Good afternoon friends today I want to bring you a brief update on the real estate market from the month of June 2021. We as an Association of Saskatoon Realtors listed 825 properties onto the market, approximately .5% fewer than the 829 listings last June.
We also sold 607 properties which was 18% higher than the 513 sold last June. Year-to-date sales in Saskatoon increased by 65% over last year, increasing from 1,774 to 2,933. The average selling price in the month of June was $364,629: 9% higher than the $334,937 average price last June.
The average sale price for a single-family home in June was $410,341, $42,841 higher than last years average.
The average sale price for a townhouse in June was $297,476, $24,492 more than a year ago.
The average sale price for an apartment style condominium during the month of June was $229,702, $21,681 more than the average selling price last June.
At present there are 1479 homes available for sale in Saskatoon which is 1.6% fewer than a year ago. Of those 1479 homes, 846 are single family homes and 633 are condominiums.
It took an average of 37 days for a home to sell in June, 5 days fewer than June last year. The Saskatoon real estate market remains strong and has far outperformed last year’s market. Recent changes to the mortgage financing rules don’t appear to have had an impact on demand for housing in Saskatoon. The increase in sales and the drop in inventory despite efforts to cool the market suggests that the market is still quite strong and that if we want to see prices moderate, policy efforts should be aimed at increasing supply rather than trying to stifle demand.