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As a real estate professional, Saskatoon’s housing market is currently experiencing a seller’s market. A seller’s market means there are more homebuyers than available homes for sale, leading to higher prices and more competition among buyers. In this type of market, sellers hold the advantage in negotiations and can often secure higher prices for their properties.
Recent data from the Saskatoon Region Association of Realtors shows that the average price of a home in Saskatoon was $394,451 in February 2023, representing a 15.4% increase from the previous year. This rise in prices is due to several factors, including a growing population, semi low-interest rates, and a solid local economy.
In February 2023, 418 homes were sold, a 19.2% increase from the same period in 2022. This means high demand for homes in the city as more buyers want to purchase a property in this hot market.
Furthermore, the average days on the market (DOM) decreased from 43 days in February 2022 to 34 days in February 2023. Fewer days on the market suggest that homes are selling faster in the current market conditions due to high demand, which is a positive sign for sellers.
If you’re considering selling your home in Saskatoon, now could be a great time to put your house on the market. In a seller’s market, you can command a higher price than in previous years, and an experienced real estate agent can help you navigate the process and set the right price for your home. With their help, you can take advantage of the current market conditions to get the best possible outcome for your sale.
