The story for the past couple of months seems to be rising house inventories in Saskatoon and area. Our inventory of houses and condos for sale is currently above 2100 as compared to a 5 year average of 1,633 units. So, while demand has increased into the spring and summer months, as it always does, it has not been at the same pace that new listings are added to the market.
So, what does this mean? Well, any market with high supply tends to put pressure on price. We are seeing this in Saskatoon, but the price impact has been relatively modest with the MLS home price index showing a decrease of 2.30% over the past 12 months. It also means that we continue to work in buyer’s market conditions. Buyers have a lot of choices, which of course, impacts sellers. Our average days to sell have increased to 45, compared to a 5 year average of 37.
Buyers and Sellers should be aware of these stats, but remember that these are overall numbers. A specific home in a specific area and price range may be impacted more or less than these numbers might suggest. If you are buying, it doesn’t necessarily mean that you can negotiate huge price reductions on properly priced homes. On average, houses are selling for 97.2% of asking price. However, homes that are appropriately priced and presented well, are selling even closer to asking price.
If you are selling in this market, carefully consider the following factors:
- Price – This is not a market to be speculating on price. Price your home to the market
- Presentation – Make sure your home shows well. Do minor repairs and remove potential objections
- Marketing – Maximize your market exposure
If you are thinking of buying or selling in Saskatoon and area and would like some more information, please contact our Agent on Duty. Or, contact Matt Miller, Associate Broker (306-260-4720, firstname.lastname@example.org).