Good afternoon friends today I want to bring you a brief update on the real estate market from the month of March 2021. We as an Association of Saskatoon Realtors listed 926 properties onto the market, approximately 54% more than the 324 listings last March.
We also sold 570 properties which was 109% higher than the 273 sold last March. Year-to-date sales in Saskatoon increased by 66% over last year, increasing from 722 to 1200. The average selling price in the month of March was $362,222: 4.5% higher than the $346,849 average price last March.
The average sale price for a single-family home in March was $401,917, $112,586 higher than last years average.
The average sale price for a townhouse in March was $297,326, $46,440 less than a year ago.
The average sale price for an apartment style condominium during the month of March was $205,880, $4,491 less than the average selling price last March.
At present there are 1278 homes available for sale in Saskatoon which is 12% fewer than a year ago. Of those 1278 homes, 639 are single family homes and 639 are condominiums.
It took an average of 36 days for a home to sell in March, 19 days fewer than March last year.
The Saskatoon real estate market remains strong and has far outperformed last year’s market. I don’t remember a March market as busy as this March, both the number of listings and sales are way up. The number of new listings coming onto the market jumped by 54% over last March, however our inventory is still very low for a spring market. Contributing to the low inventory is the fact that we have an increasing number of sales every month indicating a strong demand from active buyers. Year to date our sales have increased by 66%, moving from 722 to 1200. This combination of lower inventory and increasing demand has put upward pressure on house prices, year to date the average selling price in Saskatoon has moved from $332,136 to $356,505, an increase of 7.34%
If you are curious about the value of your home and what it would take to get your home sold this spring please call me. It would be my pleasure to inform you about your particular situation and help you with your next real estate move.
Terry Alm, 306-280-0989