Come and enjoy amazing food prepared by the talented Drift chefs with guest chefs from Little Bird Patisserie, all for the sake of helping the marginalized youth in Saskatoon, on December 4th at 6:30pm.
Enter to win 2 tickets ($150 value) to this private event when you LIKE this page, SHARE this post, and COMMENT with your favourite local community-based organization (does not have to be the CNYC). Draw date will be November 27th.
The total number of new residential listings in Saskatoon on the Multiple Listing Service (MLS) year to date totalled 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 2015, 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 with 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 Yochim. “It would seem that sellers are recognizing the importance of expert advice from our REALTOR® members in pricing to the current market.”
For further information, please contact:
Jason Yochim CAE, CRAE Chief Executive Officer – Saskatoon Region Association of REALTORS® firstname.lastname@example.org 306-343-3444 ... See MoreSee Less
Saskatoon October 3rd, 2018 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... click here to read m...