Good afternoon friends today I want to bring you a brief update on the real estate market from the month of November 2020. We as an Association of Saskatoon Realtors listed 424 properties onto the market, approximately 6% fewer than the 451 listings last November.
We also sold 358 properties which was 47.3% higher than the 243 sold last November. Year-to-date sales in Saskatoon increased by 17.2% over last year, increasing from 3,411 to 3,998. The average selling price in the month of November was $326,120: 2.1% lower than the $332,945 average price last November.
The average sale price for a single-family home in November was $368,521, $8,200 higher than last years average.
The average sale price for a townhouse in November was $271,711, $5,900 less than a year ago.
The average sale price for an apartment style condominium during the month of November was $182,037, $14,850 less than the average selling price last November.
At present there are 1123 homes available for sale in Saskatoon which is 25% fewer than a year ago. Of those 1123 homes, 625 are single family homes and 498 are condominiums.
It took an average of 41 days for a home to sell in November, 16 days fewer than November last year.
The Saskatoon real estate market remains strong and has outperformed last year’s market. Increased restrictions in place due to the rise in Covid cases hasn’t deterred people from buying and selling real estate. As an industry we took precautions, including cancelling open houses and wearing masks with clients to make sure that people stayed safe while buying and selling homes. These safety precautions have helped to instill confidence in the market, making it easier for people to be active in the market.
Although November and December are generally slower months compared to spring and summer continued pent-up demand could help to make 2020 one of the best years for real estate in a long time. The lower end of the market is where we are seeing the most activity, homes priced less than $300,000 are in highest demand.
If you have some questions about real estate in Saskatoon, are considering buying or selling a home please give me a call, I would be pleased to share my 33 years of experience to help you reach your real estate goals.