Good afternoon friends today I want to bring you a brief update on the real estate market from the month of January 2021.
We as an Association of Saskatoon Realtors listed 557 properties onto the market, approximately 2.5% fewer than the 571 listings last January.
We also sold 278 properties which was 27% higher than the 219 sold last January. The average selling price in the month of January was $348,532: 7% higher than the $326,278 average price last January.
The average sale price for a single-family home in January was $372,998, $11,938 higher than last years average.
The average sale price for a townhouse in January was $309,194, $46,856 more than a year ago.
The average sale price for an apartment style condominium during the month of January was $246,141, $39,085 more than the average selling price last January.
At present there are 1023 homes available for sale in Saskatoon which is 25% fewer than a year ago. Of those 1023 homes, 495 are single family homes and 530 are condominiums.
It took an average of 55 days for a home to sell in January, 9 days fewer than January last year.
The Saskatoon real estate market remains strong and has outperformed last year’s market. We haven’t seen a January like this since 2012. The number of new listings coming onto the market is down, our inventory keeps shrinking with every passing month. While at the same time we have an increasing number of sales every month indicating a strong demand from active buyers. This combination of lower inventory and increasing demand may put upward pressure on house prices, which is in fact exactly what we have seen over the past 9 months. The average sale price of a home this January is 7% 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. Make sure to ask me about my Magic Toaster story when you call. I would be pleased to share some tales about the good old days and how my experience can help you get the highest value for the sale of your home.