Saskatoon real estate sales showed remarkable improvement during the month of May as both buyers and sellers grew more comfortable with the idea of getting into the market. The number of firm residential trades grew from 213 in April to 326 in May.
To be clear, 326 sales amounts to a drop 22.6% compared to last May, but April had plunged 46% so the May stats deliver some relief. It’s also worth noting that sales numbers grew each week through May.
New listing numbers also saw significant growth on a month-over-month basis. Over May, local REALTORS® added 756 Saskatoon homes to the MLS® database, up from 494 the month before, and down 155 units when compared to May of 2019.
The total number of Saskatoon homes for sale increased by 140 over the course of the month to settle at 1500 at the close of May. That number is down about 23% on an annual basis.
The average selling price of a Saskatoon home hit $359,304. That’s up about 26K from last May. At a glance, this number appears to have been skewed higher by a solid number of sales above the $700,000 mark.
A closer look at the MLS® Home Price Index numbers shows that the benchmark price of a single-family home slipped roughly $2700 from last May to $306,500. Townhome prices showed annual growth for the fourth consecutive month. The benchmark price in this category is $236,200 and that’s up more than $17,000 annually. The benchmark apartment price was $169,100. That’s exactly where it was a year ago and it’s the first time in roughly five years that this category did not show an annual decrease.
The Saskatchewan REALTORS® Association has not issued their media release but I will add it to the comments below when they do.
TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra