June 2019 Market Update

Media Release: July 5, 2019
Jason Yochim, Chief Executive Officer, Saskatoon Region Association of REALTORS®

Saskatoon — The stronger residential housing market that began in March continued into June, as Saskatoon Realtors® sold 372 homes for a dollar volume of just under $126 million, the Saskatoon Region Association of REALTORS® (SRAR) reported Friday.

Sales were up six per cent from last June’s 350, while the combined value rose nine per cent from $116 million.

Buyers also had fewer listings to choose from, as 784 units were added to the city’s market, down 10 per cent from last year’s 871 and well down from the previous year’s 949.

“Fewer listings and a renewed interest from first-time home buyers have helped support the Saskatoon market,” said SRAR CEO Jason Yochim. “We’re in a fairly balanced market, as demonstrated by a sales-to-listing ratio of 47 per cent.”

A buyer’s market is indicated by a ratio of under 40 per cent, while a seller’s market ratio begins at 60 per cent.

Year-to-date, local agents have listed 4,206 homes, down five per cent from last year’s 4,407 and also down from 2017’s 5,004. In that time, 1,840 homes have sold, up nine per cent from 2018’s 1,691. The dollar volume rose eight per cent to $610 million from $564.7 million.

Similar numbers were posted in Saskatoon and region, which includes neighbouring towns and cities such as Warman, Martensville and Dalmeny. Listings fell five per cent to 1,232 in June from 1,291 in the same month of 2018, while sales were up three per cent to 490 from 474. Dollar volume was up seven per cent to $169.5 million from $157.8 million.

Year-to-date, Saskatoon and region have seen 6,586 homes listed, down three per cent from 6,765, and sales of 2,489, up eight per cent from 2,310, for a value of $810 million. That number is up six per cent from last year’s $768 million.

In the region alone, 96 homes sold last month, down seven per cent from the previous June’s 103, although year-to-date sales are up five per cent to 517, up from 491. Dollar volume was down one per cent to $31 million from $31.3 million. Listings were up 10 per cent in June to 325 but were almost even year-to-date at 1,668.

The average sales price rose six per cent in Saskatoon and region to $323,291 in June, up from $304,449. However, the year-to-date average price remains down seven per cent at $292,039.

“I think we’re seeing a renewed confidence in the market, while prices are coming down in some categories,” Yochim said. “There may also be some pent-up demand. Prudent buyers are sensing that this is the time to buy in this market.”

SRAR, which encompasses Prince Albert, the Battlefords and other north-central communities under its reporting umbrella, reported both lower sales and listings in those markets.

The Prince Albert region posted 170 listings in June, down 12 per cent from 193 in the same month of 2018, and 58 sales, down five per cent from 61. Dollar volume was down 22 per cent to $11.8 million from $15.2 million.

Year-to-date, 270 homes have sold, down five per cent from 283, for a 12-per-cent lower dollar volume of $55.8 million, down from $63.3 million. The average sales price was $190,850 in June, down 25 per cent from last June; and $195,500 year-to-date, down 18 per cent from last year’s $237,813.

In the Battlefords region, dollar volume was down 25 per cent to $6 million from $8 million. Listings fell 12 per cent to 128 from 145, while sales dropped 15 per cent to 33 from 39. Year-to-date, Battlefords-area agents have sold 186 homes, up two per cent from last year’s 183, for a dollar volume of $36 million, down 13 per cent from $41.6 million.

The average sales price jumped 27 per cent in June to $238,400, up from $187,545 in the previous June. Year-to-date the price has fallen five per cent to $203,282 from $214,642.

“A large number of sales in higher-priced categories helped drive up June’s average price in the Battlefords, which may point to increasing confidence in the market,” said Yochim.

For more information, please contact Jason Yochim at 306-343-3444.