JUST THE FACTS
Here’s what’s new in Saskatoon’s real estate world.
280 homes were purchased in November that number 4% lower than November 2014 when 292 homes were purchased. The average selling price was $360,340.00 that number on balance with November 2014 when the average was $360,187.00. The average price year to date is $354,054.00 1% lower than in 2014 when the average was $356,991.00. The average number of days to sell a property in November was 51 days indicating a slower market. Unit sales year to date are 13% lower than 2014 while the number of units listed is up by 8%. REALTORS® listed 631 residential properties in November that number up from the 599 listings in November last year. Year to date listing numbers are 9,357 listings, 8% higher than the 8,677 listed in 2014. 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 1,831 homes to select from at the end of the month which calculates out to be approximately six and a half months of inventory.
Residential sales activity in communities around Saskatoon was on par with November 2014. 78 homes were purchased in November this year the same as the 78 being purchased in November 2014. The average selling price was down 4% at $291,958. Year to date 3,332 properties have been listed in these areas around Saskatoon, this number indicates a 6% increase from the 3,152 property listings in 2014. At the end of November 2015 there were 978 active listings in these areas around Saskatoon, 7% higher than November 2014.
November saw a slight decrease in the months of inventory from 6.8 months to 6.5. This represents how long it would take to absorb the current inventory level based on the current volume of sales. Around 500 properties or approximately 27% of the inventory in Saskatoon is made up of newer homes built in the past two years. This has resulted in a drastic decrease in permits for new single family homes which are down 39% in 2015.
Although sales have slowed in 2015, the average price of $354,000 only represents a 1% reduction from January 2015. Overall the CREA Home Price Index composite benchmark price for the Saskatoon market has been in a steady decline since September which was the high water mark at $317,000. The current benchmark value of $308,000 is the lowest point since May of 2013. “This would indicate that overall prices are cooling and will likely continue to do so for the foreseeable future.” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® “It’s strictly supply and demand, as inventory is absorbed, prices will begin to stabilize” he adds.
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