Saskatoon’s real estate market makes headway in July.
We continue to see drastic changes in Saskatoon. July brought some shocking numbers. There was a 25% increase in sales and almost 24% increase in dollar volume over last year. Year to date the number are still down, with sales at 3% and the dollar volume at 7% over last year. The amount of units currently being listed continues to fall just below 12% from last year. This has helped keep inventory levels reasonable in 2018. These July numbers are welcoming but this is not an accurate snap shot of our current market.
Even with the strong sales in July, this by no means, imply’s that our market is back to normal or even improving. It does mean that some buyers are seeing value in homes that have been priced accordingly. Although many of the buyers have been watching the market and waiting for quite sometime to make their move.
It seems finances are tighter than ever for most people and the economy is taking a step back. All of the layoffs in our province with Cameco and Nutrien Potash Mine are not helping.
Builders have adjusted the amount of pre-construction builds with the slowing market and The Bank of Canada is prepping everyone for a rate hike. It is more than likely that it will get worse before it gets better.
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.
As always, if you need help buying or selling our team is here to help!