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What’s new in Saskatoon’s Real Estate Market

1207 Elliott Street, MLS SK818736

Good afternoon friends today I want to bring you a brief update on the real estate market from the month of August 2020. We as an Association of Saskatoon Realtors listed 780 properties onto the market, approximately 7% MORE than the 727 listings last AUGUST.

We also sold 461 properties which was 42% higher than the 325 sold last AUGUST. Year-to-date sales in Saskatoon increased by 9% over last year, increasing from 2,557 to 2,785. During the month of AUGUST, the Average selling price for a single-family residence was $387,495, up from the $363,288 last AUGUST. The average sold price for a townhouse was $280,785 compared to $269,000 in AUGUST of 2019. The average sale price for an apartment-style condo was $220,435 higher than the $210,296 average in AUGUST 2019. The average selling price in the month of AUGUST was $354,199: 9.6% higher than the $323,110 average price last AUGUST.

At present, there are 1483 homes available for sale in Saskatoon which is 20% fewer than a year ago. Of those 1483 homes, 915 are single-family homes and 567 are condominiums. It took an average of 42 days for a home to sell in AUGUST, 14 days fewer than AUGUST last year.

The Saskatoon real estate market is in what I would consider a sellers market, we have a smaller inventory for buyers to choose from and we have experienced three months of consistently and significantly higher numbers of buyers than in 2019. Covid 19 shut our industry down for about two months this spring, but we have rebounded with strength. People are still eager to buy and are continuing to find good value in real estate.

If you are considering selling your home this fall please give me a call, it will be my pleasure to provide you with an up to date market evaluation from which you can make an informed decision as to whether the timing is right for you to sell your current home.

Saskatoon Market Statistics, August 2020

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