The Saskatoon real estate market seems to be cooling somewhat in 2018 compared to the previous year, and there seems to be some uncertainty about which way the market in the city is heading. This could be contributing to a cautious attitude that might be somewhat responsible for some of the currently observed trends.
Overall, 268 homes sold in Saskatoon during the month of September, a figure that is essentially unchanged from last year. However, when we compare the two years themselves, it appears that 2018’s market is down slightly from 2017. Throughout the first nine months of this year, 2,679 homes sold in the city. This was 5% down on a year-over-year basis compared to the 2,935 homes that sold over the same period last year.
Active Listings Dwindling in Saskatoon
At the end of September, 1,944 listings remained on the market. This is still well above the ten-year average, and represents more than 8 months of inventory at the current rates of sale in the city. However, it is worth noting that this number has declined compared to last year. In 2017, 2,082 homes were listed at the end of September. This was 7% higher than the current year’s figures, and was the highest that listings have surged for the month in the last ten years.
The drop-off in available listings has been caused by a decrease in the number of new homes coming on the market. Sellers appear to prefer to have patience in the current saturated market and are listing their homes much more slowly than has been the case in the past. The number of new listings for the month of September dipped below the ten-year average for the first time since 2013.
Average Prices in Saskatoon Decline
The average price of homes sold in Saskatoon has dropped on a year-over-year basis. The year-to-date average price of a home in the city was $332,700 at the end of September. This is 4% lower than the figure from 2017. This marks the second year in a row that the average price has dropped when the first three quarters of the year are compared. However, it is important to note that average prices can easily be skewed by a few outlying high-priced or low-priced sales, especially in smaller markets. By contrast, the benchmark price based on the Home Price Index was $312,200 in September – the highest the benchmark price has been throughout all 2018.
Overall, it seems as if the Saskatoon market is offering some possibilities for buyers at present. Prices haven’t climbed back up to the highs that they were at two years ago, and there are plenty of great options on the market. For those looking to buy themselves a new home in Saskatoon, the fall and winter could certainly present some great opportunities.
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