Summer is almost officially here, and the weather is getting hotter in Saskatoon! Should you expect the market to slow down in summer because people are away on holidays? Are rising interest rates changing the local market conditions?
We know you have questions…so we’ve put together our Summer 2022 Real Estate Market Preview! We are going to review the current market stats, share our analysis of the current market conditions and give our predictions for the summer season… so that you have the information you need if you’re planning to buy or sell in Saskatoon.
Sales are staying strong in Saskatoon!
In May, there were 541 home sales which represents a slight decrease in sales of -5.4% compared to May 2021, where we saw 572 sales. But this is still a very high volume of sales if you compare it to pre-pandemic levels.
People commonly assume that the real estate market slows down in the summer months due to people being away on vacation. But we expect the market to stay strong throughout the summer. We are still seeing lots of buyers in the market looking for homes to purchase.
In our experience, since everyone is so connected now with their phones and better rural wifi access, most of our clients are still checking their emails for listings while they are on vacation or at the lake. Plus, most people are only gone for a couple of weeks at a time, not the whole summer. As well, most of our listing and purchase documents are signed electronically now so if you’re away you can still sign an offer from wherever you are.
We’ve also seen some urgency from buyers recently due to rising interest rates. Some buyers want to purchase a home sooner rather than later, so that they can lock into a lower interest rate before more interest rate hikes happen.
We think that summer is still a great time to get your home on the market. Especially since inventories are still relatively low in Saskatoon.
Inventories are still low!
There were 1190 active listings as of June 3rd, and there were 858 listings added to the MLS in May. This means that new listings were down -15.6% compared to May of 2021.
This lower supply of homes means that there may be more competition and homes may sell faster.
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.
Thanks and see you next month!
SASKATOON REAL ESTATE MARKET STATISTICS
As of June 3rd, 2022
Total Active listings: 1190
New listings in March: 858
Single Family Homes: 746
Apartment Style Condos: 300
New Listings are down -15.6% compared to May 2021
Sales in March: 541
Sales are down -5.4% compared to May 2021
Average Sale price: $367,504
Average Sales Price is up -0.01% compared to 2021
Tait Real Estate - Realty Executives Saskatoon
Jamie Tait - 306.203.0004 - email@example.com
Ross Tait - 306.230.2338 - firstname.lastname@example.org