Henry Moulin ABR, CRES

345 4th Avenue South #210 Saskatoon, SK S7K 1N3 |
306-221-9221 | henry@saskatoonrealestate.com

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YTD Home Sales Down 5%

December residential home sales on the Multiple Listing Service® system (MLS® System) in Saskatoon totaled 164 transactions, 20% fewer than December of 2017 which recorded 205 residential sales. The region surrounding Saskatoon had 43 MLS® sales in December of 2018, only one less than the previous December. The total annual number of residential home sales for 2018 in Saskatoon totaled 3,329 units. This is a 5% decline compared to the total number of home transactions for 2017. This represents the fourth straight year of a decline in annual home sales in Saskatoon. By comparison there were 4,417 MLS® sales in 2014, an overall reduction of almost 25%. There was no change in the total annual sales for the surrounding region with 986 residential MLS® transactions.

The total dollar volume recorded for residential MLS® sales in Saskatoon in December was $55.6 Million, down 20% from December 2017. The total dollar volume for the entire year reached $1.108 Billion, 8% lower than 2017. The combined dollar volume for Saskatoon and region for last year was down 4% from 2017 at $1.524 Billion.

Residential MLS® listing totals for the year continued to be lower than previous years. A total of 7,956 residential listings were recorded for Saskatoon on the MLS® System in 2018. This is an 11% reduction from 2017’s total of 8,969, representing over 1,000 fewer new listings. The five-year average for new listings in a calendar year in Saskatoon is 9,081. “Even though overall sales are down, fewer new listings has helped contribute to fewer properties available to buyers in the Saskatoon market.” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR). The total number of active listings at the end of the year was 1,487, consistent with the five-year average of 1,480 available properties. The highest level of active properties was in July of 2017 when there were 2,210 active listings in the city of Saskatoon “Available properties will vary depending on neighborhood, price range and style.” cautions Yochim “some price ranges with still have a good supply to choose from while others will not. It’s important to remember that REALTORS® have the greatest access to available property” he adds. REALTORS® work in the market every day, 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®. 

When it comes to home price trends, the best 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 may be 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. At the end of December, this value is at $307,000, down from $310,900 in November. This value is virtually unchanged from a year ago, however, it has been trending downward since the middle of 2018. For more information on HPI go to contact a member of the SRAR or visit saskatoonrealtors.ca .

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Home Sales Increase in December

Home sales of 205 units in Saskatoon, was up 11% in December when compared to the same month in 2016. Sales activity in the area surrounding Saskatoon saw a 13% increase for December. This increase in activity could be partially attributed to the mortgage rule changes for conventional buyers that took effect January 1st 2018. Home buyers with 20% or more down payment now have to qualify at an interest rate that is 200 basis points higher than the posted rate, or the Bank of Canada’s five-year rate, whichever is higher. Listing activity on the other hand, declined dramatically with an 18% reduction in new listings for December year over year. “This decrease in listing activity could be the result of seller’s fatigue from having been on the market for an extended time period without securing an offer.” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR) “The increase in December sales and decline in hew listings is a positive for decreasing high inventory levels” he adds.

The year to date story for 2017 however is one that indicates a slower market overall when compared to 2016. The overall sales volume recorded by the SRAR was just short of $1.6 Billion for the year representing a 9% decrease from 2016. This is the third straight year of decline since the $2.1 Billion market peak realized in 2014. Home sales of 3,491 units in Saskatoon for 2017 represented a 5% decline from 2016. This is significantly lower than the five year average of 3,957 sales. In 2017 there was a total of 8,972 homes listed for sale in the Saskatoon market representing a 3% decline from the year previous. The sales-to-listing ratio for the year was 35%, which is a ratio of the number of sales for the year when compared to the number of new listings. In other words, roughly a third of the homes listed for sale ended up actually selling. The number of days on market for a home in Saskatoon in December was 61. This was a sharp increase from 51 in December of 2016 as well as the five year average of 52 days.

Not surprisingly, with lower sales and still a large inventory of homes to choose from, home prices continued to see downward pressure. The median price for a home in Saskatoon declined by 3.3% in December to $324,000 while the average price showed a half point decline to $339,520 for the month. The Home Price Index (HPI) composite benchmark value declined by 3.7% in December to $295,100, its lowest point since March of 2012. The HPI composite value has been in an overall decline since August of 2016 when the value was $317,600.

“Successfully selling a home in this current market requires more that information” comments Yochim “Sellers need the guidance to understand how historical sales data impacts their pricing decision.” 

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Friday, December 15th

A Louisiana Hayride Christmas

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Website: broadwaytheatre.ca

 

Saturday, December 16th

Etsy SK’s Winter Market

Station 20 West – 1120 20th St W

Time: 10:00am – 4:00pm

Price: Free

Website: https://www.facebook.com/events/1969975049949978/

 

Saskatoon Blades VS Kelowna Rockets

SaskTel Centre – 101-3516 Thatcher Ave

Time: 7:05 pm

Website: www.saskatoonblades.com

 

Sunday, December 17th

Saskatoon Blades VS Regina Pats

SaskTel Centre – 101-3516 Thatcher Ave

Time: 4:05 pm

Website: www.saskatoonblades.com

 

Christmas with Eclipse: Canada.One.Five.OH.HO.HO

Broadway Theatre – 715 Broadway Ave

Time: 7:30pm

Price: $25.00

Website: broadwaytheatre.ca/events

 

Canadian Christmas Buffet

Berry Barn – 830 Valley Road

Time: 4:30 and 6:00 pm Sittings

Price: $25.99 – Adults, $24.99 Seniors, $17.99 – Children (10-13), $1.00 per year of age – Children (9 & under)

Website: berrybarn.com

 

