We are seeing a significant shift in the Saskatoon Market this spring and summer.
        Detached home sale numbers are up overall. While prices have settled somewhat in late spring and early summer, unit sales have jumped, showing an increase of 9% YTD in unit sales. The 6 month rolling average price is $328,718, which is a decline in the average price of 2% compared to 2018.
        The active listing inventory is down 8% overall. The attached homes condo (townhomes) inventory is much lower at the end of June at 250 compared to 343 last year at the same date. While inventories are down, attached home sales are up from 33 units in June 2018 to 43 in June 2019. These are real changes. I feel this is in part due to sellers accepting the change in prices in the Saskatoon market(which is now lower). The only negative stats are the apartment style condos which show a small reduction in active listings, as well as a decline in the unit sales.
        The above numbers reflect changing trends in the home choices that buyers are making. The younger buyers are often moving more toward attached homes. The stress test for mortgage qualifying has made it more difficult for young families, forcing them to make different lifestyle choices.
         It seems that prices have moved down over the past year and the most popular selling range is the $300,000-$400,000 range. While price changes to the downside are not what sellers want to see, it is encouraging to see the unit sales numbers moving up, as those prices are falling into line with buyers’ expectations.
        The Warman & Martensville markets are following Saskatoon to some extent with active listings down from 192 in 2018, to 162 in 2019. In the detached home category, sales are up from 25 in 2018 to 30 in 2019.
         I find that once the price and condition of a home meets the buyer’s expectations and presents what the buyer perceives as good value, we see successful sales of homes in all price ranges.
         It is important to get good advice when considering selling to ensure a timely, successful sale. Call me anytime for a free “no obligation” consultation to see if now is a good time to make the changes you have been considering. I will go through the numbers with you and provide advice on what to do and not to do, to ensure you get the best price possible.

By: Mike Gustus