Hot July slightly cools Saskatoon and region housing market
Hot weather and summer holidays brought a slight cooling to Saskatoon and region’s housing market, as sales and total dollar volume fell by 9.8 and 9.4
Multiple Listing Service® (MLS) sales totaled 481, down from 533, while listings rose a marginal 0.4 per cent to 1,140. Dollar volume fell to $154.7 million from last year’s $170.7 million, reported the Saskatoon Region Association of REALTORS® (SRAR).
“Typically, people think summer will always be busy, but spring is the busiest market,” said SRAR CEO Jason Yochim. “It tapers off a bit in summer. Winter weather can be brutal, and people take advantage of summer when it’s here.”
Still, year-to-date numbers remain up over 2018. Sales rose 4.4 per cent to 2,968 from 2,843, while dollar volume is up 2.8 per cent to $964.7 million from $938.7 million. Listings so far this year are down 2.2 per cent, to 7,724 from 7,900; and well down from 2017’s 8,692.
In the city of Saskatoon, July sales were exactly on par with last year’s 390 transactions and well up from 310 in 2017. Dollar volume fell 1.7 per cent to $129.4 million, while listings rose 5.5 per cent to 748 from 709.
Year-to-date, and largely due to a strong spring market, the city’s dollar volume is up six per cent to $739 million from $696.4 million last year. Sales increased seven per cent to 2,228 from 2,081 and listings fell three per cent to 4,952 from 5,116.
Active listings in Saskatoon are down 5.7 per cent to 1,932 from 2,048 last year, while the region’s listings are down 0.7 per cent to 1,213 from 1,221.
In July, the city’s sales-to-listings ratio reached 52 per cent, which is considered a balanced market.
“Inventory levels are still declining, and that’s a good sign,” Yochim said. “The slight decline over the last three years helps us maintain a balanced market.”
The city’s average price slipped 1.7 per cent to $331,780 in July. Year-to-date the price has fallen one per cent to $331,649.
“It’s good to see in the city that while the average price dropped in 2017 and 2018, we’re very close to those values, so it’s levelled a bit,” Yochim said. “Overall, it’s positive; it’s stable. We’ve seen some good growth in Saskatoon in the last quarter. Our sales numbers year-to-date are the highest in three years.”
The surrounding region saw less-robust interest from buyers. July sales dropped nearly 40 per cent to 69 sales from last year’s 114, and dollar volume fell 35 per cent to $21.5 million from $33 million. Listings were down 3.3 per cent to 291 from 301.
However, the region’s average sales price rose 7.5 per cent to $311,998 in July, up from last year’s $290,322. To date, the price is down 5.2 per cent to $294,389.
For further information, please contact:
Jason Yochim CAE, CRAE
Chief Executive Officer – Saskatoon Region Association of REALTORS®