Saskatoon’s Real Estate market continues to move in a positive direction. In the month of May unit sales had an increase of 16% over last year and year to date are up 10%.
Buyers are starting to see the value of where home prices are but are still quite cautious with their purchase. The amount of units being listed saw a decrease of 3% compared to last May and year to date down 3%. Even though less listings are hitting the market compared to last year our inventory levels continue to rise quickly. The dollar volumes also increased 17% over last May and is up 8% year to date. The six month rolling average sale price is up 1% in May and down 2% this year. With the increase in dollar volume and the average sale price remaining stable, it tells us the most active part of the market is under the average sale price of $333,564 in May.
The recent increase in market activity has been a pleasant change for anyone looking to buy or sell. Although, it’s likely a result of the major difference in interest rates just in the last couple months. It is typical for banks to give spring incentive’s with interest rates but this year was larger than usual at roughly 60 basis points depending on the your institution. This has given buyers and sellers more flexibility and confidents in the market. By saying that, this could very likely be a promo for a short time period and rates could rise. Even though the Bank of Canada has given indications that prime will not rise in near future, lenders have many factors to consider when establishing Interest rates. Historically spring and summer have lower rates than fall and winter.
All in all, if you are considering buying or selling in the near future we suggest moving quickly to take advantage of this recent activity. As inventory levels continue to increase and we get closer to the upcoming election, we could see things slow down.
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 de-cluttering, 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!