It’s officially Autumn and the leaves are falling and the temperatures are dropping. You’re probably wondering what this change in season means for the Real Estate Market in Saskatoon? Is it still a good time to buy or sell your home?
We’re going to share what we think you need to know about the market going into the fall and winter season of 2020.
First, we will quickly review the stats that just came out for the month of September. As we predicted, they continue to trend upwards.
There were 430 sales last month, which is a high number for this time of year. That’s actually 40.7% more sales compared to September of 2019, and 12.2% more sales for the year compared to this time last year. Although you should note, that it’s still less sales than August, where we saw 461 sales. This shows that even though we are seeing a slight decrease in sales due to the fall season, which is typical, we are seeing a much stronger fall market than we did in 2019.
This is also evident when you look at new listings from September. There were 12.8% more new listings this September compared to September of 2019. This indicates to buyers that due to the strong market there are still new listings being posted and there will likely be more in the coming months.
There were 1483 total active listings as of the end of September. This is a much lower inventory than we would typically see in September, where we are normally closer to 2000 or so active listings. This low inventory indicates that we are still generally in a sellers market, especially in the 300K - 550K price range.
So after looking at all of these stats, you’re probably wondering if you should be considering selling your home in the fall or winter market. We want to share a couple reasons why we think selling in the fall and winter can be a great idea.
1) In fall and winter, the buyers that exist in the market tend to be more motivated than they might be in the spring and summer. The colder weather weeds out any maybe-buyers and instead brings in super serious clients who want to close on a property before spring.
We also think that this year will be a bit different than normal as people are unable to travel due to the pandemic. People might get a bit stir crazy, and start looking for a change of scenery in their home.
2) As the weather gets colder the inventory in the market continues to decrease.
Lower inventory = less competition for your listing
Those super serious buyers in the market will have fewer homes to compare against yours making your property more attractive.
In general, we believe that regardless of the season, if your home is priced appropriately and in good condition, interested buyers and potential offers can be expected.
If you’re interested in getting more information, or would like us to provide you with a free evaluation of your home, please contact us and we would be happy to help.
We wanted to share one more piece of good news!
In September, 23% of all real estate transactions in Saskatoon were done by Realty Executives agents. This makes Realty Executives Saskatoon the #1 brokerage in the city!
We are so proud to be a part of this amazing team, and we want to give a big shout out to Wayne Zuk, our broker/owner who is always there for advice and encouragement and who is one of the main reasons our team is so successful!
We hope you all enjoy your long weekend and have a wonderful Thanksgiving! Stay safe and see you soon!