Good afternoon friends today I want to bring you a brief update on the real estate market from the month of September 2020. We as an Association of Saskatoon Realtors listed 813 properties onto the market, approximately 13% more than the 717 listings last September.
We also sold 430 properties which was 41% higher than the 307 sold last September. Year-to-date sales in Saskatoon increased by 12% over last year, increasing from 2,862 to 3,215. The average selling price in the month of September was $358,205: 2% higher than the $350,496 average price last September.
At present there are 1493 homes available for sale in Saskatoon which is 18% fewer than a year ago. Of those 1493 homes, 909 are single family homes and 585 are condominiums.
It took an average of 40 days for a home to sell in September, 15 days fewer than September last year.
Although the province did witness a small uptick in Covid cases in September this hasn’t deterred people from buying and selling real estate. Earlier this year there was some speculation that Covid 19 may negatively impact the demand for real estate in Saskatoon. Although the number of properties for sale are fewer, the number of sales and the average selling price are higher, suggesting that the market is doing better than last year – despite the pandemic. We have seen relatively strong performance throughout the summer, which has carried over into September and appears to be strong yet in October. The safety precautions our industry put into place last April seems to have reassured the public that buying and selling real estate is safe and the pent up demand has contributed to the Saskatchewan economy being less affected than other provinces.
Let me wish you and your family a Happy Thanksgiving, I know times have been tough for many families but let’s be thankful for all that we do have.