OCTOBER 2020 MONTHLY REAL ESTATE IN REVIEW

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Saskatoon’s real estate market see’s record numbers for fall 2020.

 

October Review

Saskatoon’s Real Estate market continues to see high demand across the board in October. The number of sales increased by 40.5% over last year and are up 14.9% year to date. Sales volume has had a large increase of 56.4% over last October and up 20.1% compared to last year at this time. New listings saw a slight increase of 4% over last October but year to date are still down 3.7%. Even the sale price had a 9.1% increase compared to last October and year to date up 3.7% for all types of dwelling in Saskatoon. The steady decline of inventory and interest rates continue to fuel this activity. Most likely this unusually high demand for all types of dwelling will continue into the new year.

 

Interest Rates

In October the bank of Canada hinted that they will keep the current interest rates until 2023. For anyone looking to sell in our current market, this is great news and will allow them some time to do so. This will also relieve some pressure for buyers trying to find the right home and not have to settle with the lack of inventory that is available at this point.

 

Supply and Demand

Inventory levels continue to decline and we currently have under 1350 available listings in Saskatoon. Typically, we see a decline in new listings from November to the end January and then things start to pick up in February with sellers preparing for the spring market. This year we are seeing the same patterns and expect to see even less listings in the winter months to come. When this happens it usually results in an increase in home values. At this point, we can not see the market slowing at all in the near future.

 

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 decluttering, 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!