Building off the strong performance seen in June, the real estate sector continues to show signs of resilience. Across the province, year-over-year sales were up over 56% from July of last year (and up over 9% year-to-date), new listings were up over 9% year-over-year (but down 11% year-to-date), and the median sale price was up 2.7% (down 0.9% year-to-date). Inventories were also down in all markets that the SRA tracks, suggesting that people are still eager to buy and take advantage of the opportunities that exist.

While there has been an uptick in the number of COVID cases across the province, the precautions put in place earlier this year seem to have reduced people’s anxiety about home buying. “When the pandemic hit, we put measures in place to make sure that our members and their clients would be safe while buying homes,” said SRA CEO Jason Yochim. “And we’re seeing how effective those measures have been. People feel safe and they’re buying,” suggesting that while COVID is still a concern, people and the economy are adapting.

Although prices are down in some markets (reflecting the local nature of real estate), the number of sales were up in all markets that the SRA tracks, and the number of new listings were up in all but one. Again, this suggests that the sector is doing quite well despite the impact the pandemic has had on the province, and that the sector has recovered in two to three months.

The strong performance seen in June and July (supported by increasing confidence in the real estate sector) is promising for August as well. “Members are still receiving multiple offers and some properties continue to be sold almost as soon as they’re listed,” says Yochim, suggesting that there is still pent-up demand. As a result, would-be sellers may be encouraged to list and help ease the declining inventory burden. And with children scheduled to return to school in September, August could see another strong push before life gets back to “normal” and Saskatchewan real estate activity begins its cyclical slow down.

Sales in Saskatoon were up 41.0%, going from 390 in July 2019 to 550 in July 2020, and up 54.5% in the overall region, going from 495 to 765. In Saskatoon, sales were 36.7% above the 5-year average (and 33.1% above the 10-year average), while in the larger region, sales were 37.9% above the 5-year average (and 33.2% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 4.1% over last year, increasing from 2,232 to 2,324, while YTD sales in the larger region rose 8.2%, going from 2,975 to 3,219.

Sales volume was up 49.0% in the city, going from $129.4M to $192.8M in 2020 (38.0% above the 5-year average, and 33.4% above the 10-year average). YTD sales volume in the city was $793.9M, an increase of 7.3% from last year. In the region, sales volume was up 11.4%, going from $938.7M to $1,045.3M (42.9% above the 5-year average and 38.8% above the 10-year average). YTD sales volume increased 11.4% in the region, rising from $938.7M in 2019 to $1,045.3M in 2020.

In Saskatoon, the number of new listings in July 2020 rose 9.1%, going from 748 to 816 (6.0% above the 5-year average and 3.7% above the 10-year average), while in the region, new listings rose 9.7% from 1,097 last year to 1,203 this year (5.7% below the 5-year average and 5.1% above the 10-year average). YTD new listings in the city fell 8.5%, going from 4,952 to 4,530, while in the larger region, the number of new listings to date fell 10.2%, going from 7,359 to 6,609. Active listings fell 20.3% in Saskatoon (down from 1,950 to 1,555) and fell 20.9% in the region (down from 3,575 to 2,827).

Inventory in Saskatoon stood at 3 (which is 43.5% below the level last year and 45.5% below the 5-year average), while the sales to listing ratio was 67.4%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4 (which is 48.8% below the level last year and 43.8% below the 5-year average), while the sales to listing ratio was 63.6%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 43 days in July—down 17.3% from 52 days last year (but below the 5-year average of 48 days and above the 10-year average of 43 days). Homes in the region stayed on the market longer than homes in the city at 55 days on average in 2020, but also down from an average of 64 days last year (and 3.8% below the 5-year average).

Median home prices in Saskatoon went from $316,000 to $338,500 (an increase of 7.1%) and were approximately 3.0% above the 5-year and 3.2% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.8% from $309,400 to $314,900. Year-to-date, the median home price in Saskatoon was $328,521 which is 2.1% above the $321,657 price from the same time last year.

Median home prices in the region went from $300,000 to $320,000 (an increase of 6.7%) and were approximately 2.3% above the 5-year and 2.5% above the 10-year average median price. Year-to-date, the median home price in the region was $309,504 which is 2.6% above the $301,514 price from the same time last year.  ~ August 2020 SRA News Release

Looking for sound market advice?  As REALTOR® and Nationally Accredited Buyer Representative - ABR®, Seller Representative Specialist - SRS® and Real Estate Negotiation Expert - RENE, I can provide you with this advice. Call today.

