August 2019 Real Estate Review

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Saskatoon’s real estate market continues to see a slight decline. In August the sales dollar volume saw a decrease of 4% but year to date it is up 5%. Even with the increase in activity later in the month, buyers are still cautious and taking their time when purchasing. The amount of units being listed also saw a decline of 4% and down 3% over last year at this time. This decline in new listings is crucial to keep inventory levels reasonable, we still have almost 1900 listing on the market just in Saskatoon. Unit sales saw a slight decline of 1% although year to date sales are up 6% over last year. We will continue to see more activity in September as families get back to their routines. Although this year’s sales and dollar volume will most likely continue to decline.

What to expect in the coming months?

In September we will see activity levels increase although this will be short lived. As we approach the federal election in late October the market will slow almost to a halt. People are uncertain of what’s to come in the near future and unless they have strict timelines most will wait till post election. If a change in government happens most likely the market will start to bounce back. Buyers and sellers will have more consumer confidents but this will be all on speculated growth in the future.
We have a long way to go before values increase. After four straight years of our declining economy we see a lack of job security, the trades demand is low and bank foreclosure continue to quickly increase. Let’s be realistic, if everything perfectly align both locally and globally, it will still take at least two to five years to see an increase in property values.

When Should I Buy?

So, if you are considering buying and selling is near future you might have better success doing it sooner than later.
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!