DECEMBER 2020 MONTHLY REAL ESTATE IN REVIEW

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December Review:

Saskatoon’s Real Estate market ends on a high note for 2020. All year we saw month-over-month increases and December was no different. The number of sales saw an increase of 35% over last December. The year to date is up 18.1% over 2019. New listings coming to the market saw an increased 14.1% over last year at this time. But, the year to date is down 3.4%. The consistent activity through December led the dollar volume to have a large increase of 39.6% and the year to date was up 22.8%. Overall our demand continues to outweigh the supply as 2020 ends.

 

Supply and Demand:

With such limited inventory and most people present through the holidays, the market did not see the typical slow down for December. The activity has certainly been fuelled with the all-time low-interest rates which most financially secure homeowners are taking advantage of. They are either right-sizing their homes as their needs have changed or refinancing to save on their monthly payments. Because of this, we are seeing activity in all price points in our market. This has resulted in well-priced homes selling in multiple offer scenarios. Homes in Saskatoon are seeing a 4% increase in the average sale price for 2020.

 

Buying & Selling:

For anyone looking to buy or sell in this market, it is more important than ever to have all your affairs in order so you can make an educated decision and feel comfortable to do so. By doing this you limit the risk of losing the perfect home because you will be informed and can make decisions in a timely fashion.

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