More homes hitting the market

The StarPhoenix October 4, 2013 - The number of homes for sale in Saskatoon jumped 27 per cent in September over the same period in 2012, according to the Saskatoon Region Association of Realtors (SRAR) monthly report. It is a trend that has been going on since March, said SRAR executive officer Jason Yochim.

"Since March, every month the number of listings compared to the year before has increased," Yochim said. "But on the other side, sales has been consistent with what we have seen in the previous year.

"That would normally lead you to believe there is going to be a buyer's market - which I think it is moving in that direction - but I don't think that shift has actually happened because prices are still inching up."

Saskatoon's marketplace saw 740 properties added to the inventory for a total of 1,391 homes available to buyers in September.

"New construction is feeding into the supply, existing housing is feeding into the supply and infill housing is feeding into it," Yochim said. "You don't have to drive very far in what we call Area 2 to see these semi-detached units going up (in established neighbourhoods)." Top-end houses are still selling - sales between $750,000 and $1 million have already surpassed 2012's year-end total at 50, while the

number of sales in excess of $1 million has already matched last year's high of 16 units.

The most expensive sale was on Saskatchewan Crescent, a $1,550,000 transaction. The average price of a home in Saskatoon currently sits at just under $345,000, and the average number of days to sell is 39.

Yochim said that is still below the five-year average.

"On average we have seen an increase in our inventory of approximately seven to eight per cent over last year," Yochim said. "Even though our sales activity is on par with last year's numbers, with an increase in listings this year, there is still a steady increase in the average sale price of approximately four per cent year to date."

© The StarPhoenix (Saskatoon) 2013