JUST THE FACTS

    JUST THE FACTS

    Here’s what’s new in Saskatoon’s real estate world.

    394 homes were purchased in May that number 6% lower than May 2015 when 419 homes were purchased. The average selling price was $353,197.00 that number 3.1% lower than May 2015 when the average was $364,338.00.  The average price year to date is $346,671.00. 2.3% lower than in 2015 when the average was $354,824.00. The average number of days to sell a property in May was 45 days a typical selling time for this season. Unit sales year to date are 6% lower than 2015 while the number of units listed is up by 1.4%. REALTORS® listed 971 residential properties in May that number down from the 985 listings in May last year. Year to date listing numbers are 4,144 listings, 1.4% lower than the 4,201 listed in 2015. A certain percentage of these listings were previously listed properties that failed to sell as a result of being overpriced, which were then relisted at a lower price in order to bring them closer to market value. Home buyers had 2,035 homes to select from at the end of the month which calculates out to be approximately 5 months of inventory.

    The five-year average for active listings is 1,633 units. Based on the sales activity in May, it would take just over 5 months to liquidate the current inventory. Properties that have been selling are selling within 97.2% of their asking price and in an average time of 45 days. The five-year average for the number of days to sell is 37.
    The sales-to-listing ratio is determined by dividing the number of sales for the month by the number of new listings. At the end of May, the sales-to-listing ratio was 41% which is considered to be a buyers’ market. The five-year average for sales-to-listing ratio is 48%, which represents a market that would be considered “balanced”.

    Residential sales activity in communities around Saskatoon was down from May 2015.      98 homes were purchased in May this year, down from the 147 being purchased in May 2015. The average selling price in May was down 5.3% at $300,792.  At the end of May 2016 there were 1,191 active listings in these areas around Saskatoon, 3.6% higher than May 2015. Year to date the total number of unit sales was down 19.5% from the 482 units in 2015 to 388 units in 2016. The average sale price of $309,099 was a 2.6% decline when compared to the same five month period last year. Market activity in the area and communities surrounding Saskatoon appears to be slightly more challenged.

    Jason Yochim the CEO of the Saskatoon Region Association of Realtors has today released this YouTube media release: https://youtu.be/_xqIWEtv15s , June 2016  MLS Statistics.

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