The first month of 2016 was pretty much what we expected. Sales were 174 units which is in-line with January of 2015. We expect this trend will continue for the next few months and sales performance to be a lot like last year. Home inventory has remained below the 2015 average at 1612 listings, but we are watching this number closely. The excess inventory we carried last year resulted in buyer’s market conditions in many categories. The average price for the month was also very close to 2015 numbers.
So, what’s ahead?
As Saskatoon moves to the Spring market the number of homes being listed and sold will increase. If demand starts to outpace supply, we will see inventory drop, and things tighten up. If not, the 2015 trend of flat pricing should continue. Regardless of inventory, demand will increase month-over-month as we close-in on Spring and Summer. This means if you are selling, there are still buyers for your home. In fact, demand has been within about 5% of the 5 year average in Saskatoon. So there are many houses being sold every month. But, if you are selling, you will likely have some competition. Talk to your agent about what you are competing with, and what you can do to ensure that buyer’s choose your home and not the one down the street.
If you would like to read the SRAR media release on the January market, then you can find it here:
If you would like to speak with me about buying or selling, please call/text me at (306) 221-3075 or email email@example.com.