February 2021 Saskatoon Real Estate Market Update

February 2021 Saskatoon Real Estate Market Update

The first month of 2021 was a very busy one! We want to provide you some statistics that show you what we’re experiencing in the market right now, and share our top 3 tips on how to best navigate this fast moving market.

Sales in February 2021

In January, home sales were up +26.9% for the month with 278 sales compared to 219 sales in January of 2020. That’s 59 more sales during this time.There were 1026 active listings in Saskatoon as of February 1. 496 of those listings are single family homes, and 530 are condos. Out of the 496 single family homes, 300 are on the eastside of Saskatoon, and 196 are on the westside.

Single family homes in Saskatoon

These statistics show that, for example, if you were planning to list your single family home on the eastside of the city, you would only be competing with a maximum of 300 other listings. But that number is actually significantly lower than that once you filter out price ranges and specific neighbourhoods/areas. Right now your listing will be competing against a very small number of other listings, which could increase your chances of a quick sale.

Sales Price has increased in Saskatoon

The other important statistic to note is that the average sale price is up +6.8% compared to January 2020.

With the type of market we are experiencing right now, it's a great time to consider moving up. For example, if you’re looking to move from a condo to a single family home, or purchase a home with a bit more space, now is the time! The low inventory and the increased sales prices make it an ideal time to list your home, but on the buying side, you will need to work with your agent to come up with a solid plan of attack to find and secure your perfect new home in this busy market.

Top 3 tips to navigate the current market

We’ve come up with our top 3 steps you need to take to buy or sell in these current market conditions:

1) Be ready to move FAST if the right listing pops up.

Whether you have an existing home to sell, or you’re a first time home buyer, the first step in the home search process is getting mortgage pre-approval. This will ensure that once you find your ideal new home, you already know that you are in a good financial position to make a strong and confident offer.

2) Get your home prepared to sell early

Complete any home repairs or renovations that are required to sell your home. If you’ve been needing to repair your trim and baseboards, or repaint a couple of walls, get it done as early as possible so your home is in the best condition to sell.

Get your home clean, decluttered, and depersonalized. A buyer should be able to immediately envision themselves in your home when they walk through the door. If you are considering using a professional stager, make sure to get them lined up early.

Once your home is looking its best, arrange to have your professional photos taken early. At Tait Real Estate, we always include professional photos with a real estate photographer when you list with us. Having these taken early will allow us to get your listing on the MLS as quickly as possible.

3) Write a personal letter to the seller

In competitive markets like we are experiencing right now, multiple offer situations are common. To stand out from the crowd, we suggest that you write a personal letter to the seller explaining who you are, and why their home is the perfect fit for you and your families needs. This will hopefully build a connection with the seller and tip the scales in your direction.

If you have any more questions about the current market, about Saskatoon, or are interested in getting a plan in place to buy a new home and maybe also sell your current one, reach out to us anytime and we would be happy to go over everything with you.

Thanks Everyone! See you next month.


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