Saskatoon real estate market continues to fluctuate drastically month over month and this has created confusion with most. In September we actually saw an increase in the amount of sales by 3% which brings us to a decline of 2% over last year.
On the other hand, the dollar volume saw a 4% drop and year to date we are down 6%. The amount units being listed has also seen a 11% decline this year which has really helped keep inventory levels under 2000 listings. To clarify, the six month rolling average for the sale price is a great way to gage the market. In Saskatoon, this average is now down to $331,643.00 which is a decline of 5% over last year. Lets remember, 2017 was not a record breaking year!
On a positive note, we have already seen an increase in activity over the past weeks and expect that to continue into October. Fall always brings buyers and selling trying to beat the change of weather. By saying that, these buyers are extremely cautious and with tighter budgets than ever. The sellers that are willing to accept market value today could still have a timeline sale in this changing market.
The Bank of Canada could still be doing an interest rate hike this month, this can also create a push for buyers to make a decision and lock into a mortgage rate before they change. This will continue to affect what people are able to afford. Even though these increase’s can seem drastic, in the end it will create a more stable market for everyone.
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.
As always, if you need help buying or selling our team in here to help!