JULY 2021 MARKET CONTINUES TO SLOW
Saskatoon’s Real Estate market takes a step back as Covid restrictions are lifted. In July the number of sales was down. It was 10.8% compared to last year at this time and up 83.6% for the year. The sales volume also had a decline. It is down 8.1% over last July and up 57.8% year to date. The Home Price Index Composite had a large reduction to .4% compared to last July and is up 5.6% for the year. Inventory levels still remain quite low. In July, the number of new listings coming to the market was down. It was 15.4% over last year and up 23.2% year to date. It is typical to see a slight slow down through the summer months. However, these numbers show a significant decline in inactivity.
Even with inventory levels being quite low and interest rates not expected to increase anytime soon, we are seeing signs that indicate we could be moving towards a more balanced market. Or this could be just a result of people enjoying this beautiful weather and spending time with their family and friends now that we can. The real question is when everyone returns to back their regular schedules for fall, will the market activity see a real increase. The next couple of months will show how people are responding post-pandemic to the Real Estate Market.
There is no doubt it is still a seller’s market although many buyers are starting to be more cautious. As sellers continue to test the market it seems we are starting to find a benchmark in pricing. Recently we have seen more homes sit on the market and even more price reductions. This could be a significant change is coming but the only way our market will really adjust is if inventory levels see a significant increase.
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 are also a must in our current market to help buyers see the value.
If you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford