Just The Facts, December 2017 Market Statistics

    205 homes were purchased in December that number 10.8% higher than December 2016 when 185 homes were purchased. The average selling price was $339,520. that number .5% lower than December 2016 when the average was $341,334.  The average price year to date is $344,867. 1.6% lower than in 2016 when the average was $350,580. The average number of days to sell a property in December was 61 days, which is 10 days longer than the 51 days in December of 2016. Unit sales year to date are 5.0% lower than 2016 while the number of units listed is down 3.1%. REALTORS® listed 321 residential properties in December that number 17.9% lower than the 391 listings in December last year. Year to date listing numbers are 8,972 listings, 3.1% lower than the 9,260 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 1,570 homes to select from at the end of the month which calculates out to be approximately 7.5 months of inventory. The sales to listing ratio for December was 63.9%, fifteen points higher than last December.

    Residential sales activity in communities around Saskatoon was up from December 2016. 45 homes were purchased in December this year, up from the 40 being purchased in December 2016. The average selling price in December was down 15.1% at $287,040. To the end of December 3,157 properties have been listed in these areas around Saskatoon, this number up 2.1% from the 3,091 property listings in 2016. At the end of December 2017 there were 813 active listings in these areas around Saskatoon, 4% higher than December 2016. Year to date the total number of unit sales was down 3% from the 1,019 units in 2016 to 988 units in 2017. The average sale price of $307,536 was a 3.3% decrease when compared to the same 12 month period last year.

    December witnessed an 11% increase in the number of home sales compared to December of 2016. Listing activity on the other hand, declined dramatically with an 18% reduction in new listings for December year over year. The increase in December sales and decline in new listings is a positive for decreasing our high inventory levels.

    The year to date story for 2017 indicates an overall slower market compared to 2016. The year to date unit sales are down 5% compared to 2016. To December 31st, 2017 there have been 3,491 units sold within Saskatoon. The number of active listings increased by 66 units from last month’s 3,091 to 3,157, at the current rate of sales we have a seven and a half month inventory. In 2017 there were a total of 8.972 homes listed for sale in the Saskatoon market representing a 3% decline from the previous year. The sales to listing ratio for the year was 35%. In other words, roughly a third of the homes listed for sale ended up actually selling. Prices continue to show signs of a slight decrease. The average sale price in December of 2017 was .5% lower than December of 2016. Year to date the average sale price has dropped from $350,580 to $344,867.  The recently introduced mortgage qualification rules for conventional buyers that became effective on January 2nd along with relatively low interest rates and a large inventory of available properties makes today an ideal time for buyers to make a purchase decision.

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