Top 5 Highlights Of The Saskatoon Real Estate Market From 2020
- The 2nd Busiest Year Ever – Strictly speaking in terms of market data, 2020 has been the second most active year for Saskatoon residential real estate in the history of Saskatchewan MLS®.
- June Explosion – While the pandemic caused an audible pause at the end of the first quarter in the 2019 real estate industry, much like most other industries, the market activity had a huge explosion starting at the beginning of June. The activity far exceeded that from the following year, and each following month after June in 2020 continued with the same acceleration.
- Sharp Market Shift – Over the past several years in residential real estate, Saskatoon has been in an extreme Buyer’s Market with seemingly no end in sight. Of course, no one saw the pandemic coming which resulted in a sharp shift to an extreme Seller’s Market. Typically, this kind of Market Shift happens very slowly over numerous years, so the industry is doing its best to keep up but over the past few months demand has exceeded supply.
- Golden Houses – It should be noted that the conditions of this Seller’s Market are most applicable to houses, also known as Single Family Dwellings. The condominium inventory is not moving quite as quickly as a house under 500k. Theoretically speaking, if these trends continue into 2021, it would be the ideal time to downsize. A homeowner could capitalize on selling for top dollar for their home (if advised properly in sale preparations by their REALTOR®) and possibly get a great deal on a condo. It would also be an opportune time for parents to invest in a condo for their children who are going to post-secondary school.
- Cabin Fever – Fascinatingly enough, the Market Shift is a result of two primary factors: low mortgage rates and, for lack of a better term, cabin fever. Homeowners who are confined to their own home for months on end have proven to get restless enough to either renovate their current home (i.e. lumber and other home products shortage) or move into a different home simply for the sake of a change in setting.
If you are thinking about selling your home in 2021, contact Tanya LaRose at 306-380-7325 for assistance in the most successful sale possible.