In the first quarter of 2018 there were 648 residential home sales in Saskatoon, this represented an 11% decline year over year from 2017. The year over year decrease in home sales for the month of March was 24% with just 234 residential transactions last month. The number of new listings introduced on the MLS® for Saskatoon is also down for the quarter with 2,183 in 2017 compared to 1,807 so far this year.
Active residential listings in Saskatoon at the end of March totaled 1,670 for both single and multi-family homes, consistent with the five year average of 1,695. This current level of inventory would take just over seven months to liquidate at the current rate of sales.
The reduction in active listings is not only the result of fewer homes being listed on the market. “Some sellers may have decided not to relist their home just yet, opting to wait for the more active spring market to try their luck.” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR) “Many sellers believe that spring is the best time to sell” he adds. The real indicator of success in selling is correct pricing based on what else is competition in the market and the current market conditions relative to supply and demand. “A REALTOR® is the best person to provide insightful and objective advice on this critical element.”
The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. The intent of this ratio is to attempt to determine if it is a buyers or seller’s market. A ratio between 40% and 60% is considered to be a balanced market. A ratio below that is considered a buyer’s market and above, a seller’s market. The sales-to-listing ratio for March was 35%, down slightly from the five year average of 40%. Last month, the average home in Saskatoon took 64 days to sell compared with 47 days in March of 2017. The five year average for the Saskatoon market is 50 days.
The average year to date residential sale price continued its steady decline by 2%. 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 continued to decline from $330,000 in January, to $317,250 in March. In March of 2017, the median price was just slightly higher at $320,000. The five year average for median residential home sale prices in Saskatoon is $330,000.
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