I know that you are anxious about selling your home, so am I.
I have put together some information about the overall Saskatoon market to help you understand why your home hasn’t sold as of yet.
Page 1 identifies how many homes were available for sale in December of 2018 and compares those numbers with January of 2019. The column labelled S1-S5 refers to Saskatoon and identifies the number of homes that were for sale in the various price ranges. The next column tells us how many homes in that price range sold in December or January and then the last column references the months of supply based upon the absorption rate for that particular price range.
As an example for homes priced between $300,000 and $350,000 there were 176 homes available for sale in December ; there were 30 sales, so the math tells us we have 5.9 months of inventory. In January there were 186 homes in this price range available for sale and we sold 27 homes which equates out to be 6.9 months of inventory. You may note that the majority of sales occurred at less than $400,000. In January 47% of all sales happened at less than $250,000. At the end of January we had approximately 7 months of inventory.
The second slide shows us the number of homes that have sold in the various price ranges in each of the past 6 months. These numbers give me hope that we are through the slowest part of the real estate cycle. Typically we will witness more homes sell in the spring than any other season. The number of homes that sell in March and April will substantially increase as home buyers come out of hibernation.
The third slide breaks down Saskatoons inventory between single family homes and condominiums. During the month of January the inventory numbers indicate 60% of the homes available for sale are single family and 40% are condominiums. Of the properties that sold in January 72% of those sales were single family homes. You will also note that most condo sales were priced under $350,000.
My interpretation of these numbers tells me that higher priced homes are moving very slowly. We have about 7 months of inventory and that number is likely to increase as we move into March and April. Saskatoon remains strongly entrenched in a buyer’s market. If you are a first time home buyer now is a great time to get into the market. Prices for homes have come down about 10% over the last 2 years . And if you are considering moving from your current home to a different property again now is a great time to be buying, you might sell for less than your expectation, however you will probably make up the difference on your new home.
Saskatoon’s real estate market has been abnormally slow for several months; there are people in the market and there will be more once we get out of this deep freeze. My advice is to be patient, anticipate there will be a surge of demand and we’ll get your home sold this spring. Every home is unique, there may be some things we can do to make your home more appealing. The next time we talk let’s review your options.