October is rolling along in Saskatoon, the leaves are disappearing, Halloween decorations are everywhere, and we’re officially at that time of year where you leave the house in a jacket and somehow regret your decision either way.
Real estate, however, has definitely not gone into hibernation.
Over the last two full weeks, 167 homes sold in Saskatoon. From October 6 to 12, we saw 87 sales, followed by another 80 sales from October 13 to 19. Not exactly a quiet fall market.
What has changed a little is the feel of the market.
Buyers finally have a bit more selection and, depending on the neighbourhood and price range, a little more negotiating power. Last week, 67 of the 80 homes sold went for less than asking price. That doesn’t mean the market has suddenly flipped upside down, but it does mean sellers can’t just throw a sign on the lawn, pick a number they like and start shopping for their new boat.
Pricing matters again.
There are currently more than 800 active listings in Saskatoon, and quite a few homes are sitting longer or making price adjustments. At the same time, good homes that are priced properly, show well and are marketed properly are absolutely still selling.
That’s something I’m seeing firsthand too. The last couple of weeks have been busy with showings, getting listings staged and ready for market, meeting buyers, writing offers and spending an unreasonable amount of my life opening lockboxes.
On the seller side, presentation is becoming increasingly important. Buyers have options now. Clean, staged and well photographed homes stand out. The ones that need work can still sell, but the price has to make sense.
For buyers, this is actually a pretty interesting window. We’re not seeing the same level of craziness on every property, and there are opportunities to negotiate on homes that have been sitting for a few weeks. If you’ve been waiting for things to calm down a little, we may finally be getting there.
The bigger picture is that Saskatoon is still a healthy market. September finished with 384 residential sales, and the benchmark price was $439,600, still nearly 3% higher than September of last year. Inventory has improved, but we’re certainly not drowning in houses either.
My prediction for the next few weeks? The good stuff will keep moving, overpriced homes will sit, and at least half of Saskatoon will continue insisting they’ll put their winter tires on “next weekend.”
If you’re thinking about buying, selling, or you’re just curious what your house would actually sell for in today’s market, give me a shout. I’m always happy to talk real estate, and I promise not to start the conversation by asking if you’re pre-approved.
Kevin Leuschen
Coldwell Banker Signature