We have officially drawn 2015 to a close for the Saskatoon Real Estate Market. At Royal LePage, we felt that the biggest challenge in our market was the historically high inventories that we carried through the entire year. This put more pressure on sellers, and we saw the market momentum swing to the buyer. But, the inventory situation isn’t the same across price ranges and neighborhoods. Depending on where you are looking, the market may still be a lot tighter than the overall stats would show. Properly priced homes that are marketed effectively, and show well, continue to sell quickly.
The MLS stats for the year show a decrease in unit sales of 13% compared to 2014. However, we need to remember that 2014 was an all-time record year for Saskatoon Real Estate sales. To gain a bit of perspective, one needs to look back a bit further. Compared to 2013, the market was down about 6%, and we are around 5% below the 5 year average. So, the demand is still fairly good. The bigger force impacting the market is still the supply situation.
On the pricing side, things were relatively stable. Basic economics would suggest that as supply increases and demand decreases, that this should put some pressure on price. We saw some of this with the average price falling by 1% compared to 2014. This is a pretty minor adjustment, so it seems that Saskatoon is weathering the economic challenges considerably better than other parts of Western Canada.
What’s going to happen in 2016? We think more of the same, at least for a while. Inventories tightened up at the end of the year as listings expired, but many of these homes are making their way back onto the market in the first week of January. Until the inventory situation gets a bit more in check, we think pricing will be relatively stable, with some downward pressure. While this means it’s a good time to buy a house, it doesn’t mean it’s not a good time to sell. Remember, we are still within about 5% of the 5 year average for sales. If you are selling, talk to your Realtor about the following:
- Pricing – This is not a good market for over-pricing or price speculation.
- Marketing – Make sure your property will get exposure to the most potential Buyers. Working with a Realtor and the MLS system is the best way to do this.
- Presentation – Talk to your agent about how to make sure the house looks as good as possible. Fix the little things that stand out. Think about the small improvements that could be done.
- Watch your Competition – Buyer’s have options so you must compare favorably.
If you are looking for a great Realtor in Saskatoon, then please contact our Realtor on Duty, or Matt Miller, Associate Broker (306-260-4720, email@example.com). We can find you an agent who fits your needs.