There are many reasons why you might suddenly need to sell your home. It could be an unexpected work relocation, a change in family circumstances, or simply a desire to move.

Whatever the reason, selling quickly requires some fast action on your part. But that doesn't mean you need to get into panic mode. You can list and sell your property, quickly while still enjoying the process!

The first thing you need to do is figure out how to make your home show its best. In addition to cleaning and decluttering, that might include getting any needed repairs done, sprucing up the place by painting and perhaps even doing some minor improvements.

How much you need to "stage" your property depends on many factors, including what conditions are like in the local real estate market. For example, you may not need to make each room look like a page from a decorating magazine if you’re in a seller’s market.

So, before you start any work, talk to me about what needs to be done to make your home ready to be seen by buyers.

The next thing you’ll need to consider is the list price. Your list price is especially important if you want to sell soon. No, you don't need to low-ball your listing to attract interested buyers — in fact, doing that might actually have the opposite effect. But you do need to price your property competitively.

In addition, it's smart to line up the resources you'll need, especially if you're also buying a new home. For example: get recommendations for a real estate lawyer, contractor, mortgage advisor, cleaning service, pet daycare, etc.

I’m well-connected in the local home industry, so I can recommend you to reputable professionals I know and trust.

A final tip: If you want to sell quickly, you need to start the process now. Give me a call to get the ball rolling.

Chances are, you know that you should change the batteries in your smoke detectors at least once a year — even if you suspect the batteries are still good.

But that isn't the only fire safety check you should do annually. Here are some other recommended tips to help keep you and your family safe.

• Clean your stove burners and oven regularly. Hard grease build-up can become combustible.

• Check your cupboard for cleaning products, paints and other liquids that are flammable. Read each label carefully. Use and store each product only as recommended.

• If you keep a fire extinguisher in your kitchen — and you should — confirm that it is still good. Extinguishers are like food. They have expiry dates!

• Go over your fire escape plan with your family. Make sure everyone knows exactly what to do if a smoke detector goes off or if there's a fire. (Don't have a fire escape plan? Make one!)

• Check that all windows open easily, especially upper floor windows.

• Check appliances you use often, such as hair dryers, for worn or frayed cords.

• Regularly clear away lint build-up in the clothes dryer. Check the outside dryer vent annually to make sure it's clear and working correctly.

• If you have a wood-burning fireplace or stove, get it cleaned and inspected by a licensed technician once a year.

Many local fire departments offer homeowners free tips and even in-home advice and inspections at no cost. Contact your fire department and ask about programs available to you.

Why is making a big change in life often so difficult?

According to psychologists, maintaining the "status quo" is one of the most powerful motivations we have. If things are "okay", even making a change for the better can be difficult. Our brains resist.

You may have experienced this if you’ve thought about selling your current property and finding your next dream home. Your house may be "good enough" for you now and the neighbourhood might be "okay" too. So, even if your dream is to get into a better home that's more suited to your family and lifestyle, you may be hesitant.

That's just the way the psychology works.

One way to get around this psychology is to get your dream out of your head and on to paper. Write down the kind of home you'd love to live in next. For example, you may want a detached home, with 3-bedrooms in a family-oriented neighbourhood. Also jot down the specific features and characteristics of the property and neighbourhood such as a goodsized backyard, family-size kitchen, and an easy commute to work. That will help you see the real possibilities.

Next, find out whether getting into a home like this is doable for you right now. Avoid making assumptions. Get the facts. Find out what you can expect to get for your current property, and what you'll need to spend for the new home.

If you discover that moving to your next dream home is something you can swing this year, your hesitancy will likely vanish! I can help you get the information you need to make the best decision. Call me.

As the province continues to re-open, the real estate sector is experiencing a strong recovery. Year-over-year sales across the province were up close to 50% from June of last year (and only down 0.3% year-to-date showing that we’ve nearly recovered all of the sales lost during the lockdown), new listings were up almost 8% (down 14.5% year-to-date), and the median home price was up almost 2% (down 1.5% year-to-date). Inventories were also down in 17 of the 19 markets that the SRA tracks, suggesting that people are quite eager to buy now and make up for lost time due to the pandemic.

