Saskatoon’s Real Estate Market continues to see negative numbers in October. The unit sales remain consistent with last October but year to date we are down 2%. New listings hitting the market continue to see a large decline of 17% over last year and to date this year we are down 12%. We also saw another decline in dollar volume by 2% last month which bring us down 6% over last year. Overall the decline in new listings has kept inventory levels reasonable. When we see the amount of homes being sold are similar to last year and the dollar volume is declining, it is a direct result of less luxury homes being sold. As always are hottest part of the market is entry level homes.
What’s Happening:
New home starts are still remaining quite slow. With all of the increases in the cost of materials to build and adding PST now ,some builders are questioning if its worth while to build spec homes as the market values decline. As a result we have seen the used market activity increase. With people having equity in their homes, these sellers can adjust their prices to reflect where the current values are and move on.
Pricing:
Whatever price point, sellers and buyers are being very cautious when making decisions and rightfully so. With all the adjustments in prices, mortgage rates increases and economic changes ahead people are uncertain of what to do. We continue to see a lack of well priced inventory in some price points and this is expected to continue through the winter months as less homes are being listed. This has made it tough for some people once they actually sell their residence and then to find their next home within a certain timeline.
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.
As always, if you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford
