Saskatoon Current Real Estate Market – March 20, 2009

After a long period of time when we were all wondering if the market was going to pick up it appears that the buyers who were trickling in are now out and are buying houses in Saskatoon. Last week our Saskatoon Century 21 team saw 46 listings come in and 51 deals on existing listings (so more houses in Saskatoon were bought than listed last week).

We also saw the lowest ever interest rates and low mortgage rates in Saskatoon with a 5 year closed term at 4.15%.

The MLS stats from last week (March 9-16th) saw the following:

New listings in Saskatoon: 158 (the previous week was 182)

Houses sold in Saskatoon: 56 (up to from 54 the week before)

Total active listings: 1350

Total vacant properties: 510 (up 3 from the week before)

We are seeing that the low interest rates and the fact that people are starting to understand that the economy in Saskatchewan isn’t going to implode is helping motivate buyers. It is a great time for first time home buyers in Saskatoon and for people to buy a house in Saskatoon in general. It is still very much a buyer’s market in Saskatoon but we are starting to see people with their houses for sale in Saskatoon dig their heels in a bit more and resist the low balling that buyers are trying. Some people with houses for sale in Saskatoon are still in a position where they have 2 mortgages so some houses for sale in Saskatoon are still selling for well below list price, but overall the market is gaining some momentum and hopefully the number of houses for sale in Saskatoon decreases with the amount of people buying houses in Saskatoon starting to increase. I think it will still be another year or so before we go back to a balanced real estate market in Saskatoon as there is still a lot of excess inventory, but we will get there with the amount of people looking to buy a house in Saskatoon from outside of the province and country.

If you are interested in buying or selling your home or looking for information on the Saskatoon real estate market please contact me!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd

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