Saskatoon Real Estate Market Update - August 2019

Fewer Saskatoon homes were listed in August even as sales remained stable compared to the same month of 2018, the Saskatoon Region Association of REALTORS® (SRAR) reported Thursday. 

City listings fell four per cent to 724, down from last August’s 757, while the month’s 325 sales were almost on par with last year’s 329 — the same number sold in 2017, as well. Year-to-date, listings are down three per cent to 5,676 (from 5,873) while sales have risen six per cent to 2,551 (from 2,410). 

Active listings in the city are down five percent to 1,916 from 2,019 at the same time last year. 

“It’s always a good thing, especially in the time we’re in, when listings are declining — and they have been the last three years. If you want to see prices remain stable or even go up slightly, you have to see less supply,” said Jason Yochim, CEO of SRAR. 

“Consumers are aware of the market and if they’re not serious about buying or selling, you’ll see fewer of them just testing the market. When the market is moving upward, and a bit hot, you’ll see people kicking the tires and consider selling. With prices remaining stable and even down slightly over the last few years, you have the serious sellers because they need to make a move.” 

Slightly lower prices likely contributed to August’s dollar volume of $105 million, down four per cent from the previous year’s $109 million. The average sales price came in at $323,024, down three per cent from last August’s $331,374. Year-to-date, however, dollar volume is up five per cent to $843 million from $805.5 million on stronger sales. 

The Saskatoon region, including communities such as Warman, Dalmeny and Martensville, saw 237 listings in August, down 15 per cent from 280, while sales were down 13 per cent to 93 from 107. However, the average sales price rose eight per cent to $294,237. 

“The bump in the average price is a bit of an indicator that more higher-end properties are moving, which is a positive at the end of the day,” said Yochim. 

Year-to-date, the region has seen 2,195 homes hit the market, down three per cent from 2,255, and 679 sales, a five per cent drop from last year’s 712. The average price is down three per cent to $294,369, and active listings are down five per cent to 1,158 from 1,218. 

“In any market, there are people who want and need to buy a home. The important thing is to have good advice, to price to the market in their neighbourhood based on the condition of their home, conscious of the competition they’re against. This is so fundamental. Price is everything,” said Yochim. “No homeowner wants to sit on the market and have 40 showings and multiple open houses."

In Saskatoon and region combined, August listings fell nine per cent to 1,051 from 1,155; sales were down five per cent to 437 from 461; and the dollar volume was down eight per cent to $138.6 million from $151.5 million. Year-to-date, listings are down three per cent to 8,774 from 9,055; sales are up three per cent to 3,403 from 3,304; and the dollar volume is up one per cent to $1.1 billion.

In the Prince Albert region, listings plummeted 27 per cent to 140 from 193 in August, while sales jumped 29 per cent to 75 from 58, for a dollar volume increase of 36 per cent to $17.5 million. Most of the real estate activity took place in the city proper, which saw 42 sales (up 40 per cent) and just 56 listings (down 32 per cent.) The sales price in the region rose seven per cent to $266,073.

“The numbers are a little behind year-to-date — just four per cent — but it’s still a very positive sign to see that many sales in a city that size,” said Yochim.
In the Battlefords, listings rose 17 per cent to 103 from 88 in August, but year-to-date listings are down seven per cent to 889 from 961. Sales fell to 28, down 20 per cent to 28, although to-date sales are identical with last year’s at 254. Active listings are down nine per cent in the Battlefords to 197 from 217, and up six per cent in the region to 313.