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Saskatoon Real Estate Market: January 2024 Snapshot

In January 2024, Saskatoon's housing market was buzzing, reflected in both the sales volume and average sale price movements.

Inventory

As of February 1, 2024 there were 698 homes listed on the Saskatoon MLS. January experienced a slight downturn in the number of new listings, which totalled 364, marking a 12% decrease both for the month and YTD when compared to the previous year's count of 414 new listings in January. This reduction suggests a tightening market, where demand could potentially outstrip supply. This means, as a seller, you'd find a bit less competition for your listing. There are fewer homes on the market, making it a bit easier for your listing to stand out.

Sales Volume

Sales performance saw a significant increase, with the number of properties sold rising by 22% for the month, as well as year-to-date (YTD), reaching a total of 245 sales. This marked a considerable growth compared to the same period last year, which recorded 201 sales, translating to an increase of 44 units. Such an upward trend underscores a growing buyer interest which is pretty great news for sellers.

Average Price

Also, for sellers, it keeps getting better. The average price for a home sold in January was $385,259, which is a pretty big jump—about 10.8% more than last year. So, homes are not only selling, but they're also selling for more.

Summary

All in all, January was a great month for Saskatoon's real estate market. More homes were sold, there were fewer new listings, and prices were up. It's a good time to be selling a house in Saskatoon!

Saskatoon Real Estate Market Statistics at a glance:

  • Active Listings: 698

  • Sales Increase: +22% (Month and YTD)

  • Sold Properties: 245 (in areas S1 - S5)

  • Comparison to Last Year: +44 units sold

  • New Listings: 364, down 12% (Month and YTD)

  • Average Sale Price (MTD and YTD): $385,259, up 10.8% from last year

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟

Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com


🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

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Saskatoon Real Estate Market Stats - December 2023

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

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

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October 2023 Market Update

Hey there! As the leaves turn golden this October and we cozy up for fall, it's a great time to chat about the housing scene. Right now, home sales in Saskatoon are buzzing. Why? Well, there aren't many houses available, to begin with. Yes, interest rates have ticked up a bit, but that hasn't slowed folks down. People still really want homes in our area, way more than those rates are discouraging them.

September Stats: In September 2023, Saskatoon's real estate landscape revealed a mix of trends. Active listings for the month totaled 980, with single-family homes leading the pack at 712 and condos following with 268 units. It's noteworthy that out of these condos, 171 were of the apartment-style. However, there was a dip in fresh entries to the market, with new listings for the month at 575, marking a 9% drop from September 2022.

Sales painted a brighter picture with 374 properties changing hands, reflecting a 14% increase compared to the same period the previous year. The average sale price edged upwards too, reaching $375,301— a modest growth of 0.75% from September 2022.

It's evident that while the volume of new listings reduced, the demand and value of properties in Saskatoon continued to show resilience and growth.

When tuning into national TV or flipping through major newspapers, it's clear that a lot of their housing coverage centers around big Canadian cities like Toronto and Vancouver. But it's crucial to remember that what happens there doesn't always mirror our local market in Saskatoon.

Here's a fun fact: even with the current prices and those interest rates, Saskatoon stands strong as one of the top three most affordable spots to live in Canada. If those rates take a dip? With so many people eyeing our homes, prices could go up even more.

So, what's the play? You could buy now, lock in a decent price, but face that slightly higher interest rate. Or, wait it out, hoping for a lower rate but risk paying more for the house itself. If you choose the waiting game, remember you'll be shelling out more upfront and miss out on a few good years of paying down that mortgage. Contact us if you have any questions about the current market in Saskatoon, or if you're planning to buy or sell.

🏡 Tait Real Estate - Realty Executives Saskatoon 🌟
Saskatoon's Premier Real Estate Experts

Jamie Tait
📞 Phone: 306-203-0004
📧 Email: jtait@realtyexecutives.com

Ross Tait
📞 Phone: 306-230-2338
📧 Email: rtait@realtyexecutives.com

🌐 Website: www.taitrealestate.ca

Reach out today and let's make your property dreams a reality in the heart of Canada!

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September Saskatoon Real Estate Market Update


After three months of an extremely HOT real estate market in Saskatoon, we are cautiously optimistic that this upward trend may now be here to stay for a while. We want to share why we think this means it's the perfect time to sell your home in Saskatoon, and what you need to know about the real estate market right now as a buyer.


Saskatoon Hot Real Estate Market Update


As the summer began, after the first initial shock of COVID-19, we started to see the real estate market heat up. At that time, we both thought that the increase may have been just an initial reaction to the pandemic, and that these conditions might not last very long.


However it looks like it might not be as short term as we initially thought. Sales volumes and average sales prices have steadily increased and home inventories have continued to stay low.


Home sales and prices have increased


In June, home sales were up +37%, and then in July they were up +41% and now once again in August they are up +41.9% for the month and +8.84% for the year. This past month there were 461 sales, as compared to 325 in August 2019, which is 136 more sales during this time.


We’ve also seen a consistent surge in home prices over the last three months. In July, the average sales price was up +5.6%. This past month, the average sales price was up +9.6% for the month of August and +4% for the year.


Inventory is down in Saskatoon


Inventories have also been consistently low over the last three months. In July listings were down 9% for the year, and this past month listings are down once again -6.9%.


After three consistent months of these conditions, we are starting to feel cautiously confident that this isn’t a fluke, and that this hot market may continue even into early 2021.


So...what does this mean for you?


It means that it is a GREAT time to sell your home in Saskatoon. Especially, if you have a home that fits into a couple of specific categories in the market.


Its a great time to sell in Saskatoon


Homes between 300K - 500K are in very short supply right now. It is a sellers market in this price range, and we are seeing homes on the market sell extremely quickly and with multiple offers. If you have a home to sell in this price range, this is the time to get it on the market.


Detached condos are also in very low supply. There were only 19 active listings in this category in August, and there are active buyers waiting for properties to purchase.

There were 67 sales of homes over 500K in August. This is a very high volume of sales compared to the last couple of years. If you have been waiting to sell your home in this category, now is the time to take the leap and get it on the market.


The other factor that is heating up the Saskatoon real estate market is extremely low mortgage rates. This is great news for buyers, as it makes affording a new home that much easier.


Mortgage rates are low


We recently chatted with Deb Murdoch, a mortgage broker from TMG (The Mortgage Group) about what she has been seeing for rates.


The Best 5 year fixed rate is 1.89%
If your purchase price was $350,000 & your down payment was 5% your resulting bi-weekly accelerated payment would be $723 ($1446/month).

The Best 5 year variable rate is 1.8% (prime - .65%)
If your purchase price was $350,000 & your down payment 5% your resulting biweekly accelerated payment would be $715.573 ($1431.14/month)

Her recommendation is to take a 5 year fixed rate as it is guaranteed for 5 years.

She told us that she has been hearing that the interest rates are going to stay low until 2023. Maybe not as low as they are right now, but still low. OSFI, Canada’s banking regulator is starting to make some changes (ie: mortgage deferrals) due to the economy right now, so we would expect slight changes as we go along.

Now more than ever before, with the market as hot as it is right now, it’s important to rely on a realtor you trust for guidance.

For buyers, we have been seeing multiple offer situations, and some homes selling over ask. We can help guide you in the offer process to ensure you have the best chance of getting the home you want, when you find it.

For sellers, in this vibrant market, we will help you create an effective strategy for marketing, pricing, and negotiations, as transactions aren’t as cut and dry as they might have been before.

As always, if you would like any information on buying or selling your home, or about the real estate market in general in Saskatoon, don’t hesitate to contact either of us.

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