Good afternoon friends today I want to bring you a brief update on the real estate market during the month of May 2020. We as an Association of Saskatoon Realtors listed 756 properties onto the market, approximately 17% fewer than the 911 listings last May.
We also sold 326 properties which was 23% lower than the 422 sold last May. During the month of May, the Average selling price for a single-family residence was $385,713, up from the $372,402 last May. The average sold price for a townhouse was $285,854 compared to $261,264 in May of 2019. The average sale price for an apartment-style condo was $253,858, significantly higher than the $216,794 average in May 2019. The median selling price in the month of May was $338,000: 3.7% higher than the $326,000 median price last May.
At present, there are 1514 homes available for sale in Saskatoon which is 20% fewer than a year ago and works out to an inventory of approximately 4.6 months. Of those 1514 homes, 938 are single-family homes and 575 condominiums.
It took an average of 48 days for a home to sell in May, one day more than May last year.
Overall, I would have to say that the real estate market has improved over the last month and should continue to improve as we move past Covid 19. We saw a 53% increase in the number of homes sell in the month of May compared to April. I am optimistic that we are past the worst part of the halt to business and people will be anxious to get back into the real estate market. Interest rates are at very attractive mortgage lending rates and will encourage more buyers to move up or to join the ranks of the first time home buyers. The move upmarket was very active in May, we witnessed three times as many sales of homes priced over $500,000 in May than in April.
If you are curious about the value of your home and might be considering a move this year I would be delighted to provide you a market evaluation and my 32 years of experience to get your home sold for the highest price and with the least inconvenience to you. Please call me and let’s talk about your options.
Thank you, my Phone number is 306-280-0989, bye for now