July Real Estate Updated:
Month after month Saskatoon’s Real Estate market sees record numbers. The number of sales increased by 41% over last July and year to date are up 7.3%. Sales volume also saw a major increase at 49% over last year at this time and up 4.1% for the year.
New listings coming to the market had an increase of 9.1% over last July but year to date it is down 8.5%. This has certainly created the perfect storm for sellers. We are seeing a high demand for most properties as inventory levels remain low and interest rates are as low as 1.99%. As a result, property values did see an increase in July by 7.1% and year to date up 2.1%.
In the coming months we expect to see the demand continue to out way the supply. Shockingly Covid-19 has only had a positive effect on our market but our economy is slowing and these effects will eventually trickle down to the real estate market. More than likely we will see the market adjust but not until October at the earliest.
What Should I Do?
For those monitoring the market and curious if now is time to sell, it just might be because this demand will not last. When the market starts to change it will be seen in inventory levels as they rise. This will decrease the demand and will be the first sign of change ahead. Also, in the fall we typically see banks increase interest rates. This year it might be a little different than other years but the banks will do it the first chance they get.
If you’re looking to buy, it might be time to wait depending on your situation and what type of property you are looking to purchase.
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 seller our team is here to help!–