Saskatoon has another month of declining sales as less inventory comes to the market despite demand remaining strong across all sectors.
The Saskatoon Real Estate market
Typically in September inventory levels increase as fall is a desirable time to sell. This year with interest rates seeing some drastic increases over the past months, the market has seen a slight cool down. The major adjustment is less homes are coming to the market. Prices are remaining stable and consumers are still paying top dollar for updated homes in desirable neighbourhoods. We are just not seeing as many multiple offer scenarios.
In September 2021, 396 homes sold and September 2022 had 329 homes sold putting the year over year decrease at 16.9%. Last September there were 1392 on the market and this August, only 1224 were on the market.
From September 2021 the median sale price was $325,250.00 and in September 2022 the median was $345,000.00. This shows an increase of 6%.
Active listings are down 17.5% this year.
Demand still out-ways the supply and will remain this way until inventory levels see a substantial increase.
As the shell shock of the recent interest rate hikes wear off, consumers will start re-evaluating if this is the right time to move or not. Keep in mind having an interest rate at 2% or under probably won’t happen again in our lifetime. The cooling off of the market will give buyers a little more comfort and time to make an educated decision when purchasing.
As always – if you need help buying or selling your home please contact Ryan and Gregg Bamford.