2016 Housing Market Year In Review

What a year 2016 was in Saskatoon with regards to the housing market.

Here are some facts stats:
– We saw a decline in unit sales of 7%
– The dollar volume of sales are down 7%
– Number of new listing went down 5%
– Average days on market were 51 in 2016
– Homes in 2016 were selling at 96.7% of asking price
– Average selling price in 2016 was just over $350,000 (a decline of 1% compared to 2015 at $354,000)
– Major changes with the lending rules from CMHC and banks which will help create a stable market
All in all, Saskatoon weathered the storm quite well compared to other western markets.

Last Months Housing Stats:


Highlights:
• National home sales rose 2.2% from November to December.
• Actual (not seasonally adjusted) activity in December was down 5.0% from a year earlier.
• The number of newly listed homes dropped 3.0% from November to December.
• The MLS® Home Price Index (HPI) in December was up 14.2% year-over-year (y-o-y).
• The national average sale price climbed 3.5% y-o-y in December.The number of homes trading hands via Canadian MLS® Systems rose 2.2 % month-over-month in December 2016.

Current Housing Market Stats: January 2017

Current Properties On The Market
Residential properties – 1644
Single Family – 956
Condominiums – 497
Townhouses – 191
Saskatoon is still oversupplied with regards to condominiums and townhouse inventory. Because of the supply and demand, prices could still see some adjustment.
January is showing no signs of slowing down and housing activity is still seeing activity from buyers as well as sellers. With that being said, sellers will still need to be sensitive when pricing for a successful sale.