Saskatoon’s Real Estate market continues to see demand out weigh the supply. Even with inventory levels seeing a slight increase in March. Pricing your property at market value is more important than ever. Buyers are still paying top dollar for homes but only for those in the right location or the ones that are ready to move in.
The Saskatoon Real Estate Market Monthly Review
Spring is here and with that comes an increase of new listings hitting the market. This year, we are seeing just that. Although, we are seeing an unbalanced amount of homes coming for sale in some of our less desirable areas of Saskatoon. This is a direct result of the recent bankruptcy of Epic Alliance. These homes coming to the market will skew the stats but it should not affect the values for most of Saskatoon.
In March 2021 saw 567 homes sold and March 2022 had 491 homes sold putting the year over year decrease at about 13%. Listing inventory remains low even with the small increases we are seeing. Last March there were 1281 on the market and this March, only 1036 were on the market.
Active listings are down about 19% this year.
From March 2021 the median sale price was $352,900.00 and in March 2022 the median was $358,900.00. This shows an increase by 1.7%
We are still hearing talk of the Government taking some measures to settle our markets across Canada. This is all speculation but they are toying with increasing the down payment for revenue homes from 20% to somewhere between 25-35%. Other options may be not allowing gift letters or allowing you to take equity out of your current dwelling. This could start to slow the market if they do enforce some new rules but keep in mind this has been talked about for the last year.
Inventory is on its way but buyers will still have to be prepared and act quickly. For the foreseeable future it will remain a seller’s market.
As always – if need help buying or selling your home please contact Gregg or Ryan Bamford