ten homes that hit the market end up selling. In reality this percentage is likely lower as many homeowners that do not sell will cancel their current listing and relist often at a different price. This elevates the true number of listings relative to sales. Last month, the average home in Saskatoon took 47 days to sell in Saskatoon last month, unchanged from May of this year.

Sunday, June 24th, 2018	Family Fun Day German Cultural Centre – 160 Cartwright St E Time: 2:00 – 4:30 pm Price: Free Website: www.saskgermancouncil.org/
Ongoing	June 10th – 24th, 2018 Saskatoon Pride Festival Website: saskatoonpride.ca   June 22 – July 1st, 2018 Sasktel Saskatchewan Jazz Festival Website: www.saskjazz.com   June 16th – 23rd, 2018 Saskatoon Opera Presents La Boheme Persephone Theatre – 100 Spadina Cres E Time: 7:30 pm Website: www.saskatoonopera.ca/

 

Saturday, June 16th, 2018	80s Party Featuring Wang Chung & The Cutting Crew Dakota Dunes Casino – 204 Dakota Dunes Way Time: Doors – 7:00 pm, Show – 8:00 pm Website: dakotadunescasino.com/entertainment/
Sunday, June 17th, 2018	Father’s Day Ultimate Brunch German Cultural Centre – 160 Cartwright St E Time: 10:00 am – 2:00 pm Website: saskgerman.com
Ongoing	June 10-24th, 2018 Saskatoon Pride Festival Various Locations Website: saskatoonpride.ca   June 16th – 23rd, 2018 Saskatoon Opera Presents La Boheme Persephone Theatre – 100 Spadina Cres E Time: 7:30 pm, Saturday 2:00 pm Website: www.saskatoonopera.ca/

 

Home Listings Down Year to Date

  

Fewer home owners seem ready to put their home on the market this year compared to last. In May, a total of 943 properties were added on the Multiple Listing Service® (MLS®) in Saskatoon representing a 9% decrease from last May. Year to date there were 13% fewer homes listed year to date in Saskatoon.

 

The total number of active listings in Saskatoon at the end of May was 2,001, just slightly above the five year average of, 1,945 units. “Typically we see the highest number of active listings between May and September.” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®, “It’s the most active time in our market largely due to favorable weather.” He adds. Inventory levels for active MLS® listings reached an all-time high in July of last year with 2,210 homes for sale in Saskatoon. At the current rate of sales it would take five and a half months to liquidate the current stock of active listings. 

In May there were 364 home sales, a decrease of 13% from last May. Year-to-date sales for Saskatoon are down 7% with a total of 1,345 residential MLS® home sales. Home sales so far this year have declined in every price range with the exception of homes under $200,000 which saw a 30% increase for a total of 203 sales. The price range with the greatest decline in sales were homes priced between $450-500,000 with a year-to-date total of 85 sales, a 17% drop from last year. Homes selling between $750,000 and $1M are on par with last year at 19 sales. Homes in excess of $1M however are off sharply with three MLS® sales year to date. In 2017, there were three home sales in May alone over $1M and nine year to date.

The sales to listing ratio has decreased from 43% in April to 39% in May. The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. “Saskatoon remains a buyer’s market. However, homes that are priced to market and in good condition will still command great interest and in some cases competing offers.” comments Yochim. Last month, the average home in Saskatoon took 47 days to sell in Saskatoon last month, this is the lowest time to sell so far this year.

Year-to-date, the average sale price was $334,449, a 4% decrease from the same period last year. Since averages can be misleading, a better reflection of the market is the median. The median home sale price year to date is $320,000. The five year average for median residential home sale prices in Saskatoon is $341,980.

The Home Price Index Composite Benchmark Price (HPI) continued in an upward trend for most home types (except apartment style) again in May. The HPI is the most accurate indicator of where home prices are trending. For more information on HPI go to saskatoonrealtors.ca .

