The market has been hard for buyers – and great for sellers!
The high demand across all prices keep us in low inventory which continues to fuel price increases.
November was a busy month. The Saskatoon real estate market saw a steady market with pricing being slightly higher than last month
- From October – November 2021 we saw an increase in house pricing. $355,750 was the median home price in October and in November the median prices was $365,000
- November 2020 saw 358 houses sold and November 2021 had 414 houses sold putting the year over year increase at about 16%
- Listings (inventory was down). Last November there were 1179 houses on the market and this November, only 1059 houses were on the market.
- Active listings were down by 10%
We are seeing much less inventory with about the same amount of sales in October but prices have increased by about $10,000.00.
THE SASKATOON REAL ESTATE MARKET:
Many factors have contributed to this unpredictable market over the last couple years.
The two greatest factors to watch:
- interest rates and
- inventory levels.
Interest rates are set to rise in the new year which may bring the market to more a balanced place. There will be a modest interest rate increases for fixed mortgages and sometimes that is enough to change the market.
Inventory usually picks up in the Spring months as well so those two factors my help the housing market.
Usually, we see a slow down in the markets through the holiday season as people begin to prepare for travel and for the festivities. However, this year, due to the low demand, we may see an unusually busy December.
DID YOU KNOW: There are currently more agents than single family homes available in Saskatoon right now?
As always – if you need help buying or selling your home please contact Gregg Bamford or Ryan Bamford