Watch this month’s market report on the Moving Back to Saskatoon Podcast.
Here is the transcript from this episode:
February Market Report – Sales are Down but Prices are Up!
Homeowners looking to sell may want to take advantage of this trend. While buyers should be prepared for a competitive market.
Tim: Saskatoon Saskatchewan is the
“Paris of the Prairies”
also referred to as the
“Bridge City”.
It’s a fantastic city with so much to offer. In this podcast, I’ll cover all things, real estate stories, lifestyle, and more that make Saskatoon so awesome. I’m Tim Bomboir and this is the Moving Back to Saskatoon podcast.
It’s time for the February 2023 market report on the Moving Back to Saskatoon podcast. It’s the age-old story from
econ 101 supply and demand are affecting the market in Saskatoon. And at first glance, it might seem a little wonky, but it all makes sense.
If you’re a home buyer who is hoping that a slower sales market would drive prices down, you may be disappointed. Although the actual sales were down, average prices have continued to trend upward.
The reason for that is that demand remains strong because supply is low and strong demand keeps our prices up and increasing.
In the latest market update from the Saskatchewan Realtors Association,
sales activity continues to slow for the second consecutive month resulting in a year-to-date decline of 19%.
Additionally, new listings have declined resulting in
inventory levels that are 36% below 10-year averages for the month.
This has contributed to the month’s supply of remaining under four months. Despite the decline in sales,
the benchmark price and Saskatoon rose to $372,400 in February up from $366,000 in January and nearly 3% higher than this time last year.
This marks a significant increase and suggests that the real estate market in Saskatoon is holding its own compared to other cities and areas of the country.
It remains to be seen how these trends will continue in the coming months, but recent activity is increasing. We’ll have to wait and see what spring has in store. If I were a homeowner who was looking to sell this may be a good time to get your house in order and ready for the market.
A well-priced home that shows well is harder to find than ever, and you’ll have a real gem if you own one and want to sell it.
In conclusion, the real estate market in Saskatoon has experienced a decline in sales activity, strong demand and low supply have kept prices on the rise.
Homeowners looking to sell may want to take advantage of this trend, while buyers should be prepared for a competitive market. If you want more stats reach out. I love to talk about real estate and Saskatoon in general. As always, if you’re looking to buy, sell, or relocate to Saskatoon, reach out and I’ll help you navigate the market with confidence.
Thanks for tuning in to this month’s market report on Moving Back to Saskatoon. And I hope to see you again in the next episode.