REALTORS® subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession. This is not the case for those who sell real estate in the province and who are not members of an association of REALTORS®.

 

Saturday, June 2nd, 2018	Kevin Hart SaskTel Centre – 101-3515 Thatcher Ave Time: Doors – 6:00pm, Show – 7:00 pm Website: sasktelcentre.com   Pop-Up Restaurant – Global Pot Fusion Cuisine Saskatoon Farmers Market – 414 Ave B South Time: 11:00 am – 3:00 pm Price: Free Website: www.globalpot.org   Saskatoon Public Library – Knowlympics Saskatoon Public Library – 311-23rd St E Time: 10:00 am – 3:00 pm Price: Free Website: https://saskatoonlibrary.ca/Knowlympics
Sunday, June 3rd, 2018	Beads of Courage Color Festival Fun Run/Walk Lakeview Park – 175 Whiteshore Crescent Time: 9:00 am Price: $45.00 – Early Bird Website: https://www.colourrunsask.ca/about
Ongoing	June 2nd – 5th, 2018 Nutrien Children’s Festival of Saskatchewan Kiwanis Memorial Park Website: www.potashcorpchildrensfestival.com/   June 1st – 3rd, 2018 International Saskatchewan Salsa & Bachata Congress TCU Place – 35-22nd St E Website: sasksalsacongress.com

 

Friday, May 25th, 2018	Ideas on Tap: Personal Branding Vendasta – 4th Floor, 220 3rd Ave S Time: 4:00 – 6:00 pm Price: Free Website: https://www.eventbrite.ca/e/ideas-on-tap-personal-branding-tickets-45811083183   Nature Needs Half | Naturecity Festival Presents Harvey Locke Aden Bowman Castle Theatre – 1904 Clarence Ave S Time: 7:00 pm Price: Free Website: wildaboutsaskatoon.org/
Saturday, May 26th, 2018	#1 Hits of the Opry German Cultural Centre – 160 Cartwright St E Time: 6:00 – 11:00 pm Price: $25.00 Website: saskgerman.com   2nd Annual Sikh Day Parade Dundonald Park – 130 Hunt Road Time: 11:30 am – 3:00 pm Price: Free   Saskatoon Mini Maker Faire 2018 Prairieland Park – 503 Ruth St W Time: 10:00 am – 6:00 pm Price: Advance Adult - $12.00, Advance (Age 6-12) - $8.00, Adult - $15.00, Age 6-12 - $10.00 Website: https://saskcraftcouncil.org/   SCRC Kilobots Prairieland Park – 503 Ruth St W Time: 10:00 am – 6:00 pm Website: kilobots.com/events/
Sunday, May 27th, 2018	Saskatchewan Marathon Meewasin Trail Time: All Day Website: saskmarathon.ca/   2018 Flores De Mayo Fiesta Cathedra of the Holy Family – 123 Nelson Road Time: 12:30 – 2:30 pm Price: Adults - $30.00, Youth (Ages 6-12) - $10.00, Ages 5-0 – Free Website: https://www.facebook.com/events/158467021511102/   Synchronized Swimming Watershow Shaw Centre – 122 Bowlt Crescent Time: 11:00 am – 1:00 pm Website: saskatoonaqualenes.com
Ongoing	May 25th – 26th, 2018 Top of the Hops Prairieland Park – 503 Ruth St W Time: 6:30 – 11:00 pm Website: https://www.topofthehops.ca/   May 25th – 27th, 2018 Ritornello Festival 10! Remai Modern – 102 Spadina Cres E Price: $20.00 - $80.00 Website: ritornello.ca/

 

Saturday, May 20th, 2018	Mini Avengers Superhero Party German Cultural Centre – 160 Cartwright St E Time: 12:00 pm – 3:00 pm Price: Ages 3-12 - $5.00, Ages 0-3 - $2.00 Website: saskgerman.com
Ongoing	May 16th – 20th, 2018 Cirque Du Soleil: Crystal SaskTel Centre – 101-3515 Thatcher Ave Website: sasktelcentre.com

 

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. 

