March 2021 Report
Over the last year month over month, the Saskatoon Real Estate market continues to smash records. In March the demand for homes gave many sellers the opportunity to test the market and succeed. The number of sales had an increase of 108% over last March and year to date are up 66% over last year. When looking at the sales dollar volume it saw an increase of 118% over last March and up 78% compared to last year at this time. New listings did have an increase of 53% over last March and remain 23% up over last year. As you can see these numbers are shocking but keep in mind these numbers are a little skewed since we are comparing to last March when the pandemic started. By saying that, the demand for single-family homes will certainly continue in the coming months.
We did see interest rates rise in March but this just added fuel to the fire. Now buyers have a timeline and are trying to close on a home prior to the end of June to take advantage of these rates. Even though this increase was only .25% it still creates urgency for buyers and most likely this is just the start of interest rates increasing.
Since the start of 2021 our inventory levels have increased by roughly 100 listings a month. This is a crucial part of the market to keep an eye on and if this trend continues we could see more of a balanced market in the next 4-5 months. This market is ever-changing and some big changes seem to be around the corner.
Real Estate Market
There has been a lot of talk about the buying frenzy happening across Canada and how people are overextending themselves to purchase in these markets. This is a big concern and the Liberals plan on addressing this when they release their budget on April 19, 2021. Some of the ideas discussed are higher stress tests, raised minimum down payment, and even changes to capital gains. Depending on what they decide it could bring our markets to a quick halt. So if you are considering selling, now might be the 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 the value.
If you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford