Real Estate Report January 2021

Posted by Andrew Slater on Wednesday, February 10th, 2021 at 9:32am.

SASKATOON REAL ESTATE REPORT

January Update:

January's residential sales of 278 units were up from December's total of 274. They were up 26.94% from January 2020 which saw 219 units sell!

- 124 of the 278 were in the price range between $200,000 - $349,999 (44.60%)

- $200,000 - $299,999 had 85 units sell (30.58%)

- $300,000 - $349,999 had 38 units sell (13.67%)

Is the market still hot? Last January there were 24 houses sell priced over $500,000. This January there were 42!

For more details on these stats, compiled by the Saskatoon REALTORS® Association click here.

What is selling the most; Single Detached? Townhouses? Apartment style condos?

- Of the 278 sales in January

 - 188 were single detached (67.63%) 

 - 50 were Semi Detached (Townhouses, 1/2 duplex)  (17.99%) 

-  34 were Apartment style Condos (12.23%) 

- The remaining 4 were Mobile homes (2) and both sides of a duplex (1) and a fourplex. 

How long is it taking to sell?

January

- 17 units sold in the first 7 days (6.12%).  

- 34 units sold in the next 7 days, 14 days on the market (12.23%). 

 - 35 units sold in the next 7 days, 21 days on the market (12.59%). 

30.94% of the houses that sold in January sold in the first 21 days.  37.23% of the houses that sold in December sold in the first 21 days.

 

 

A look back at 2020:

There were 4,269 residential sales

- 3,081 were single detached houses (72.17%)

- 594 were Semi Detached (Townhouses, 1/2 duplex)  (13.91%)

- 550 were Apartment style Condos (12.88%)

The best year for real estate sales since 2014 and only 4,269 properties sold out of the 7,511 properties that were listed. 

56.84% Didn't sell!

If yours was one of the ones that didn't sell, click on the links

Click the link below for more information.

Tips for getting your house sold fast

 

Great that houses are selling fast! But what if you're a buyer?

 

Tips for buying in a seller's market.

1. Mortgage Pre Approval

Talk to a Mortgage Specialist! I would stay away from mortgage brokers, there is more chance of your funding falling through. Mortgage Brokers will shop around to find you a great interest rate, but they can't borrow money from RBC, CIBC, BMO or National Bank. Most of the big lenders will match (or beat) any rate that you can find with a mortgage broker. There are a lot of reasons I recommend  RBC, the biggest one being, once you are approved, you're not going to have your funding pulled at the last minute. Other lenders will check your credit or employment up until the day before the mortgage is supposed to be funded, if anything has changed you could be denied. If that happens and you have removed conditions, you could lose your deposit!

2. Free Up Your Schedule

Be prepared to go see a good house the day (or hour) it comes on the market! Wait until the weekend and it may already have an accepted offer.

3. Hire a good agent!

Interview a view, these days you can do that by a quick zoom meeting. A good agent will let you know what the market is like, what price houses are selling for and how to write an offer that will stand out. They should also be listing to what you want. If your looking for 3 bedrooms, 2 bathrooms, a finished basement and near a school, if they are showing you 2 bedroom homes with unfinished basements it's time to "cut them loose"!

4. Writing a good offer

Your offer should be as "clean" as possible. "Clean" means not a lot of extra conditions, for example; don't ask for 3 months possession, don't ask the seller for their furniture or paint before you move in. If you have to sell your house, don't write in a condition of selling your house first!

5. Sell Your House First

Don't worry, a good agent won't let you sleep in the street! They will know how to get your house sold and get you into your next house!

Why is the real estate market so hot?

 

Interest Rates!

Interest rates are the lowest they have been .................. EVER!

The average sales price in Saskatoon is just under $350,000

 

If you can afford to buy..why keep renting? 
 

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