The November MLS stats are in and the Saskatoon Real Estate market showed some modest tightening of inventory. Inventories of homes for sale decreased by 6.5%, and sales were in line with the 5 year average with Saskatoon real estate agents reporting 280 units sold. This is one of the few months that the year-over-year numbers were not down in the 10-20% range. Overall, the market is down about 13% in terms of units sold as compared to last year, but prices have been quite resilient. The average sale price is now showing a 1% reduction from the start of the year. The median price is pretty much flat at $350,000.
What do we think at Royal LePage Saskatoon? Well, we see the tightening of the market as a positive. We have been oversupplied for most of 2015, with a number of new units (houses and condos) hitting the market. A big contributor to this has been over-building in the new suburbs. Housing starts are way down this year (39% range) which should help to slow down the supply. The overall stats also don’t tell the entire story, as some neighborhoods and price ranges are actually much tighter. Our market is currently in favor of the buyer. So, if you are looking to sell, you need to pay close attention to price, presentation and marketing. Houses that are priced right and show well are still in high demand and will sell.
If you are considering buying or selling, or just looking for more information on the Saskatoon market, then contact Royal LePage Sakatoon at 306-242-3535, or contact our realtor on duty on this site.
For more information on the market, check out the SRAR media release at:
www.saskatoonrealtors.ca/Mediarelease/DetailedArticle.aspx?Article=247|1
Category: Market Update, Saskatoon Real Estate Market