Movement in the Saskatoon real estate market cooled significantly this year compared to 2017. Home sales were down on both a monthly and a year-to-date basis. The sales figures for the month indicated the slowest December over the past ten years.
Overall, there were 164 homes sold during the month, a year-over-year decline of 20%. While the year-to-date figures did not decline as dramatically, they did indicate a downward trend in activity in the market. The 3,329 homes sold throughout the year was 5% fewer than were sold in 2017. More tellingly, this is the fourth year in a row that the annual number of sales has shifted downwards compared to the previous year.
Listings Decline Slightly, but Still High
Compared to the record-setting highs of last December, the total number of listings available in Saskatoon did drop somewhat in 2018. Available listings reached their lowest level in four years for the month of December. However, this still leaves the total number of homes available for sale well above the ten-year average for the region.
There were 7,956 homes for sale in Saskatoon at the end of December. Year-over-year, this is a decline of 11%. New listings were also down for the month. This is the third year in a row that new listings have declined for December. However, it is important to take this information in context. Given the slow rate of sales, the number of months of available inventory in the city hit a ten-year high for the month, with over ten months of inventory currently available.
Pricing Trend Continues to Creep Downward
Real estate prices in Saskatoon hit their high point four years ago in 2015, and have been slowly working their way back down since then. The benchmark price of a home in Saskatoon at the end of December was $307,000. It should be noted, however, that prices are not in a freefall, but merely slowly shifting back downward. The benchmark price was slightly higher in November, at $310,900.
Overall, Saskatoon is a market that appears to be offering a lot of opportunities to buyers at the moment. With some pricing relief entering the market and a surplus of options to choose from, homebuyers are able to take their time and find the best possible property to meet their needs, while also perhaps getting good value for their dollar.
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