Good morning friends today I want to bring you a brief update on the real estate market from the month of JULY 2020. We as an Association of Saskatoon Realtors listed 816 properties onto the market, approximately 9% MORE than the 748 listings last JULY.
We also sold 550 properties which was 41% higher than the 390 sold last JULY. Year-to-date sales in Saskatoon increased by 4% over last year, increasing from 2.232 to 2,324. During the month of JULY, the Average selling price for a single-family residence was $387,168, up from the $378,964 last JULY. The average sold price for a townhouse was $276,879 compared to $271,055 in JULY of 2019. The average sale price for an apartment-style condo was $212,439, lower than the $215,542 average in JULY 2019. The average selling price in the month of JULY was $338,500: 7% higher than the $316,000 average price last JULY.
At present, there are 1506 homes available for sale in Saskatoon which is 20% fewer than a year ago. Of those 1506 homes, 935 are single-family homes, which is 5% fewer than a year ago. and 571 condominiums which is 13% fewer than the 572 condominiums that were for sale last JULY.
It took an average of 43 days for a home to sell in JULY, 9 days fewer than JULY last year.
The Saskatoon real estate market has bounced back from Covid 19 to be stronger this year than last. Consumers are feeling safe about buying a home, while Covid 19 is still a concern, people and the economy have adapted. The strong performance in June and July should continue through August as we continue to see multiple offers on homes and some properties selling as quickly as they are listed. With children returning to school in September we can anticipate an active August before families return to a more normal routine.