Saskatoon’s Real Estate market sees some positive numbers in November.
How Are Prices Looking?
The dollar volume had an increase of 16% over last November but year to date it is only up 7%. This increase is a direct result of less homes being available on the market. The unit’s being listed saw a large decline of 16% last month and down 3% compared to last year.
This steady decline of new listing throughout the year played a major factor in keeping our inventory levels reasonable. Unit sales had a large increase over last November of 20% and year to date is up 7%. Activity was definitely up in November but when we look at the average selling price, it is down 3% and year to date it is almost level with last years numbers.
Inventory Levels:
Even though these numbers seem like the market is moving in the right direction, we still have a long way to go, especially before we see property values increase. In November the increase of activity is mostly due to supply and demand. We are sitting just under 1500 listing available in Saskatoon and this is the lowest we have seen in quite some time. When inventory levels are this low we would usually say it is a sellers market but that is not the case. Buyers are still very cautious, thorough and wanting to negotiate even if it’s the right home for them.
Current Economy:
Everyone is uncertain of what’s around the corner for our economy and rightfully so. Month over month we see major layoffs from all business sectors and we’re still seeing an increase in bank foreclosures. Let’s be honest, unless we see a major increase in jobs our market will be lucky to remain at its current value.
Conclusion:
If you’re looking to sell in the coming months, now might be the best time. We expect inventory levels to increase again in the new year which could result in getting less for property.
As always, in any market, we can help! When selling your home it is crucial to price at market value and have your home ready to show. The proper decluttering, 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!
Gregg Bamford and Ryan Bamford
