As we kick off 2022 we are sure this year’s real estate market is going to be just as exciting as last years.
Saskatchewan once again saw single digit growth for the average sale price compared to the same month last year. This can be slightly discouraging for buyers but never a bad thing when selling your home.
January was not as busy in terms of active listings, sales and activities!
From December 2021 – January 2021 we saw a house prices level off in Saskatoon. Again, that is larger due to the inventory problem.
January 2021 saw 277 houses sold and January 2022 had 244 houses sold putting the year over year decrease at about 12%. Listings (inventory is down). Last January there were 1022 houses on the market and this January, only 886 houses were on the market.
Active listings are down by 14%.
Interest rates did not see an increase – as they were supposed to. Interest rates are still expected to increase in the 2nd Quarter of this year which may change things.
THE SASKATOON REAL ESTATE MARKET:
Many factors continue to contribute to this unpredictable market over the last year and that might not stop! As inventory remains low. Building costs remain high. Interest rates being as low as they are are still causing a lot of frustration for a lot of people.
Things to keep watching for:
- interest rates
- inventory levels
- cost of goods and supplies
- shipping delays
- inflation costs
We are still hopeful that inventory will picks up in the Spring months (as it usually does). However, there are few other things to consider:
– Demand is still high. If your single family home is the price range from $300K – $600K it is not going to be on the market long.
This year, we are anticipating a busy spring! We feel that this is going to be a busy year for real estate in Saskatoon.
As always – if you need help buying or selling your home please contact Gregg Bamford or Ryan Bamford