January 2019 Monthly Real Estate Review

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January’s Saskatoon Real estate market numbers are still down across the board. But we have seen some properties move slightly quicker than prior months.

Current Numbers:

The amount of unit’s being listed has declined by 10% compared to last January. Although this number is skewed in our opinion, many listings are expiring due to the timelines of the contract. Or, they are cancelled and re-listed at a lower price. We would say this is probably closer to 20% less than last January, when taking all this into account. We have also seen a decline of 1% over last year at this time in the amount of sales. With sales remaining almost unchanged it shows a lack of supply in certain areas compared to the demand. We currently have just over 1400 listings for sale in Saskatoon. A couple months ago, we were at almost 1900. This has created some fear of loss in certain situations, mostly with entry level houses that are priced accordingly. This will change as we get closer to spring and more homes come to the market. We expect the amount of active listings to rise again very soon.

Current Buyers:

We continue to see some patterns form on who is actually making the decision to buy and sell in our current market. Everyone’s situation is unique but here are some of the consumers perspectives that we see.
– As usual the first time home buyers are still very active and will continue to be a major driving factor in our market. From this perspective homes are becoming more affordable and with mortgage rates still being quite low this activity should remain.
– People who have purchased within the last five years with minimal down, are finding it tough to sell with the adjustments in pricing and mortgage rates. It might be best for these people to wait until the market turns or they gain more equity in their home before making a move.
– The other major factor in our market is people RIGHT SIZING their home for their new lifestyle. This does not always mean downsizing, it’s about finding the balance between quality and quantity of the space to meet everyone’s needs. We aren’t the only ones seeing this, large developers have been planning for decades. This is one of the major reasons why our luxury condo market surrounding the South Saskatchewan River has so much demand in this downward turn. These buyers are just trading real estate to accommodate their new lifestyle’s.
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!