Judging by the first two month of 2022, we are going to be in for quite a ride. Inventory hitting the market is being purchased very quickly. But, you already knew that. You also know, supply is very limited so when those new houses hit the market, you need to have everything in order so you can view the property and make an offer quickly.
Monthly Real Estate Review
February had a slightly slower start but it certainly picked as new inventory hit the market around mid month. The demand continues to out way the supply in all sectors of the market. This includes: houses, duplexes, condos, Townhouses and acreages.
February 2021 saw 352 homes sold and February 2022 had 318 homes sold putting the year over year decrease at about 9%. Listing inventory remains low. Last February there were 1073 on the market and this February, only 955 were on the market.
Active listings are down 12% this year.
From February 2021 the median sale price was $340,000 and in February 2022 the median was $349,950. This shows an increase by almost 3%.
The Saskatoon Real Estate Market
The biggest factors to watch are still inventory levels and rising interest rates as Saskatoon continues to have an undersupplied market.
Recent interest rate increases will put more pressure on buyers to purchase within their pre-approval timelines. If interest rates continue to go up, this will also limit the purchasing power
Builders timelines have more than doubled due to material and shippings delays. If you find yourself wanting to build just know that timelines are fluid. There are a lot of things taking longer than normal due to the shipping delays. Costs may also surprise you as items being imported have seen an increase with inflation.
New listings are expected to increase in the coming months as we approach our spring market.
With spring around the corner and temperature on the rise the Saskatoon Real market will continue to heat up and most likely home values will increase.
We expect to see desirable homes selling by “presentation of offers” again. For those of you that do not know what this means there is a date and time that has been set when all offers will be presented at one time to the sellers by the Realtor. If you are interested in a home, listen to your realtor. If they give you suggestions listen to their advice if you really want the home.
As always – if need help buying or selling your home please contact Gregg or Ryan Bamford