Good afternoon friends today I want to bring you a brief update on the real estate market from the month of December 2020. We as an Association of Saskatoon Realtors listed 347 properties onto the market, approximately 14% more than the 304 listings last December.
We also sold 274 properties which was 35% higher than the 203 sold last December. Year-to-date sales in Saskatoon increased by 18.2% over last year, increasing from 3,615 to 4,270. The average selling price in the month of December was $345,358: 3.4% higher than the average price last December. Saskatoon’ s real estate market is HOT !
The average sale price for a single-family home in December was $372,353, $5,723 higher than last Decembers average.
The average sale price for a townhouse in December was $265,292, $24,531 less than a year ago.
The average sale price for an apartment style condominium during the month of December was $229,287, $43,854 more than the average selling price last December.
At present there are 942 homes available for sale in Saskatoon which is 24% fewer than a year ago. Of those 942 homes, 472 are single family homes and 470 are condominiums.
It took an average of 50 days for a home to sell in December, 17 days fewer than December last year.
The Saskatoon real estate market remains strong and has outperformed last year’s market. Despite the Covid shut down in March and April of 2020 Saskatoon Realtors sold 658 more homes this year than we did in 2019, an 18% increase. Additional restrictions in place due to the rise in Covid cases did not deter people from buying and selling real estate.
The lifeblood of our industry: “Inventory” is 24% down from last year, we have approximately 3.7 months of inventory available. The sales to listing ratio currently stands at 79%, firmly placing sellers in the driver’s seat in this market. For anyone who may be considering moving from a single-family home into a townhouse or condominium, now is an excellent time to make the change. Your single-family home is in high demand and we have a strong supply of condominiums available for sale.
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.