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    Mid Month Real Estate Market Update, April 2020

    Here’s a quick update regarding Saskatoon’s real estate market for the first 15 days of April 2020. There have been 80 sales so far this month which is about half of what we sold in the first half of April 2019. Of those sales 14 were newly constructed homes. The number of owner-occupied homes was 36, approximately 45% of the sales with the remaining 55% being vacant. These are very interesting numbers because they tell me that the majority of buyers were shopping for vacant homes. There are buyers who need to buy a home during this Covid 19 pandemic. However they are being cautious about going into an owner-occupied home and spreading or contracting the virus. Thus we are witnessing a proportionately larger than normal number of vacant houses sell.
    I can also report that there have been 55 new listings brought onto the market during the past 3 days. 35 of those homes are vacant, approximately 65%. Of those 55 new listings, 17 are condominiums or townhouses and twelve of those are vacant. Again, an overwhelming majority of the new listings are vacant properties. A vacant property that is listed in today’s market indicates to me that most of these homeowners must sell. The remaining 35% who remain in their homes are taking the necessary precautions to get their home sold. These sellers have a strong desire to sell as evidenced by the additional inconvenience and risk they are undertaking.
    We have seen a significant decrease in the number of home sales as well as new listings brought to the market. Fewer people are prepared to have strangers come into their homes and so they are not listing their homes for sale. Additionally fewer buyers are willing to go out to look at homes, this is also partly due to a smaller inventory of homes to choose from.
    I believe that when social distancing and isolation requirements are lessened we will see a flood of buyers anxious to purchase a new home and take advantage of very low mortgage interest rates. If you are contemplating selling your home we should talk about getting your home market-ready so that you can capitalize on this new demand.

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    If you have questions about Saskatoon’s real estate market please call me. (This link will open to the video) Stay safe and we will get through this very soon.

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