Lee Starks

Phone: (306) 221-5521 |

May 2020

Saskatoon

 

Saskatoon Sales in Saskatoon were down 22.7%, going from 422 in May 2019 to 326 in May 2020, and down 14.0% in the overall region, going from 515 to 443. In Saskatoon, sales were 15.5% below the 5-year average (and 21.6% below the 10-year average), while in the larger region, sales were 14.3% below the 5-year average (and 22.3% below the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 14.2% over last year, decreasing from 1,470 to 1,261, while YTD sales in the larger region fell 10.8%, going from 1,843 to 1,644.


Sales volume was down 16.7% in the city, going from $140.6M to $117.1M in 2020 (12.4% below the 5-year average, and 18.7% below the 10-year average). YTD sales volume in the city was $429.3M, a decrease of 11.2% from last year. In the region, sales volume was down 9.1%, going from $578.0M to $525.6M (13.8% below the 5year average and 21.7% below the 10-year average). YTD sales volume decreased 9.1% in the region, falling from $578.0M in 2019 to $525.6M in 2020.


In Saskatoon, the number of new listings in May 2020 fell 17.0%, going from 911 to 756 (18.1% below the 5-year average and 16.2% below the 10-year average), while in the region, new listings fell 14.2% from 1,253 last year to 1,075 this year (19.7% below the 5-year average and 19.1% below the 10-year average). YTD new listings in the city fell 15.6%, going from 3,420 to 2,885, while in the larger region, the number of new listings to date fell 17.4%, going from 4,735 to 3,913. Active listings fell 20.1% in Saskatoon (down from 1,944 to 1,553) and fell 21.2% in the region (down from 3,254 to 2,564).


Inventory in Saskatoon stood at 5 (which is 3.4% above the level last year and 7.8% below the 5-year average), while the sales to listing ratio was 43.1%, suggesting balanced market conditions. Inventory in the larger region stood at 6 (which is 8.4% below the level last year and 11.4% below the 5-year average), while the sales to listing ratio was 41.2%, suggesting balanced market conditions.


Homes in Saskatoon stayed on the market an average of 48 days in May—up 2.1% from 47 days last year (and above the 5-year average of 46 days and above the 10-year average of 40 days). Homes in the region stayed on the market longer than homes in the city at 60 days on average in 2020, but also up from an average of 54 days last year (and 11.1% above the 5-year average).


Median home prices in Saskatoon went from $326,000 to $338,000 (an increase of 3.7%) and were approximately 1.7% above the 5-year and 1.9% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 2.2% from $303,400 to $306,500. Year-to-date, the median home price in Saskatoon was $326,250 which is 1.0% above the $323,120 price from the same time last year. Median home prices in the region went from $312,500 to $307,000 (a decrease of 1.8%) and were approximately 1.8% below the 5-year and 1.9% below the 10-year average median price. Year-to-date, the median home price in the region was $305,700 which is 2.1% above the $299,280 price from the same time last year.

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