What Happened in December:
Saskatoons Real Estate Market sees a strong finish to end out 2019. The dollar volume saw an increase of 22% over last December and year to date is up 8%. With inventory levels being very low, we have seen the demand increase in the last couple months.
New listings had a decline of 3% compared to last December and are down 3% for the year. These decreases continue to play a major factor in our market. Unit sales also saw a large increase of 24% over last December and is up 8% for the year. Even with all these positive numbers the average selling price in Saskatoon had a slight decline of .4% in 2019 compared to 2018.
Activity levels have definitely picked up the past couple months which is a direct result of supply and demand. Inventory levels at the end of 2019 show we had just over 1200 listings in all of Saskatoon. For reference a balanced market would be roughly 1600-1800 listings.
Even with the slowing economy the month over month decrease in new listings has been one of the largest factors to keep product moving last year. As always the spring market comes with many new listings which is great for buyers but means more competition when selling.
Here is the 5 year average of sales in Saskatoon (for the month of December); including listings, the average selling price. The chart is borrowed from SRAR.
Thinking About Selling:
If you are considering selling this year it might be beneficial to take advantage of the low inventory levels we have at this time. 2020 has already had more activity than typical for this time of year.
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 and selling our team is here to help!
Gregg Bamford and Ryan Bamford