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 🌟
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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