2016 Saskatoon Real Estate Summary

    Here’s what’s new in Saskatoon’s real estate world.

    191 homes were purchased in December that number 3% lower than December 2015 when 197 homes were purchased. The average selling price was $342,617.00 that number 3.1% lower than December 2015 when the average was $353,471.00. The average price year to date is $350,388.00. 1% lower than in 2015 when the average was $354,077.00. The average number of days to sell a property in December was 51 days, a slightly longer selling time for this season. Unit sales year to date are 6.9% lower than 2015 while the number of units listed is down 4.7%. REALTORS® listed 393 residential properties in December that number even with the 393 listings in December last year. Year to date listing numbers are 9,290 listings, 4.7% lower than the 9,750 listed in 2015. A certain percentage of these listings were previously listed properties that failed to sell as a result of being overpriced, which were then relisted at a lower price in order to bring them closer to market value. Home buyers had 1,443 homes to select from at the end of the month which calculates out to be approximately 7 months of inventory.

    Residential sales activity in communities around Saskatoon was down from December 2015. 39 homes were purchased in December this year, down from the 56 being purchased in December 2015. The average selling price in December was down 9.5% at $321,981. To the end of December 3,192 properties have been listed in these areas around Saskatoon, this number indicates a 8.6% decrease from the 3,491 property listings in 2015. At the end of December 2016 there were 782 active listings in these areas around Saskatoon, 8.4% lower than December 2015. Year to date the total number of unit sales was down 10.9% from the 1,133 units in 2015 to 1,010 units in 2016. The average sale price of $311,013 was a 1% decline when compared to the same 12 month period last year.

    Year over year unit sales for the city of Saskatoon saw a 7% decline in 2016. As of December 31st there were a total of 3679 homes sell versus the 3933 sales in 2015. There was also a decline in the number of new listings in 2016 of 5% with 9290 properties placed on the MLS system in Saskatoon last year. In other words, 38% of the homes that were listed ended up selling, which is considered to be a firm buyers market. The market for the month of December was in balanced territory with 191 sales and 392 new listings. A home in Saskatoon took an average of 51 days to sell. The average selling price in Saskatoon in 2016 was just over $350,000 , which was a decline of 1% from the average selling price in 2015 of $354,000. I do have ready, willing and qualified buyers who are prepared to pay market value for homes. What today’s sellers need to recognize is that sound pricing advise as it relates to today’s market will result in a quicker sale for the maximum sale price.

    2017 is not likely to see a significant change in market conditions however being properly informed on what those market conditions are and how to properly price is where my 28 years of experience proves to be invaluable. If you are curious about the value of your home in today’s market please call me at 306-280-0989. Thanks for your time and may 2017 be the year you answer all of your dreams.

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