Happy New Years!
Now that we have ushered in a New Year here in Saskatoon we are hoping that we will start seeing the market prices and the number of ''sales increase.
When looking at the MLS statistics year over year we saw a decrease in both number of sales as well as sales prices in 2017, compared to 2016. In 2017 the average sales price (Sold Price) of a home was $7,000 lower than the average sales price in 2016. This was the second year in a row we saw a decrease. There were also 300 less homes sold in 2017, but an increase of 653 listings year over year. This made more product to choose from, less sales and a longer period of days on the market.
The month of September had overall the biggest hit on recorded sales finishing 8% lower than the year prior and November 2017 was the best month with an increase of 11% year over year.
So, if we are to continue just concentrating on the numbers and the statistics from MLS we would believe that things are looking up. In the last two months of 2017, Saskatoon saw an increase in sales year over year. During the month of November alone there were 110 more units sold than the year prior and December was up just about 5% in the number of sales.
Hopefully, this is a sign of things returning to a more balanced market, Happy 2018!