3 Key Indicators the Real Estate Market in Saskatoon Has Shifted
Saskatoon has been in a firm Buyer’s Market for the past several years. It was not so long ago that the record was broken for the highest number of listings, in Saskatoon’s history, at over 2,200 available homes for sale. However, the global pandemic had some interesting effects on the local market that bodes in favour of sellers. A few of those key points are identified below, with additional information available through Tanya LaRose at 306-380-7325.
- Higher Demand – Arguably spurred by the pandemic lockdown, many buyers are looking to purchase a new home. Often the property is sold before interested buyers even get a showing booked.
- Lower Inventory – Currently there is approximately a three-month supply of homes which is substantially lower than the past several years. The amount of homes for sale in Saskatoon is nearly 25% lower than last year.
- Bidding Wars – Bidding wars will drive up a sale price. We have seen nine houses in Saskatoon sell over listed price within a span of seven days in the month of June. It is an extremely rare occurrence and numbers like this have not been present for about a decade.
Note: Data is an approximation deemed accurate at the time of writing this article for the city of Saskatoon.