The Saskatoon Real Estate Market is HOT!
We recently received the housing statistics for the month of July and we want to share our thoughts on the current market with you.
Check out the top 3 things we think you need to know about the Saskatoon Real Estate Market right now:
The number of home sales are up +41% for the month of July (this is comparing sales volumes against July 2019). This is a staggering increase in sales and it confirms that Saskatoon is an extremely HOT market right now.
Sales volumes are up 4.1% year to date (YTD) (this is comparing sales volumes for the entire year as of the end of July 2019). This is an impressive statistic considering sales in June 2020 were down -3.6% YTD. Within the span of a month, we've caught up to sales volumes from 2019. This is quite surprising considering we are dealing with a pandemic right now, and you would expect our market to have slowed down because of it.
58 of the 550 sales in July were $500K and above. This shows great confidence in the market from high end buyers.
Sales prices are up +5.6% MTD and +3.1% YTD. This is calculated by taking the average sales price of each transaction from the previous month.
The thing to note about these stats is that, as we mentioned above, 58 of the 550 sales in July were $500K and above. Higher end homes are selling which increases the overall average price. As a result, these stats don't necessarily mean that home values have increased.
The supply of listings in Saskatoon is down.
There are 1506 active listings. 935 of those are single family homes, 571 are condos and 213 are townhouses. Listings are down 9% YTD, but it is important to remember that listings were at record high levels for the past two years. This doesn’t mean that there is no inventory to look at, it just means that buyers may have to make their decision on putting an offer in on a home a little quicker.
There is less than a 3 months supply of homes that are priced between $200K to $500K. This lack of supply indicates that for homes in that range it is a sellers market. Therefore, if you have a home priced correctly in this market it WILL sell quickly.
The market is a bit different for homes priced $500K and above. There is over 4 months supply of listings in this range which indicates that it is a Buyers Market. Although, as we have already mentioned we are still seeing strong sales over $500K.
Contact Tait Real Estate if you are looking to buy or sell in Saskatoon and area.