Low Inventory Pushing Saskatoon Home Prices Up

The Saskatoon spring market has arrived, and home prices are gradually rising, partly due to the low inventory. Especially in the entry level home price range of $450,000 and below. Inventory levels like this haven’t been seen since 2006.

Great time to sell, If…

This low inventory is good news if you are thinking about selling, especially if you have a single-family home priced at $450,000 or below. You will likely see a quick sale at the best market price; often attracting an offer within the first couple of days. Homes priced $450,000 – $650,000 are also seeing increased sales but you might wait a little longer to attract and offer. Homes priced $650,000 are seeing the slowest sales activity. Overall, Saskatoon home prices are edging up!

So, If you are needing to purchase and sell, you might find things challenging. Unless, you are selling under $450,000 and purchasing above $650,000 or purchasing with a builder. Or if you are selling at any price range and downsizing to a condo or townhouse. Either way, this market is best navigated with your favorite REALTOR® as we can ensure we stay on top of things and help take the stresses away.

Condo sales improving

We are also seeing condo’s and townhouse sales improve for the first time in a long time. Since the mortgage interest rates started to rise we have seen the condo and townhouse market sales improve, simply because what people are able to qualify for has decreased. So for the first time in a long time we are seeing prices improve in the condo market. However, it hasn’t improved so much to recover the dip in prices from 8-10 years ago, but it’s a start!

Maybe a good time to build

If you are outgrowing your current home and looking to upsize, now might be a good time to look into building or working with a builder. Even in this market, many builders will consider offers pending the sale of your current home. This helps remove the stress of finding something before you have to sell your home.

Thinking about making a move?

If you are thinking about making a move, I highly recommend contacting your agent. It is NEVER too early to connect with us as we can help navigate this market to ensure your needs are well looked after. We will keep you informed of all the ins and outs, the next steps, and bring to light all of the things you may not know or lose sight of. We are here to protect you and ensure your best interests are at heart.