The Saskatoon real estate market in December 2023 showed noteworthy trends, reflected in several key statistics:
Active Listings: The total number of Active MLS listings is 692.
Sales Performance: There was a significant increase in sales for the month, up by 14%, with a modest year-to-date (YTD) increase of 1.5%. A total of 230 properties were sold during the month, which is a notable increase from the 202 properties sold in the same period last year, representing an addition of 28 units. This upward trend in sales volume is a positive indicator for the Saskatoon real estate market.
New Listings: The market witnessed 248 new listings in December. This figure represents a 7% increase compared to the same month last year. However, when looking at the year-to-date numbers, there is a decrease of 7%, from 418 last year to the current number.
Average Sale Prices: The Average Sale Price for the month was $373,422. This is a slight increase of 0.48% from $371,646 in December 2022. The Year-to-Date Average Sale Price also saw an increase. Standing at $375,123, it represents a 2% increase from the previous year's $368,891.
Summary: Overall, the Saskatoon real estate market in December 2023 experienced a boost in sales volume with a moderate increase in average sale prices. The number of new listings rose for the month but showed a decrease on a year-to-date basis. These figures suggest a steady demand in the market, coupled with a relatively stable pricing environment, making it a potentially attractive time for both buyers and sellers in the region.
🏡 Tait Real Estate - Realty Executives Saskatoon 🌟 Saskatoon's Premier Real Estate Experts
Just wanted to drop in with some news from the real estate world. The big headline is that the Bank of Canada's key interest rate is staying put at 5.00%. After a bunch of hikes last year, they're hitting the pause button for now.
So, what's the deal with all this? Well, the Bank's been really focused on inflation, trying to keep it from getting out of hand. They're hoping things will start to cool down, with the economy growing a bit slower this year.
Now, let's talk about what this means for you, especially if you're thinking about buying a home or you've got a mortgage. If your mortgage rate changes with the market (that's a variable-rate mortgage), there's no change for now – your rate stays the same. And if you locked in your mortgage rate (that's a fixed-rate mortgage), you're also not affected by this news.
We're keeping an eye on the next update from the Bank, which is coming up on March 6. And here's the thing – if all this talk about rates and mortgages feels a bit like a puzzle, don't worry. We’re here to help make sense of it all. Whether you're looking to buy soon or just trying to figure out how these changes might affect your plans, let's chat. We can help you understand what this means for you personally and explore your best moves in the current market.
Feel free to reach out anytime. We’re here to help you navigate the real estate world with ease.
Catch you later,
🏡 Tait Real Estate - Realty Executives Saskatoon 🌟 Saskatoon's Premier Real Estate Experts
Welcome to January 2024! If this year you've set your sights on buying or selling a home in Saskatoon, you're in for an exciting journey. The Saskatoon real estate market is unique and can feel like a labyrinth, especially in a year like 2024 where inventory levels are low, but don't worry. Whether you're eyeing Saskatoon homes for sale or preparing to list your own we're here to guide you through the essential steps you need to take to turn your housing dreams into reality.
1. Partner with a Top Realtor in Saskatoon
The first step? Connect with a Saskatoon real estate agent. In a market like ours, having a knowledgeable Realtor in Saskatoon is invaluable. We can provide insight into Saskatoon real estate listings, trends, and invaluable advice whether you're looking to buy a home in Saskatoon or sell a home in Saskatoon.
2. Get Pre-Approved for Mortgage Financing
First things first, it's crucial to know your financial footing especially in the competitive Saskatoon housing market. Getting pre-approved for a mortgage does just that. It's not just about knowing your budget; it's about being ready to leap when the perfect listing appears in Saskatoon. With Saskatoon listing inventories at a low this year, the ability to act swiftly is more important than ever. This pre-approval is your golden ticket in a competitive Saskatoon market.
3. Declutter Your Current Home
Whether you're selling or just preparing to move, decluttering is a must. As top Saskatoon real estate agents, we can provide tips on decluttering. It's not just about creating a more appealing space for potential buyers in the Saskatoon housing market; it's about easing your eventual move in Saskatoon. Start sorting through your belongings now - donate, sell, or discard items you no longer need. Trust me, your future self will thank you during moving day.
4. Depersonalize Your Space
When selling, you want buyers to envision themselves in your home. That means depersonalizing your space. Remove family photos, personal collections, and anything that screams 'you.' Think of it as setting the stage for buyers to imagine their own story in your home.
4. Deep Clean
This step is crucial. Whether it's Saskatoon's residential real estate or elsewhere, a sparkling clean home not only makes a great first impression but also signifies that the house is well cared for. Consider professional cleaning, especially for carpets and hard-to-reach areas. It's an investment that can pay off in the selling process, and make your home stand out in Saskatoon real estate listings.
5. Tend to Minor Repairs
Don't let a dripping faucet or a creaky floorboard be a turn-off for potential Saskatoon buyers. Fixing these minor issues can make a significant difference. It’s about presenting a home that looks cared for and maintained.
6. Educate Yourself on the Saskatoon Real Estate Market
Start scoping out listings in your ideal Saskatoon neighbourhoods. MLS Saskatoon (Multiple Listing Service) is an excellent resource for understanding the current market. Familiarize yourself with the Saskatoon market trends, prices, and what's available. This insight is invaluable. We can set you up with an auto-email service that sends listings matching your criteria directly to your inbox. This way, you're always in the loop.
Additional Steps for Success in the Saskatoon Market:
Understand Market Timing: Real estate markets can be seasonal. The best realtors in Saskatoon can advise on the optimal time to make your move.
Enhance Curb Appeal: First impressions in the Saskatoon real estate market are crucial. Simple landscaping, a clean entrance, and a fresh coat of paint can work wonders.
Financial Health Check-Up: Beyond mortgage pre-approval, ensure your overall financial health is in check. This includes reviewing credit scores, debt-to-income ratios, and saving for additional costs like closing fees.
Plan for the Move: Begin researching moving companies or rental options well in advance. This is especially important if you're planning a move during peak times in a busy market like Saskatoon’s.
Stay Flexible and Patient: The 2024 Saskatoon real estate market can be unpredictable. Stay flexible in your expectations and patient in your search or sale process.
By following these steps and partnering with a top Realtor in Saskatoon, you're setting yourself up for success in the 2024 real estate market. Remember, whether you’re buying your dream home or selling a cherished space, it's a journey worth taking. Here's to making your real estate dreams a reality in 2024!
Wishing you all the best on your real estate adventure,
🏡 Tait Real Estate - Realty Executives Saskatoon 🌟 Saskatoon's Premier Real Estate Experts
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