Saskatoon see’s an unusual amount of activity through June as buyers are trying to obtain a house prior to their pre-approved interest rates expiring. The limited amount of inventory hitting the market seems to be leaving as quickly as it comes but only when homes are move in ready.
The Saskatoon Real Estate Market
All sectors of the market have seen increases in activity this June. By saying that, not every sector has seen price increases like single family homes have. New listings did see an increase of over 14% compared to last June but inventory levels remain low.
In June 2021 605 homes sold and June 2022 had 534 homes sold putting the year over decrease at 11.7%. Last June there were 1547 on the market and this June, only 1321 were on the market.
From June 2021 the median sale price was $350,000.00 and in June 2022 the median was $364,500.00. This shows an increase of 4%.
Active listings are down 14% this year.
Historically the Real Estate market follows the school year almost to a tee. Most years we would start to see a slow down in early July. Now this year, with interest rates rising and people trying to close prior to their pre-approval timelines expiring, the demand will push right through summer.
We are also hearing that the Bank of Canada is planning on another rate increase for July. If this happens it will put extra pressure on buyers to purchase as soon as possible or have some people adjusting their search criteria yet again.
As always – if you need help buying or selling your home please contact Ryan and Gregg Bamford.