This recovery was expected as physical distancing restrictions were loosened and as people’s confidence began to return. With the economy getting back to “normal”, people are getting excited to buy homes. “We’ve seen properties in some markets sell within days of being listed,” said SRA CEO Jason Yochim. “And we’ve even seen bidding wars start to break out”, suggesting that people are quite motivated to buy and may be willing to pay more than full listing price. This could help to further drive Saskatchewan’s recovery as people are encouraged to list due to rising prices.

Prices and the number of new listings are still down in some markets (and some markets have seen an increase in the number of days for properties to sell), which continues to reflect the local nature of real estate. Despite the relatively sluggish performance compared with the rest of the province, however, these markets appear to be headed for a recovery as well and may soon return to pre-COVID level activity as the province and the economy re-open and return to normal.

Although Statistics Canada has not released the latest employment figures, employment rose 1.8% in May (while full-time employment rose 1.6%) suggesting that more people are returning to work and that a number of jobs are relatively secure despite the higher levels of unemployment created by the pandemic. Rising employment levels are promising since it means that people have the money needed to buy and help support a broader recovery.

While the future is uncertain and the recovery may slow down if we see a spike in COVID cases over the next few months, the government’s phased re-opening plan should help to minimize any potential new threats. This is boosting confidence and allowing the real estate market to recover now and help the economy to recover. “The multiple offers that members are getting,” and the low levels of inventory currently available suggest that the market has recovered and is well on its way to making up for the losses that the pandemic brought. “We may not have as good of a year as last” says Yochim, “but we should do pretty well all things considered.”

Sales in Saskatoon were up 38.4%, going from 372 in June 2019 to 515 in June 2020, and up 42.7% in the overall region, going from 504 to 719. In Saskatoon, sales were 27.5% above the 5-year average (and 17.7% above the 10-year average), while in the larger region, sales were 29.2% above the 5-year average (and 21.5% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 3.6% over last year, decreasing from 1,842 to 1,776, while YTD sales in the larger region fell 1.0%, going from 2,480 to 2,456.

Sales volume was up 36.1% in the city, going from $126.8M to $172.6M in 2020 (24.6% above the 5-year average, and 15.3% above the 10-year average). YTD sales volume in the city was $601.9M, a decrease of 1.4% from last year. In the region, sales volume was down 0.7%, going from $782.1M to $787.4M (28.0% above the 5-year average and 20.3% above the 10-year average). YTD sales volume increased 0.7% in the region, rising from $782.1M in 2019 to $787.4M in 2020.

In Saskatoon, the number of new listings in June 2020 rose 5.9%, going from 784 to 830 (5.0% below the 5-year average and 2.9% below the 10-year average), while in the region, new listings rose 4.8% from 1,174 last year to 1,230 this year (3.5% below the 5-year average and 1.3% below the 10-year average). YTD new listings in the city fell 11.6%, going from 4,204 to 3,716, while in the larger region, the number of new listings to date fell 13.6%, going from 6,262 to 5,411. Active listings fell 19.6% in Saskatoon (down from 1,971 to 1,585) and fell 19.9% in the region (down from 3,561 to 2,852).

Inventory in Saskatoon stood at 3 (which is 41.9% below the level last year and 40.6% below the 5-year average), while the sales to listing ratio was 62.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4 (which is 43.9% below the level last year and 39.7% below the 5-year average), while the sales to listing ratio was 58.5%, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 43 days in June—down 12.2% from 49 days last year (but below the 5-year average of 46 days and above the 10-year average of 41 days). Homes in the region stayed on the market longer than homes in the city at 54 days on average in 2020, but also down from an average of 56 days last year (and 1.1% above the 5-year average).

Median home prices in Saskatoon went from $320,000 to $329,900 (an increase of 3.1%) and were approximately 1.0% above the 5-year and 0.7% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.9% from $306,500 to $309,400. Year-to-date, the median home price in Saskatoon was $326,858 which is 1.3% above the $322,600 price from the same time last year.

Median home prices in the region went from $310,000 to $312,500 (an increase of 0.8%) and were approximately 0.5% below the 5-year and 0.8% below the 10-year average median price. Year-to-date, the median home price in the region was $308,171 which is 2.1% above the $301,767 price from the same time last year.  ~ July 2020 SRA News Release

Looking for sound market advice?  As REALTOR® and Nationally Accredited Buyer Representative - ABR®, Seller Representative Specialist - SRS® and Real Estate Negotiation Expert - RENE, I can provide you with this advice. Call today.