According to Royal LePage’s House Price Survey, the Saskatoon housing market has some real sore spots that can affect buyers and sellers. Their analysis shows that each of the three real estate markets are being affected by the current overall market. These segments are: single-family homes, condominiums and townhouses, and apartment condos. Some markets are flourishing while others are not, and some favour sellers while others favour buyers. Whatever, the case, it’s clear that buyers and sellers will need the help of an experienced realtor to navigate the Saskatoon housing market effectively.
The Current Market
The 2016 housing market in Saskatoon has seen sales that are all over the place, but there’s been an overall decline in sales for the entire market. This decline is largely due to a decrease in apartment condo sales, which are down from 2015 while there’s an increase in real estate availability.
On the other hand townhouse sales have risen from 2015, and home prices have increased slightly over the year, as well. So, the townhouse market is obviously a seller’s market. Comparatively, the single-family home market can be considered even for both buyers and sellers.
The number of Saskatoon houses for sale stayed fairly steady for a number of years, but now the inventory is beginning to decline. This means that it’s becoming more of a sellers’ market, and in fact, more homes have been sold in the $200,000 to $350,000 range than were sold in the market’s peak year of 2014.
What Has Caused the Apartment Condo Sales Decline
In the apartment condo market, the supply is simply much greater than the demand. While a house may take an average of 120 days to build, an apartment condominium can take an average of 2.5 years to build. This means condos that were started two years ago, when they were in high demand, will be completed now, when demand is lower. Besides that, new construction is driving apartment condo interest down. There are currently 925 uncompleted condos and 500 uncompleted rental apartments.
Future of the Saskatoon Housing Market
The single-family home and townhouse markets continue to look good for buyers and sellers. First time home buyers are flocking to areas like Brighton in search of suites to purchase, and there seems to be a steady flow of Saskatoon houses for sale. Besides, prices are remaining reasonable.
Whether you’re ready to sell or starting to look at the selection of Saskatoon houses for sale, get in touch with me and I’ll put my decades of real estate experience to work for you. No matter the market, I’ll ensure that your real estate experience is nothing but positive.