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

 

Friday, March 9th, 2018	Grownups Read Things They Wrote as Kids Saskatoon Broadway Theatre – 715 Broadway Ave Website: broadwaytheatre.ca   Saskatoon Blades VS Calgary Hitmen SaskTel Centre – 101-3515 Thatcher Ave Time: 7:05 pm Price: $19.00 - $31.00 Website: www.saskatoonblades.com
Saturday, March 10th, 2018	Rock This Town with the Toon Town Big Band Broadway Theatre – 715 Broadway Ave Time: 8:00 pm Website: broadwaytheatre.ca   Saskatoon Blades VS Brandon Wheat Kings SaskTel Centre – 101-3515 Thatcher Ave Time: 7:05 pm Price: $19.00 - $31.00 Website: www.saskatoonblades.com   The White Buffalo The Capital – 244 1st Ave N Time: 10:00 pm Website: broadwaytheatre.ca
Ongoing	March 8th – 11th, 2018 Homestyles Prairieland Park – 503 Ruth St W Time: Thursday 3:00 – 9:00pm, Friday 1:00 – 9:00pm, Saturday 10:00am – 9:00pm, Sunday 10:00am-5:00pm Price: Adults - $12.50, Seniors - $10.00, Children 12 & Under – Free Website: homestylesonline.com/   March 8th – 16th, 2018 Boom by Peter Sinn Nachtrieb Live Five – The Refinery Arts and Spirit Centre Time: Thursday to Saturday – 8:00pm, Sunday 2:00 pm Price: $21.00-$25.00 Website: www.livefive.ca/season/boom/   March 9th – 11th, 2018 Rock the River Cup Bonspiel Nutana Curling Club – 2002 Arlington Ave Time: All Day Price: Team Registration $350.00 Website: www.prairielilycurling.com

 

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. 

Friday, March 2nd, 2018	Saskatoon Blades VS Lethbridge Hurricanes SaskTel Centre – 101-3515 Thatcher Ave Time: 7:05 pm Price: $19.00 - $31.00 Website: www.saskatoonblades.com
Saturday, March 3rd, 2018	Saskatchewan Rush VS Vancouver Stealth SaskTel Centre – 101-3515 Thatcher Ave Time: 7:30 pm Price: $25.00-$69.00 Website: www.saskrush.com   SSO The Music of Joni Mitchell TCU Place – 35-22nd St E Time: 7:30 pm Price: $15.00-$110.00 Website: saskatoonsymphony.org/event/pops-3-the-music-of-joni-mitchell/   The Steadies – Free Show: Finn’s Irish Pub 15th Birthday Presented by District Brewing Finn’s Irish Pub – 924 Spadina Cres E Time: 4:00 pm Price: Free Website: www.parktownhotel.com/blog/page/finns-irish-pub
Monday, March 5th, 2018	Indigenous Policy at a Cross-Roads University of Saskatchewan – Prairie Room Time: 10:30 am – 12:00 pm Website: www.schoolofpublicpolicy.sk.ca
Ongoing	To March 4th, 2018 Saskatoon Blues Festival Presented by Cherry Insurance TCU Place – 35-22nd St E Website: saskatoonbluessociety.ca   March 2nd – 4th, 2018 Saskatoon Sports and Leisure Show Prairieland Park – 503 Ruth St W Price: Adults - $12.00, Seniors - $8.00, Juniors - $8.00, Family of 4 - $25.00 Website: www.saskatoonsportsandleisureshow.ca   March 3rd – 4th, 2018 Mid-Winter Craft Show German Cultural Centre – 160 Cartwright St E Time: 10:00 am – 4:00 pm Price: $2.00 Website: saskgerman.com   March 2nd – 3rd, 2018 School Garden Summit Elim Church – 419 Slimmon Road Price: $125.00 Early Bird, $150.00 General Website: www.schoolgardensummit.org