Sales in Saskatoon were up 40.5%, going from 306 in October 2019 to 430 in October 2020, and up 42.6% in the overall region, going from 411 to 586. In Saskatoon, sales were 32.5% above the 5-year average (and 30.5% above the 10-year average), while in the larger region, sales were 29.8% above the 5-year average (and 26.6% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 14.9% over last year, increasing from 3,168 to 3,641, while YTD sales in the larger region rose 20.1%, going from 4,258 to 5,114.
Sales volume was up 56.4% in the city, going from $96.7M to $151.2M in 2020 (38.9% above the 5-year average, and 33.5% above the 10-year average). YTD sales volume in the city was $1,260.3M, an increase of 20.1% from last year. In the region, sales volume was up 26.2%, going from $1,338.0M to $1,688.0M (38.1% above the 5-year average and 34.0% above the 10-year average). YTD sales volume increased 26.2% in the region, rising from $1,338.0M in 2019 to $1,688.0M in 2020.
In Saskatoon, the number of new listings in October 2020 rose 4.0%, going from 599 to 623 (5.1% below the 5-year average and 6.9% below the 10-year average), while in the region, new listings fell 2.5% from 857 last year to 836 this year (9.8% below the 5-year average and 11.7% below the 10-year average). YTD new listings in the city fell 3.5%, going from 6,992 to 6,744, while in the larger region, the number of new listings to date fell 6.2%, going from 10,245 to 9,610. Active listings fell 20.6% in Saskatoon (down from 1,729 to 1,372) and fell 25.6% in the region (down from 3,145 to 2,341).
Inventory in Saskatoon stood at 3.2 months (which is 43.5% below the level last year and 43.5% below the 5-year average), while the sales to listing ratio was 69.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.0 months (which is 47.8% below the level last year and 43.4% below the 5-year average), while the sales to listing ratio was 70.1%, suggesting that market conditions favour sellers.
Homes in Saskatoon stayed on the market an average of 42 days in October—down 20.8% from 53 days last year (but below the 5-year average of 51 days and below the 10-year average of 46 days). Homes in the region stayed on the market longer than homes in the city at 50 days on average in 2020, but also down from an average of 63 days last year (and 16.4% below the 5-year average).
Median home prices in Saskatoon went from $302,500 to $330,000 (an increase of 9.1%) and were approximately 2.5% above the 5-year and 0.9% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.3% from $322,700 to $323,600. Year-to-date, the median home price in Saskatoon was $331,065 which is 3.7% above the $319,300 price from the same time last year. Median home prices in the region went from $287,500 to $320,000 (an increase of 11.3%) and were approximately 4.8% above the 5-year and 3.4% above the 10-year average median price. Year-to-date, the median home price in the region was $314,252 which is 4.7% above the $300,110 price from the same time last year.
If you are wondering about the value of your property, don't hesitate to reach out to me for that conversation. I would love the opportunity to "catch up" and provide you with current information.
* Above stats provided by Chris Gbekorbu, Economic Analyst, Saskatchewan REALTORS® Association