Saskatoon’s Real Estate market see’s some positive signs for spring.
April Housing Market:
In April, we saw an increase in unit sales by 14% compared to last year and year to date are up 7%. As always weather plays a major factor in our market and the mild temperatures helped increased activity earlier than usual. The units being listed continue to decline by 2% compared to last April and year to date are down 3%. Even though we see less units being listed compared to last year, the amount of dwellings available are increasing quickly. We’re now sitting just under 1750 listings compared to 1400 just months ago. The sales dollar volume also saw large increase of 16% over last year at this time and year to date are up 5%. Even though we’re seeing some positive numbers this does not mean property values have increased.
Average Home Price:
The average selling price increase by 1% over last April, although we’re still down 2% year to date. These positive numbers are a direct to result of supply and demand. More listings will hit the market and inventory levels will rise in the coming months. Buyers are still quite cautious of what to expect with our economy in the near future. Even though we have lower inventory levels than usual it is still a buyers market.
The Bank of Canada is trying to stimulate our economy by reducing the interest rates yet again. Obviously they are seeing what we see and this will certainly help create some more traction with our spring market. We are now seeing fixed rates for 5 years as low as 2.99% for some banks.
All in all, if someone is considering selling in the coming months we would recommend listing as early as possible. With less to compete against, it will result in a quicker and most likely more finically beneficial sale.
Price Your Home Accordingly:
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!