Here’s what’s new in Saskatoon’s real estate world.
262 homes were purchased in September that number 19.1% lower than September 2016 when 324 homes were purchased. The average selling price was $343,785. that number 2.6% lower than September 2016 when the average was $353,130. The average price year to date is $347,043. 1.4% lower than in 2016 when the average was $352,103. The average number of days to sell a property in September was 55 days, which is the greatest number of days in the past several years. Unit sales year to date are 6.5% lower than 2016 while the number of units listed is down 1.5%. REALTORS® listed 767 residential properties in September that number 1.5% lower than the 779 listings in September last year. Year to date listing numbers are 7,357 listings, 1.5% lower than the 7,468 listed in 2016. 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 2,082 homes to select from at the end of the month which calculates out to be approximately 8 months of inventory. The sales to listing ratio for September was 34%, well below the 5 year average of 42%.
Residential sales activity in communities around Saskatoon was down from September 2016. 76 homes were purchased in September this year, down from the 107 being purchased in September 2016. The average selling price in September was down 4.9% at $304,936. To the end of September 2,596 properties have been listed in these areas around Saskatoon, this number virtually unchanged from the 2,595 property listings in 2016. At the end of September 2017 there were 1,086 active listings in these areas around Saskatoon, 5.6% higher than September 2016. Year to date the total number of unit sales was down 6.6% from the 832 units in 2016 to 777 units in 2017. The average sale price of $310,828 was a 2.8% decrease when compared to the same 9 month period last year.
September witnessed an 19.1% decrease in the number of home sales compared to September of 2016. The year to date unit sales are down 6.5% compared to the first 9 months of 2016. So far this year there have been 2,745 units sold within Saskatoon. The number of active listings decreased by 101 units from last month’s 2,183 to 2,082, at the current rate of sales we have an eight month inventory. The five year average for active listings on the market is 1,797 units. That level of inventory would bring us closer to balanced market conditions. It is taking approximately 55 days for a home to sell, which is higher than the 5 year average number of 46 days in September. In Saskatoon there have been 7,357 properties listed for sale since January first, very similar to the 7,468 listings in 2016. Prices continue to show signs of a slight decrease. The average sale price in September of 2017 was 2.6% lower than September of 2016. Year to date the average sale price has dropped from $352,103 to $347,043. Based on the theory of supply and demand it is reasonable to expect that prices are not likely to strengthen until the number of active listings declines. It is important to remember that these changes in pricing are an aggregate of the entire market and will vary based on area, type of home and availability of similar properties to the subject.
If these numbers have you scratching your head trying to figure out what they mean to you I would invite you to call me and we can walk through this market update and help you to understand your personal situation. Call me today at 306-280-0989.