Provincial Slowdown In Real Estate Activity
Sales and listing statistics across the province were markedly down in February when compared to a year ago. Year to date the number of new homes listed in the Saskatoon market was down 4% and the sales experienced a 12% decline. February activity more closely resembled that of 2011 with 771 new listings and 356 sales in Saskatoon and area. Although this is the first month in some time that recorded a significant decline in sales activity, Saskatoon fared better than its sister city which saw a 26% reduction in sales year to date over 2012. The total MLS® dollar volume to date sits at $205,784,488, 7% lower than recorded in the first two months last year.
In spite of this slowdown the average price of a home in the Saskatoon market continued to increase and now sits at $332,269 compared with $314,083 last February. Property under $350,000 saw a decrease in sales activity while all price ranges above $350,000 were equal to or above last February’s numbers. By category, the most significant reduction in activity was that of industrial and commercial property, down 33% and farm sale activity which was down 64%.
Currently the number of active listings in the Saskatoon Market sits at 2,331, consistent with the past two years. Year to date there have been 215 units sold between $300,000 and $400,000, representing approximately one third of the unit sales. The price range experiencing the greatest percentage increase year to date, 60%, was $450,000 to $500,000, increasing from 20 units in 2012 to 32 units.