Real Estate Report December 2020

Posted by Andrew Slater on Wednesday, January 27th, 2021 at 11:50am.

 

SASKATOON REAL ESTATE REPORT

 December Update:

December's residential sales of 274 units were down from November's total of 358. They were up 34.98% from December 2019 which saw 203 units sell!

- 112 of the 274 were in the price range between $200,000 - $349,999 (40.88%)

- $200,000 - $299,999 had 65 units sell (23.72%)

- $300,000 - $349,999 had 47 units sell (17.15%)

For more details on these stats, compiled by the Saskatoon REALTORS® Association click here.

What is selling the most; Single Detached? Townhouses? Apartment style condos?

- Of the 274 sales in December, 196 were single detached (71.53%) Up from 69.0% in November.

 - 44 were Semi Detached (Townhouses, 1/2 duplex)  (16.05%) Up from 14.1% in November.

-  30 were Apartment style Condos (10.95%) Down from 16.0% in November.

- The remaining 4 were Mobile homes (1) and both sides of a duplex (2) and a mystery unit!

 

How long is it taking to sell?

December

- 14 units sold in the first 7 days (5.1%).  November 14 units sold in the first 7 days (3.9%)

- 39 units sold in the next 7 days, 14 days on the market (14.2%). November 59 units sold in the next 7 days, 14 days on the market (16.5%)

 - 49 units sold in the next 7 days, 21 days on the market (17.89%). November 60 units sold in the next 7 days, 21 days on the market (16.8%)

37.23% of the houses that sold in December sold in the first 21 days.  37.2% of the houses that sold in November sold in the first 21 days.

 

 

 

 

 

 

 

 

Here are some interesting numbers;

In August, September, October and November:

Houses that were newly listed, 4.7%, 4.6%, 2.8% and 3.9% sold in the first 7 days. In December 5.1%

Houses that were newly listed, 21%, 27.7%, 19.5% and 16.5% sold in the next 7 days, 14 days on the market. December 14.2%

Houses that were newly listed, 19.7%, 18.4%, 16.3%and 16.8% sold in the next 7 days,  21 days on the market. December 17.89%

Houses that sold in the first 21 days on the market, 44.7%, 46.3%, 38.6% and 37.2%. December 37.23%

On Average, 60% of houses that get listed...

DON'T SELL!

Click the link below for more information.

 Tips for getting your house sold fast

 
 
2020 Saskatoon Real Estate Market Recap

Number of units sold

2020 - 4,270 up 18.12%      (2019 - 3,615)

Single Detached units sold

2020 - 3,082 units,  72.18% of sales.    (2019 - 2,470 units, 68.33% of sales)

Attached units sold (townhouse, row house and 1/2 duplex)

2020 - 594 units, 13.91% of sales.     (2019 - 548 units, 15.16%)

Apartment style units

2020 - 550 units, 12.88% of sales.      (2019 - 548 units, 15.16%) not a mistake, the exact numbers for Attached and Apartment!

Other (duplex both sides, 4 plex and mobile)

2020 - 44 units, 1.03% of sales.    (2019 - 49, 1.35%)

Average Days on the Market

2020 - 91. (2019 - 100)

Average Sale Price

Single detached: 2020 - $381,981, up 2.51%  (2019 - $372,629)

Attached: 2020 - $278,074 No change  (2019 - $278,127)

Apartment Style: 2020 - $214,042 up .6%    (2019 - $212,757)

If we look at the HPI (Home Price Index) we see that single family homes in Saskatoon are up 6.4%

 

 
 
 
The HPI is more accurate indicator of house prices. Watch the video below for an explanation.
 

Months of Inventory

                                                   Overall                                                 

                                       

Single Family Detached

Condos (Apartment Style and Townhouse)

Looking at the graphs above we can see that overall Saskatoon is in a balanced leaning towards Seller's market. If we dig deeper we see that single detached homes are in a Seller's market and condominiums are in a Buyer's market. Will Condos stay in a buyer's market? With Condo insurance going up significantly across the country (In BC some premiums went up 780%) the cost of condo fees may deter buyers!

Since June we have been in a "Seller's Market"; a seller's market is when we have 4 or less months of inventory (balanced is 4-6 months and buyer's is 6 or more). This year we have had 3 months of inventory for every month from June thru November, except for September when it went to 4. Typically, months of inventory will start to rise in September or October, peak in December or January and start to decline in March. Since 2015 our market in Saskatoon has been in a balanced state, except for the past 6 months. 

Will the market stay hot in January, February and March? So far January is ahead of last years sales and we still have 5 days to go!

 

 

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