Real Estate Information

The year to date sales overall in the city of Saskatoon are up this year by 8% YTD. Most of the gain has been in fall as the fall sales were up substantially over 2008. These sales increases are all in the under $400,000.00 category. The largest increase in unit sales being in the $200,000.-250,000. range. We also had a large increase in the $275,000.-$300,000. range. This range is typical for the older East side areas that have been very popular this year for first time home buyers. In the $350,000. up category we have seen unit sales volume drop accross the board. As much as 30% in the $400,000. range.

This indicates to me that a large per cent of our buyers are first time buyers who are now more comfortable entering the market as the prices have settled back and interest rates have reached the lowest in recent history.

Inventory has fallen late this fall as it usually does this time of year. We still have double the inventory of a few years ago during this time of year.

Average days to sell is down by about 15% from last year. The average price is also down compared to last year by about 11%. Most of this happened early in the the year. We have been pretty flat in terms of price changes through the year.

There is different opinions about whether the economy is coming out of the slump. If we go with the optomists we should see activity move up over the coming months. As this happens we should see more positive activity in the higher price ranges.

The Saskatoon Real Estate Market remains strong with 254 residential units sold in November. 

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The Saskatoon Census Metropolitan Area (CMA) recorded 438 total housing starts during the third quarter of 2009, surpassing the 342 units started in the first half of the year. 

Single detached starts each month of the third quarter recorded an improvement from the previous year, contributing to the 402 foundations poured between July and September.  This is the highest level of single family dwellings activity recorded since 1979, when 470 starts took place during the third quarter. 

Total single-detached housing starts of 691 units from January to September remain lower this year, down 36 percent from a year ago.

Total starts in the first three quarters of 2009 in the bedroom communities made up 33 percent of total housing starts in the Saskatoon area, up from 30 percent a year ago.  Notably, the town of Martensville had the highest number of starts, followed by the town of Warman at 48 units.
SOURCE: CMHC

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We are following the traditional patterns of falling inventory as we go into the winter season. There were 1291 properties on the market at the end of July. We are now at 971 units on the market at the end of October.

The market has seen brisk unit sales in September and October in the $200,000.00 - $350,000.00 range. There has been a significant decline in unit sales over the $350,000.00 range from last year in the same period.  Overall unit sales YTD has increased by 5%, while new listings are declining. This is showing up in the lower inventories.

This is good news for the sellers. It is getting more difficult for the buyers to find properties in the lower price ranges in the more popular areas such as the older South East areas. (area 2).

Area 2 unit sales are up 12%. This is primarily in the under $300,000.00 price range.  In the extreme East area (area 1) of the city, home unit volumes are up by 17% over last year.  Judging by the price range volumes, this is in the townhouse and condo markets for the most part.  Area 3, especially in the single family units has a short supply of homes in the $250,000.00 – 350,000.00 range.  Unit sales are down in area 4, in large part due to lack of supply. Area 5 is having a good year with the expansion in the Hamptons as well as a strong demand from first time home buyers for the $200,000.- $250,000.00 single family resale homes. Unit sales YTD over $350,000.00 are down overall.

I feel this tells us that the majority of the buyers today are first time home buyers who are encouraged by the low interest rates and attractive mortgage terms offered by the lenders.

I expect we are going to see a solid market in the coming year as sellers begin to realize that we are not going to get a major step up in prices. We are back into the stable slow growth market that we were accustomed to in the past.

Saskatoon is a great place to live. We are enjoying a level of prosperity and stability here that is envied by the rest of the country. I believe that we are better to have stable growth rather than the huge price swings that the west coast and central Canada has seen in the past.

So if you are considering selling, the market is good for sellers. The buyers are having trouble finding the property they are seeking at what they consider as good value.

If you have been wondering what the value of your property is, and what to expect in your price range and area, I will be happy to sit down and discuss it with you.

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As indicated by the graph below, the number of active listings continues to decline, which continues to bring the Saskatoon Real Estate market to a more balanced state. Inventory is still at a good level, with 971 single famlies units available at the end of October.
The 'Listed' and 'Sold' numbers are very typical for this time of the year as fall begins and we head into the winter season, when real estate activity is at its lowest.  The total number of residential units listed in Saskatoon for October was 442 and 311 properties sold.

Watch for more market comments coming soon.

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Here's a great video with some simple tips to keep the cold out this winter.  Just one note of caution regarding the tip about roof vents.  For our climate, I don't think it's a good idea to cover the roof vents; this could trap heat in the attic which could cause frost build up. And if left unventilated too long it may cause mold issues in your attic.

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The September stats are in. The Saskatoon market is showing an increase in unit sales in our YTD numbers. In 2008 the year to day sales were 3773 single family properties. In 2009 YTD unit sales are 3848 in singles family properties -a small increase. The Increase in sales over 2008 in September is 98%. While this sounds great, the YTD unit sales show the real picture. The good news for sellers is that the inventory is coming down. Prices are stablizing with good volumes in the $200,000.-$350,000. range. We are now in a shortage situation with east side townhouse properties in the $200,000.-$300,000 range. The buyers are still cautious about the amount they pay for properties, but the prices have now stablized. I expect we may see a small rise in prices in the lower priced properties on the east side in the coming year. It is a good time to consider buying. The interest rates are the lowest in decades and there are grants available to assist buyers in home improvements.

For sellers it is great to see that prices have stablized and the demand is good for most price ranges.

We even had one sale over the million dollar range last month.

Come back for more updates in the coming weeks.

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