As you may know, curb appeal refers to how your property looks from the street, where potential buyers first see it. Your home’s curb appeal can have a big impact on the sale of your property.

If you’re selling your home and there are other listings in your area, buyers will naturally compare your property to those other listings.

Is there something about your home that you’re concerned will be seen as a competitive disadvantage? For example, do you have a small kitchen or fewer bedrooms than most other homes in the neighbourhood?

There are a few things you can do to compensate for such disadvantages.

First, highlight the advantageous features of your home. Chances are, there are characteristics that make it stand out. For example, the look and style of your home may be cozy and enchanting. Or, you might have a desired feature, such as a terrific view.

Next, do everything you can to ensure your home makes the best impression possible to buyers. Remember, most buyers will only see your property once. So, pull out all the stops. That means decluttering, cleaning, painting, getting any needed repairs done, and staging effectively.

Finally, make sure you set the asking price strategically. That doesn’t necessarily mean it needs to be low. But, it does mean that the price should reflect the market value of your home.

Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

Regional Highlights

Both sales and inventory trends varied across different regions of the province in April. Year-to-date sales levels improved in Melfort, Prince Albert, North Battleford, Yorkton, and Weyburn. Additionally, inventory levels improved over previous months across all regions except Humboldt and Weyburn. That said, most regions still report inventory levels lower than the previous year and below long-term, 10-year averages.

Overall, when considering both sales and inventory levels, some regions of the province are not seeing a shift toward more balanced conditions. Melfort, Prince Albert, Yorkton, and Meadow Lake reported further tightening compared to levels reported last year.

Price Trends

Benchmark prices varied across different regions of the province in April. All regions except Prince Albert and Swift Current posted stable to modest gains in benchmark price compared to the previous month.

City of Regina

Year-over-year sales activity in Regina slowed for the fourth consecutive month. Despite the decline, sales levels are only slightly below long-term, 10-year averages. Inventory levels remain over 25 per cent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.

Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5 per cent lower than April 2022.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the fourth consecutive month. However, sales levels remain slightly above long-term, 10-year trends. Inventory challenges persist in Saskatoon, with supply levels nearly 37 per cent below 10-year averages, the lowest levels reported in April since 2008.

Saskatoon reported a benchmark price of $375,600 in April, slightly down from $376,300 in March and 1.4 per cent higher than April 2022.

Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

When you decide to put your house up for sale, we will start by working together to determine the market value of your property. That’s important to know because if you price your home too much above its market value, you probably won’t get any offers. Alternatively, if you price your property too low, it might get snapped up quickly, but you’ll have left a lot of money on the table.

So how do we determine your home’s current market value?

We will look at a variety of factors, such as the desirability of the neighbourhood, the features of your home, how well it has been maintained, renovations and other improvements you’ve made, and of course, its location. We will also review what similar homes in your area have sold for recently – which is, perhaps, the strongest indicator of current market value.

Once we know the market value of your home, we can make an informed decision as to how to price it so that it will attract the right type of buyers and the best possible price.

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There were 1,213 sales recorded across the province in March, a 20 per cent year-over-year decline. Despite year-over-year sales declines, this level of sales is still stronger than pre-pandemic levels and nearly 10 per cent above long-term, 10-year trends.

New listings decreased by over 17 per cent on a year-over-year basis and remain significantly below the 10-year average. In the first quarter of 2023, properties priced below $400,000 contributed to the largest decline in new listings. A reduction in new listings relative to sales resulted in further year-over-year declines in inventory levels, which remain over 30 per cent below long-term averages.

“Higher lending rates continue to impact what buyers are able to purchase, which is creating tight conditions in the more affordable segment of our housing market,” said Association CEO Chris Guérette. “When paired with declining inventory levels, specifically in homes priced under $300,000, there simply isn’t enough choice for prospective buyers looking in that price range right now.”

The provincial benchmark price reached $321,400 in March, up from $318,500 in February and slightly below prices recorded last March.
“Our market is once again showing its resilience, as we continue to report sales above long-term averages,” said Guérette. “That said, we continue to keep a close eye on supply levels across the province. Saskatchewan is growing at its fastest pace in over 100 years and ensuring that supply matches this growth is crucial to maintaining our affordability advantage.”

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Regional Highlights

Many regions across the province experienced a decline in sales when compared to last year. The year-over-year declines range from a decline of five per cent in North Battleford, to 34 per cent in Swift Current. Prince Albert, however, reported an eight per cent gain in year-over-year sales.

While North Battleford and Prince Albert did see some quarterly gains in new listings, all regions are reporting new listings that are below long-term averages. The continued decline in new listings has prevented a shift in inventory levels, which remain well below the 10-year average in all regions across the province.

Price Trends

Benchmark prices varied across different regions of the province in March. Year-over-year price declines were reported in Martensville, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Regina, and Yorkton. Meanwhile, all remaining regions posted stable to modest gains.

City of Regina

Year-over-year sales activity in Regina slowed for the third consecutive month. Despite the decline, sales levels are well above the 10-year average. Inventory levels remain over 25 per cent below long-term averages, with most of the decline being driven by homes priced below $300,000.

The months of supply in Regina fell to 2.96 in March, down from 3.86 in February. If conditions remain this tight over the next several months, we could start to see an impact on home prices.

Regina reported a benchmark price of $307,100 in March, slightly below the $310,200 reported in February.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the third consecutive month. That said, sales levels remain consistent with long-term, 10-year averages. Inventory levels remain a significant concern, as the city reports supply levels nearly 37 per cent below long-term averages.

The months of supply in Saskatoon fell to 2.32 in March, down from 3.50 in February. Tight conditions in the Saskatoon market are placing upward pressure on home prices, and we expect this trend to continue as inventory challenges persist.

Saskatoon reported a benchmark price of $376,300 in March, slightly above the $372,400 reported in February and over 2 per cent higher than March 2022.

When buyers view your property, they’re likely to visit each room and look around. Their imagination is turned on high. Often, within just a few moments in a space, they’ll form an impression — ideally, a positive one!