2019 Saskatoon Real Estate Year In Review

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As we embrace 2020 it’s always good to reflect on what 2019 has brought us.

 

Year In Review 2019:

I’m sure we all know that Saskatoon’s Real Estate market has seen better times. With that being said some small improvements have happened to create a more balanced market.

The dollar volume saw an increase of 8% over last year which is due to a strong finish in December and over double the amount of million dollar homes sold compared to 2018.

Inventory levels continue to decline especially with condos, in 2019 the amount of new listings saw a decline of 3%. Unit sales had an increase of 8% over last year which is due to a lack of inventory which has given buyers some fear of loss when purchasing.

These positive numbers are great to see but it is still a buyers market and the average selling price came in just under last year at negative .4%.

2019 year in review

Who Was Buying the Houses?

The market has been stimulated by first time home buyers and baby boomers right sizing their homes. What we’re missing is the young growing families moving to their next property, especially if they purchased in the last 5 years.
These buyers and sellers are still waiting to gain equity and the market to bounce back before they can even think about moving on.

How Did The Election Affect Housing?

Since the Federal election in October we have seen consumer confidence decrease and rightfully so. Layoffs are happening everywhere and job security is becoming a household concern.
New home starts also saw a decrease as the used homes declined in price which has made it tough for builders to compete without losing money. All in all, we need an increase in jobs before we will ever see an increase in property values.
On a positive note – Last year Saskatoon saw completion of the large projects such as the Jim Pattison Children’s Hospital, schools and new infrastructure. These new projects are always great for our community!

What’s On The Horizon?

As we venture into 2020 most likely we will see inventory levels increase but continue to be a buyers market for the considerable future. Typically when inventory levels are this low, we would expect to see a sellers market but with the struggling economy these low numbers have brought some balance to the market.
Most likely, property values will remain level but we could see a small decline just because of the slowing economy. From our perspective if you are buying your first home or wanting to trade real estate within our market, it’s a great time to do so.
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