Saskatoon’s Real Estate Market continues on a downward trend.
Overall Market Trends
We are seeing less homes being listed month over month and to date we are down 12% over last year. This bring us to just over 1700 active listings in Saskatoon. The sales dollar volume saw a major decline of 21% over last November and year to date we are down 7%.
Unit sales also had a significant decline of 22% over last November and year to date we are down 4%. As you can see major adjustments are still happening. We do see well priced homes selling in the entry level price points, which is the driving factor in our market.
What’s Next
CMHC released a market update last month saying in 2019 our market will start to see some improvements. Let us clarify, the amount of active listing dropping month over month has really helped bring inventory levels to a more reasonable number. We still have a long ways to go before the lack of supply will increase prices.
Many sellers still have some price adjustments to do if they expect to sell in our current market.
Homes are selling but only at market value. Buyers are very cautious in this economy and are in no rush to purchase. Interest rates are speculated to increase in the coming months and this means people will have access to less money when purchasing.
We will continue to see entry level homes being most in demand and prices should start to stabilize. Although the higher end homes and condominiums/townhouses could still see some adjustments in the new year. All in all, we do not see prices increasing anytime soon but we do believe we are moving towards a more balanced market for the future.
As always, in any market, we can help! When selling your home is crucial to price at market value and have your home ready to show. The proper de-cluttering, staging, professional photographer and marketing is also a must in our current market to help buyers see value.
If you need help buying or selling our team is here to help!
