As we are closing out 2016 and reflecting on the year past, it’s also important to put the wheels in motion and work towards making the new year an even better one. Real estate in Saskatoon saw a decline of 7% in sales for 2016. The number of new listings was also down 5% by year end and 38% of homes that were listed ended up selling, making the real estate market firmly a buyer’s market. In December the sales to listing ratio did increase to a balanced market with 191 sales and 392 new listings.
Areas surrounding Saskatoon including Martensville and Warman saw a total decline of 11% by year end. These areas saw a sales to listing ratio of just under 32%. Interestingly enough though, Martensville saw a 10% increase in unit sales while Warman experienced a 35% decrease (!!!) in units sold this year. Other communities surrounding Saskatoon saw little difference in the number of units sold this year vs last.
Overall for 2016, the average time it took to sell a home in Saskatoon was 51 days. The average sale price was 96.7% of listing price.
What does this all mean? Buyers are becoming more educated and are willing to pay more for a house if it’s priced correctly. Because there are ample listings on the market, buyers can shop around and not get fooled into overpaying for a home. A house will sell quicker and for more money if it’s priced correctly to begin with.
The average house price in Saskatoon ended up just over $350,000 which is slightly down from 2015’s $354,000. The average price of homes over $750,000 did also see the number of home sales increase, helping to maintain the overall average sale price.
What does 2017 bring? 2017 is not supposed to bring any significant changes to the market. The key to selling your home this year? Being properly informed by what the current market conditions are and following accurate advice on pricing a home for sale. If you decide to ‘try out’ a higher price initially, you’re wasting valuable time and the leg up on the competition.
Saskatoon real estate agent
Century 21 Fusion