January 2020 Real Estate Monthly Review

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Saskatoon’s real estate market sees a strong start in 2020.

New Listings:

This January the sales dollar volume is up almost 18% over last year at this time. New listings hitting the market had an increase of 2.7% and the total sales climbed by almost 9% over last year. The average sale price rose by just over 8% compared to last January. These positive numbers certainly show the market improving but let’s be realistic January 2019 was not the strongest month.

Inventory Levels:

Our quick start to year is a direct result of the lack of listings on the market and a steady demand from buyers. At the start of 2020 we had just over 1200 listings which is very low for Saskatoon, typically 1600-1800 would be considered a balanced market. Buyer’s are now having to make timely decisions on well priced homes. Most likely this will only last for a month or two until inventory levels increase, which is typical of our spring market. So at the moment, desirable single family homes are selling a touch quicker and for more money than market value dictates especially if the homes are properly prepared.

Home Improvements:

When making updates or improvements to your home do not personalize them specifically to your taste. This means thinking about potential concerns of the type of buyer that will most likely purchase your home in the future. By doing this, it will help appeal to the mass amount of buyers. This is just some of the valuable information an experienced real estate agent can provide for you and how you will get top dollar for your home.
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!

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