Well, the stats are in, and February of 2016 performed a lot like the same period of 2015. This is consistent with our comments earlier in the year, that 2016 would trend closely to last year.
On the demand side, we had almost the same number of houses sold compared to the same month last year. Saskatoon realtors reported a total of 304 MLS sales, compared to 306 in 2015.
On the supply side, housing inventories have continued at very healthy levels. In fact, inventories were up about 13% over last year. So, this means there are lot’s of choices for buyers. Real Estate sales in Saskatoon tend to start slow and build as we move into the Spring and Summer months. So, if you are currently buying, then you are in a good position. The amount of competing buyers will only grow as the seasons change, so now may be your best time to buy.
Prices in Februray showed a bit of a decline. The MLS home price index was down 2.96% over the past 12 months. We will be watching this number closely in the coming months. If you are looking to sell, you will need some more specific info than the overall trends to determine your value. Specifically, your real estate agent should be looking at what’s happening with similar houses in similar areas, to really assess your home’s value. For more info on the Saskatoon market, check out the SRAR media release below. It is titled “Home Buyers Shouldn’t Wait”, and can be found at this link:
Are you interested in knowing more about the market and the value of your home? Or, looking to buy in Saskatoon and area? Please contact Lorri at (306) 221-3075 or by email at firstname.lastname@example.org.