Saskatoon has been a picture of stability in a year that has seen some strong fluctuations in the housing market across the country. Increasing home prices in Vancouver and Toronto were making headlines last year, but after several years of fast-rising prices, Saskatoon housing settled into a certain amount of price stability. The average price over the course of 2015 ended up being $354,000, which was 1% lower than the previous year. Small fluctuations in average prices may be attributed to a few homes being sold at outlying prices. In effect, the market value of homes across the city generally remained consistent from 2014 to 2015.
Overall Sales Activity Down in Saskatoon Real Estate
Sales had been growing in Saskatoon for most of the last decade, but 2015 brought about some of the first declines in the market. The blow was especially strong at the start of 2015, as January produced 21% less sales activity than in the previous year. However, by December 2015, the drop-off in sales activity had slowed somewhat. December 2015 showed only 8% less sales activity than the previous year. While this is still a decline, the effects of a weakening economy do not appear to be hurting sales activity as badly at the end of 2015 as they were at the beginning.
The tightening of supply in the city may also be depressing the market somewhat. In December 2015 the total number of listings was, by a significant margin, the lowest the city had seen in more than a year. This total came in at 613 new listings for the month. The total number of houses on the market also shrunk during the month to a little more than 1,600 units. This was 13% lower than the monthly average over the rest of the year, as fewer and fewer people seem interested in putting their homes on the market.
Strong Prices for December with Averages Hitting $352, 197
Although the average home price for the entire year in Saskatoon was down compared to previous years, the average price of homes sold in December 2015 alone hit a five-year high, $352,197 to be exact. This was up from the previous year when the average for the month was $346,197. However, the price was down slightly from the previous month, as the average price of Saskatoon homes sold in November was $360,340.