Even though we aren’t quite ready for summer to be over, we are getting closer to cooler temperatures and the fall real estate season in Saskatoon. We are going to share what we can expect from the rest of the summer real estate market and how we think it might change as we move into the fall.
But first, Let's look at the stats from the past month...
In July, there were 488 homes sold, which represents a slight decrease in sales of 10.8% compared to July 2020, where we saw 547 sales. Keep in mind that sales in July 2020 were extremely high, and even the 488 sales we saw this month is still 25% more than July 2019. Even though this is the first month in 2021 where sales have been down a bit, compared to a regular year, like between 2017 - 2019, these sales volumes would still be considered very strong.
Currently there are approximately 1464 active listings on the MLS. 758 of those were new listings posted in July which is down 7% compared to July 2020, where we saw 816 new listings.
The average sale price in July 2021 was $366,416. This is an increase of almost +7% YTD compared to this same time in 2020.
In the first half of 2021, we saw an extremely HOT sellers market in Saskatoon with high sales volumes and low listing inventories.
With more and more restrictions being lifted in Saskatoon, things are starting to feel a bit more normal. We are starting to see people get back to their regular routines by going out to dinner more regularly, planning fall and winter vacations and spending more money on entertainment. This increase in spending may be resulting in less funds available to spend on real estate and might be contributing to sales slowing down a bit.
This is good news for buyers, because based on the rules of supply and demand, if sales start to slow down, and inventories start to rise, that creates a greater selection of homes to choose from in Saskatoon for buyers. So if you’ve been waiting to pull the trigger on buying a new house, this fall might be the perfect time to start searching for your dream home. Reach out to us and we would be happy to get a plan in place to start your home search.
For sellers, low interest rates continue to support a strong sales market. There are lots of potential buyers looking to upsize, downsize, or to buy their first home.
As always, if you would like any information on buying or selling your home in Saskatoon, don’t hesitate to contact either one of us.
Thanks again and see you next month!