March 2020 Monthly Real Estate Review

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Over the last couple weeks the Covid-19 virus has certainly affected us all. While we want to be cautious of our communication at this time, we still want to keep you informed on what is happening in the Saskatoon real estate market.

 

March Activity:

The activity for March started strong with lower inventory levels, lower interest rates and the typical signs that the spring market has arrived. The amount of sales saw an increase of 6.6% over last March and year to date is up 8.1%. This is positive news although it is also a direct result of supply and demand. New listings coming to the market see a decline of 14.4% compared to last March and are down 5.7% for the year. The steady decline of new listings have played a major role to help keep some demand within our market.

 

Pricing:

The dollar volume saw an increase of 16.9% over last year at this time and year to date is up 12.6%. Yes more homes did sell in March and also some of the most expensive in our history. When multiple million dollar homes sell within Saskatoon it does skew these numbers a little.

The positive March numbers do not reflect the adjustment we are seeing over the last couple of weeks since the province closed all businesses except for essential services. Unfortunately we do not know the real effects this will have on the market at this time but we do know activity will certainly slow as only people who need to buy or sell should be doing so.

 

We are not business as usual. But we are an essential service here to help.

For the clients that still require our essential services we are here for you. With this in mind we have implemented extra precautions such as pre-qualifying other agents buyers prior to any possible showings. Making sure our clients have the proper information prior to viewing and only seeing the top homes that meet their criteria. It is also mandatory to complete documents acknowledging your feeling well with no symptoms of the Covid-19 virus that are provided by SRA and must be signed by both parties prior to any showings.

 

Safety Precautions:

We are taking this seriously and safety is now our number one priority.

Our team is constantly monitoring what Sask Health and our local Real Estate Board for guidelines and will update you as things change. For the safety of our clients we are now operating remotely and using technology to assist you and facilitate your needs now and into the future.

We understand this will be an adjustment for everyone but it is necessary. We assure you, we will do our very best to help you through this new environment we find ourselves in.

If you are curious about how these new policies and procedures will affect you, please do not hesitate to give us a call.

We hope your family is staying safe, healthy and you’re enjoying each other’s company during these difficult times.

We are all in this together!–

 

Gregg Bamford

Ryan Bamford