March Housing States Review:
Highlights:• National home sales rose 1.1% from February to March.
• Actual (not seasonally adjusted) activity in March was up 6.6% from a year earlier.
• The number of newly listed homes climbed 2.5% from February to March.
• The MLS® Home Price Index (HPI) was up 18.6% year-over-year (y-o-y) in March 2017.
• The national average sale price increased by 8.2% y-o-y in March.
Home sales over Canadian MLS® Systems edged up 1.1% in March 2017, surpassing the previous monthly record set in April 2016 by one-quarter of a percent.
- Residential total is 1943
- single family – 1149
- condo’s – 584
- townhouse – 210
Saskatoon Housing Market:
First quarter numbers:
– Homes sales are up 1% over last year
– Homes listed are down 2% compared to last year
-We are still seeing the effects from the mortgage qualification changes last October and the new tax rules (PST) being implemented. For example: multi family sales are up 18% compared to last year and single family are down 4% in unit sales. 5% increase in sales between 200,000-350,000/first quarter.
– Same period homes from 350,000-600,000 saw a 13% decline in unit sale. (I believe this creates a more stable market which is good for all.)
– Average days on market is 47 and sellers are receiving 98% of asking price
– As always pricing is crucial for a timely sale.
Census 2016 states that Saskatoon is the 3rd fastest growing city in Canada thus resulting in more home development, more sales and more homes exchanging hands.
From what we see we are going to have a very active year with a lot of properties changing hands.
As always, ff you need help buying or selling your home please don’t hesitate to contact us at any time.