NOVEMBER 2022 MONTHLY REAL ESTATE REVIEW
The Saskatoon Real Estate market continues to adjust as inventory levels see a steady decline even though activity levels are strong throughout all sectors of the market.
The Saskatoon Real Estate market
Over the last couple months the market has certainly slowed for a couple reasons like interest rate increases which eventually lead to the declining sales. Now this does not mean consumers are not actively searching. What we are seeing is the lack of inventory is discouraging consumers who are waiting for the right home. In some cases consumers have waited over a year to find the home that meets their needs due to the lack of inventory.
In November 2021 413 homes sold and November 2022 had 269 homes sold putting the year over year decrease at 34.9%. Last November there were 1052 on the market and this November, only 1075 were on the market.
From November 2021 the median sale price was $365,000.00 and in November 2022 the median was $336,000.00. This shows a decrease of 7.9% for November but year to date still a .5% increase.
Active listings are down 15.2% this year.
From our experience, we expect to have a strong spring as the shock of the new interest rates sinks in. We will also see inventory continue to dwindle over the next two months leaving our market in a real shortage for spring.
If you’re considering selling this might be the time to do so as you probably will not have any or very little competition on the market. Realistically, until we see a drastic increase in active listings our prices will remain stable.