Good afternoon friends today I want to bring you a brief update on the real estate market from the month of February 2021. We as an Association of Saskatoon Realtors listed 542 properties onto the market, approximately 16% more than the 468 listings last February.
We also sold 352 properties which was 53% higher than the 230 sold last February. Year-to-date sales in Saskatoon increased by 40% over last year, increasing from 449 to 630. The average selling price in the month of February was $353,542: 10% higher than the $320,249 average price last February.
The average sale price for a single-family home in February was $404,702, $43,969 higher than last years average.
The average sale price for a townhouse in February was $270,700, $12,151 more than a year ago.
The average sale price for an apartment style condominium during the month of February was $207,557, $12,113 LESS than the average selling price last February.
At present there are 1098 homes available for sale in Saskatoon which is 4% fewer than a year ago. Of those 1098 homes, 542 are single family homes and 556 are condominiums.
It took an average of 43 days for a home to sell in February, 29 days fewer than February last year.
The Saskatoon real estate market remains strong and has outperformed last year’s market. The number of new listings coming onto the market is down, our inventory keeps shrinking with every passing month. This suggests that prices will continue to rise as fewer homes are available and buyers are forced into bidding wars in order to secure what is available. We continue to witness an increasing number of sales every month indicating a strong demand from active buyers. This combination of lower inventory and increasing demand has put upward pressure on house prices, which is what we have seen over the past 10 months. The average sale price of a home this February is 10% higher than the average home sale price one year ago.
If you have some questions about real estate in Saskatoon, are considering buying or selling a home please give me a call. You deserve to have my knowledge and experience from the past 33 years working in your favor.