Saskatoon real estate shifting to buyer's market: More homes listed than sold in 2013

CBC News January 3, 2014 - Saskatoon's real estate scene is softening as more homes hit the market than were sold in 2013, according to the Saskatoon Region Association of Realtors.

"A nine per cent increase in the number of units listed compared to only a one per cent increase in sales reflects a softening in our market," association executive officer Jason Yochim said Friday. "This reflects a shift to more of a buyer's market."

Yochim also noted that there are many builders in Saskatoon that are competing for sales.

"There's probably well over 200 registered building companies in the city of Saskatoon," he said. "And all of them having product out there in the same price range means there's a bit of a surplus."

In 2013, the association recorded a total of 5,670 sales. Thirty-six per cent of those sales were homes in the $450,000 to $500,000 range.

Yochim said it should continue to take about 45 days to sell a home in the city.

People in the real estate business in Saskatoon said this could be an ideal time for current homeowners to upgrade to a larger — newer — place.

"It's a perfect situation if anybody's in an existing home," Cam Bird, from Re/Max Realty, told CBC News Friday. "To actually upgrade to a brand new home, because there's a lot of selection to choose from."

While the market looked good for buyers, people looking to sell a home will need to be diligent about their listing.

"Take the time to present the home well to buyers," Norm Fisher, from Royal Lepage, explained. "This is not the time to have a dirty home or a home with a whole bunch of little fix-ups that need to be done."

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