Good afternoon friends, today I want to bring you a brief update on the real estate market from the month of April 2022. We as an Association of Saskatoon Realtors listed 665 properties onto the market, approximately 30% fewer than the 958 listings last April.
We also sold 461 properties which was 13% fewer than the 550 sold last April. The average selling price in the month of April was $364,919: 2% lower than the $372,532 average price last April.
The average sale price for a single-family home in April was $424,880, $16,405 higher than last April’s average.
The average sale price for a townhouse in April was $299,105, $13,461 less than a year ago.
The average sale price for an apartment style condominium during the month of April was $226,955, $5,548 less than the average selling price last April.
At present there are 1,053 homes available for sale in Saskatoon which is 27% fewer than a year ago. Of those 1053 homes, 561 are single family homes and 492 are condominiums.
It took an average of 35 days for a home to sell in April, 2 days longer than April last year.
The number of active listings declined again this month compared to a year ago. April witnessed about a 10% decrease in the number of new listings from March. With 1,053 units of inventory available in April, inventory levels were 27% below what was on the market last year. The number of new properties brought onto the market this April dropped by 69 homes from last April.
Low inventory and strong sales resulted in further tightening of the market. With just over two months of supply this is the tightest April inventory Saskatoon has seen since April of 2008. Persistently tight conditions have continued to affect prices which trended up again this month and currently sit 1% higher than last years values.
We are definitely in a sellers market if you are thinking about selling your home I would be pleased to provide you with a market evaluation and a plan to get your home sold this spring.
And if you’re thinking about buying I can help you find your dream home and have you comfortably settled in before summer arrives. Please drop me a note or call me and we’ll get you moving!
