Lack Of Inventory Affects The Market

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August Review

Saskatoon’s real estate market cools for the summer months. For August the number of sales saw an increase of almost 7% compared to last year at this time and the year to date is up 40.3%. The sales volume had an increase of 7.6% over last August and is up 49.1% year to date. On the other side of things, The Home Price Index Composite number was down 1.9% over last August but for the year, it remains up 4.6%. Active listings are still declining, this month by 4.4% compared to last August and year to date is down 8.5%. Even though the summer has seen a slow down we do expect to see the activity levels to ramp up in September.

 

Fall Market

As we get closer to fall the kids are back at school and most people are back into their regular routines. This is why fall is typically one of the best times of the year and to buy or sell. We expect no difference this year even with an Election around the corner.

 

The Election

Historically when a Federal Election is called it plays a large effect on how consumers view the housing market. This year with the lack of inventory and the pandemic we have not seen the typical effects of the election. It seems to be full steam ahead as many buyers are on a strict timeline and don’t have the option to wait as they have recently sold their home. All in all, there is no doubt we are in for a strong fall market.

 

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 or selling our team is here to help!