Fall is finally upon us, the smell of pumpkin spice is in the air, and the real estate market has shifted - so what are they key things you need to know right now as a buyer or seller?
In September, there were 329 home sales which represents a decrease in sales of -16.9% compared to September 2021, where we saw 396 sales.
There were 1190 active listings as of October 3rd, and there were 590 listings added to the MLS in September. This means that new listings were down -9.4% compared to September of 2021.
This September, the average sales price in Saskatoon was $374,042 which is up 9.4% compared to this same time last year.
When we review these stats, it’s clear that sales have slowed down a bit and there are less listings on the market compared to last year. Even though the numbers are decreasing, we encourage you to think of the market as “back to normal” rather than “crashing” as many of the news headlines would have you believe.
The market over the last few years has been heavily influenced by the COVID-19 pandemic. We have seen much higher than average sales and much lower than normal inventories. The numbers we are starting to see this fall, are actually a return to “normal” levels.
Similarly, much is being said in the news about rising interest rates. Buyers had gotten used to seeing extremely low rates over the last few years, but these rates aren’t the norm.
When you look at interest rates over the last 25 years, the average rate is approximately 5.2%. The highest interest rate we’ve seen in the last 25 years was 8.2% in the year 2000. So again, to reiterate, even though interest rates are going up, you should think of them as actually just a return to normalcy.
We also wanted to remind you that as we head into the fall, there are a number of home maintenance tasks that you should try to complete before it snows.
Once most of the leaves have fallen from the trees in and around your yard, make sure you clean out your eavestroughs before the winter to allow for proper drainage.
If you have underground sprinklers, you will need to have them blown out before the temperatures start to dip below freezing. If you don’t, you may run the risk of your lines freezing and cracking which can cause leaks and other problems. Even if you don’t have underground sprinklers, you will likely have an outside water tap, that will need to be turned off from the inside and drained.
If you have lots of leafy trees in your yard, or trees that produce any kind of fruit, it’s best to try and clean up now, in the fall, rather than wait to clean it up in the spring, after its been covered in snow all winter.
Ideally, Patio furniture should be stored indoors over the winter months if you have the space. If not, its best to try and cover them with tarps to protect them from snow and sun. Patio furniture can be a large investment, and you want to make sure you can enjoy it for many years to come.
As always, if you have questions about our local market, we are happy to go over the data with you to give you a more accurate picture of our local market landscape.
Well that's all for this month. Thanks for watching and we’ll see you next month.