Fueled by a surge in new listing activity, and after a lukewarm March, sales bounced back with a vengeance as 522 Saskatoon homes were sold through the multiple listing service® in April. That’s up a remarkable 29 percent compared to April of 2023 and tops the 10-year average number of sales for the month by 34 percent. Spring has sprung and the market is off to the races.
Frenzied buyer activity is again the norm as many homes attract multiple offers, often above the asking price.
The number of single-family homes to trade hands grew to 98 for a monthly increase of 79. Meanwhile, condo sales took even larger gains as they were up by 65 units compared to last month to finish higher at 188 units.
New residential listing activity took a welcome spike as 728 Saskatoon home owners listed their property for sale, up from 540 last month. That marks an 8.8 percent increase over last April when just 669 homes were offered for sale.
The number of active Saskatoon real estate listings on the MLS system grew to 835, up from 765 a month earlier. At this time last year, there were 1034 Saskatoon homes for sale.
Months of supply fell again dropping from 2.1 in March to 1.6 at the end of April. Again, supply levels 0f less than four months signal a seller’s market.
You may recall that the average price of a Saskatoon home took a rather wild bounce last month, due to a skewing in the market toward higher-priced sales. That measure headed lower in April falling close to 8K to settle at $394,232.
The benchmark price of a single-family home in Saskatoon rose nearly $5,200 from last month to hit $449,700 reaching its highest point ever, up seven percent from a year ago.
Townhomes saw a more modest gain monthly growing by $3700 from last month and reaching $329,200 to grow by ten percent annually.
Apartments saw the largest annual gains as the benchmark prices grew four thousand dollars from last month to reach $243,000 claiming a 13 percent increase from April of last year.
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