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    Saskatoon’s Real Estate Market Update for April 2020

    Good afternoon friends today I want to bring you a brief update of the real estate market from the month of April 2020. We as an Association of Saskatoon Realtors listed 490 properties onto the market, approximately 37% fewer than the 774 listings last April.

    We also sold 213 properties which was 44% lower than the 380 sold last April. During the month of April the Average selling price for a single-family residence was $376,159, up from the $374,622 last April. I want to make note that during April we had 2 very large sales; one for $3,700,000 and one for $1,750,000 which distorted the average sale price to a higher amount by about $22,000. The average sold price for a townhouse was $237,917 compared to $274,743 in April of 2019. The average sale price for an apartment-style condo was $208,058, down from the $261,533 average in April 2019. The overall median selling price in the month of April was $320,000: 3.6% lower than the $332,000 average price last April.

    At present there are 1383 homes available for sale in Saskatoon which is 20% fewer than a year ago. Of those 1383 homes, 881 are single-family homes, and 502 are condominiums. This lower inventory has to date and I believe will continue to hold prices fairly consistent.

    One of the most obvious changes in this market is the number of days it is taking for a home to sell, single-family homes in April took an average of 48 days to sell, down from the 52 days last April. Townhouses took 69 days, down from the 74 days last April, and condominiums required 95 days on average to sell compared with 55 days last April. This increase in the length of time a condominium is on the market is to be expected, we have an oversupply of this type of property. Overall there are fewer active buyers in the market and we are all moving at a much slower pace due to Covid 19 precautions.

    Our Association of Saskatoon Realtors are being very cautious to protect public safety during the Covid 19 pandemic. We have adapted our business practice by incorporating virtual resources for Realtors and the public to assist in those situations where the sale and purchase of a home is necessary. We are also taking additional precautions to determine our clients’ infectious status prior to introducing them to properties as well as sanitizing properties prior to and following any on-site showings.

    The Province of Saskatchewan has begun the process of opening for business, we as Realtors are anxious to return to our function as the conduit that matches a willing buyer and a willing seller to the place we all call home! Let’s do our part: practice social distancing, wash your hands often, and be grateful for the front line workers who have helped us get through the pandemic.

    If you have questions about buying or selling a home this spring please call me. It will be my pleasure to council you through the process.

     

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