Ongoing

December 15th – 16th, 2017

The Wizard of Oz

TCU Place – Sid Buckwold Theatre – 35-22nd St E

Time: 7:30 pm both evenings, 1:00 pm Sunday

Price: $53.00 - $73.50 + service charges

Website: https://tcutickets.ca/Online/wizard

 

December 15th – 16th, 2017

SSO – Handel’s Messiah and Sing-Along Messiah

Knox United Church – 838 Spadina Cres E

Time: 7:30 pm and 2:30 pm

Price: $37.00 - $44.00

Website:  saskatoonsymphony.org

 

December 14th – 23rd, 2017

Christmas Dinner Theatre

German Cultural Centre – 160 Cartwright St E

Time: Dinner 6:00pm, Show 7:30pm except Sunday December 17th Lunch 12:30pm, Show 2:00pm

Price: $50.00 + Taxes

Website: saskgerman.com

 

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Friday, December 9th, 2017

Saskatoon Blades VS Kamloops Blazers

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05 pm

Price: $19.00 - $31.00

Website: www.saskatoonblades.com

 

William Prince

Emmanuel Anglican Church – 609 Dufferin Ave

Time: 8:00 pm

Website: broadwaytheatre.ca

 

Saturday, December 10th, 2017

Saskatoon Blades VS Prince Albert Raiders

SaskTel Centre – 101-3515 Thatcher Ave

Time: 2:05 pm

Price: $19.00 - $31.00

Website: www.saskatoonblades.com

 

Ukrainian Christmas Buffet

Berry Barn – 830 Valley Road

Time: 4:30 pm & 6:00 pm Sittings

Price: Adults - $25.99, Senior - $24.99, Children (10 – 13) - $17.99, Children (9 & under) $1.00 per year

Website: berrybarn.ca

 

Ongoing

November 18th, 2017 – January 6th, 2018

BHP Billiton Enchanted Forest Holiday Light Tour

Saskatoon Forestry Farm Park & Zoo – 1903 Forest Dr

Time: 5:30 – 10:00 pm

Price: $10.00 per person, or $33.00 per car (7 people max)

Website: www.enchanted-forest.org

 

November 1st, 2017 – January 7th, 2018

Eaton’s Once Upon a Christmas Exhibit

Western Development Museum – 2610 Lorne Ave

Time: 9:00 am – 5:00 pm

Website: wdm.ca

 

November 29th – December 17th, 2017

Christmas Tree Theatre

Barn Playhouse – 25 km North of Saskatoon on Hwy 12.

Website: https://www.barnplayhouse.com/index.html

 

December 10th, 2017 – January 7th, 2018

Saskatoon Brewery & Tasting Tours

Saskatoon Farmers Market – 414 Ave B South

Time: 1:00 – 4:00 pm

Price: $77.99

Website: https://tinyurl.com/yd73oxrt

 

December 6th – 9th, 2017

Vegas Vacation a Rez Xmas Story (Remount)

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm and 2:00 on Saturday

Website: broadwaytheatre.ca

 

 

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Accurate Pricing Key in Successful 2017 Market

Year over year unit sales for the city of Saskatoon saw a 7% decline in 2016. As at December 31, there was a total of 3,679 transactions recorded versus 3,933 in 2015. The total dollar volume for Saskatoon also indicated a 7% decline by years end. There was also a decline in the number of new listings in 2016 of 5% with 9,290 properties placed on the MLS system in Saskatoon last year. In other words, 38% of the homes that were listed ended up selling which is considered a firm buyers’ market. This ratio is what is referred to as a sales-to-listing ratio. A ‘balanced market’ is when one home sells for every two listed and is considered a balanced market at a 50% sales-to–listing ratio. The market for the month of December was in balanced territory with 191 sales and 392 new listings.

The market surrounding Saskatoon which includes the cities of Martensville and Warman saw a year end decline in unit sales by 11% with a total of 1,010 sales by December 31. The total number of new listings for 2016 in the markets outside of Saskatoon was 3,192, a sales-to-listing ration of just under 32%. The city of Martensville saw a 10% increase in unit sales in 2016 while Warman saw a whopping 35% decrease in units sold from 2015 to 2016. Other bedroom communities surrounding Saskatoon saw very little change in units sold year over year.

A home in Saskatoon took an average of 51 days to sell realizing 96.7% of the asking price on average. “There are buyers out there who are ready to act and are willing to pay market value.” Comments Jason Yochim, CEO, Saskatoon Region Association of REALTORS®, “What this tells me is that if a seller is serious about selling their home the best thing they can do is get sound advice on pricing to the current market we are in. The result is a quicker sale for the maximum sale price. Buyers are well educated and not often fooled into overpaying.” He adds.

The average selling price for a home in Saskatoon in 2016 was just over $350,000 which was only a decline of 1% compared to the average selling price of $354,000 in 2015. This average price was maintained by a year over year increase in the number of homes that sold over $750,000.

The MLS® Home Price Index® is considered to be the most accurate determinant of where a real estate market is trending. The composite benchmark value is an aggregate value of various property types and is used to compare changes in market values and trends. The composite benchmark value has been trending downward slightly since August of 2016. The composite value of $299,700 is down 1.6% from the same period in 2015 and looks to continue downward for the near future.

“2017 is not likely to see a significant change in market conditions, however being properly informed on what those market conditions are and how to properly price is where one of our REALTOR® members is invaluable” adds Yochim. “One of the best ways to stimulate an economy is through a home sale. The average home sale in Saskatchewan generates nearly $50,000 in spin off economic activity. Multiply that by 3,700 transactions.” He adds. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.

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Phone: 306-221-9221

345 4th Avenue South #210

Saskatoon, SK S7K 1N3

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