As we move into the new month, we wanted to give you an update on the current state of Saskatoon’s real estate market.
Despite the ongoing challenges, there is still plenty of good news to share, particularly for those who are looking to sell their homes.
In February, there were 253 homes sold in Saskatoon, demonstrating that there is still a healthy level of demand for properties in our area. Furthermore, while there has been a 20.4% decrease in the number of homes sold compared to the previous year, this is largely due to the lack of existing and new inventory available for purchase. This has created a situation where entry-level properties, in particular, are in high demand.
In terms of market performance, the median sale price in Saskatoon remained stable at $350,000 in January 2023, indicating a steady and reliable real estate market. Additionally, active listings have decreased by 1.2% this year, further highlighting the robust demand for properties.
Furthermore, we believe that the recent indication by the Bank of Canada that interest rates will remain stable is positive news for those looking to sell their homes. This is because it means that buyers will still have access to affordable financing options, making it more likely for them to make a purchase.
As your trusted real estate advisors, we are committed to helping you navigate the current real estate market, whether you are looking to sell or buy. Our team is dedicated to providing you with the most relevant and up-to-date information to help you make informed decisions about your real estate needs.
We appreciate your continued trust in our team and look forward to helping you achieve your real estate goals.
Thank you for your continued support.
Bamford & Co.