Top 5 Highlights Of The Saskatoon Real Estate Market From 2020

Tanya LaRose 0 comments 01.01.2021

1. 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®.
2. 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.
3. 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.
4. 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.
5. 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.