October 2019 Review:
Saskatoon’s Real Estate market continues to see positive number in October. The dollar volume had an increase of 5% over last year at this time and year to date is up 6%. Activity levels were quite strong leading up to the election but we have noticed things slow down post election. The units being listed saw a slight increase of 1% over last October but year to date we are still down 2%. This consistent decrease throughout the year, has helped keep inventory levels remain quite low at just under 1700 listings. Units sales saw an increase of 7% over last October and year to date is up 7%. Even though these numbers are better than last year we have a long way to go before Saskatoon sees an increase in property values.
Consumer Confidence:
Overall consumer confidence is not what it could be. Like it or not our economy relies heavily on farming, new infrastructure/housing and oil and gas. 2019 has not been the best year for these industries. When looking at the major construction projects happening in Saskatoon you might also notice that most are now complete. For example all bridge construction, overpasses and now the Children’s Hospital. As a result, we will continue to see a lack of demand for jobs especially with our trades people in the near future.
Inventory Levels:
On the other side of things our inventory levels are quite low and this should continue for the coming months. The reason for this is because most people that have bought in 5 years are in a deficiency. These sellers will have to wait until they pay down their mortgage or property values start to increase before they can potentially move. By saying that this is only one part of the market, we are still seeing great activity from first time buyers and people right sizing. So if you are looking to trade Real Estate in the current market, this might be the best time.
The How To’s:
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 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!
