Information summarized from SRAR February 1 st media release
In 2012 we are starting out with a market that favors sellers. The number of residential properties listed in Saskatoon was 528 units, down only 1% from last January while the MLS® sales were up 20% to 310 units. This resulted in an increase in the average selling price of 6% to $318,163.00. There were a total of 951 active listings for January 2012 which was also down 1% from last January.
The $300,000.00 to $349,999.00 price range recorded the most sales at 68 units, an increase of 51% from 45 units in January 2011. The highest average sale price of $377,757.00 remains in the neighborhoods on the far east side of Saskatoon which also has the most active listings and units sold.
Activity was slower in the areas surrounding Saskatoon. There were only 185 residential properties listed compared to 213 properties in January 2011 for a decrease of 13%. The number of sales was down 26% from 57 to 42 units year over year. In spite of this quieter activity the average residential sales price in the areas surrounding Saskatoon was up 3% from last January to $279,171.00.
The number of days to sell remained almost unchanged at 46 days within Saskatoon while listings in the area surrounding Saskatoon took 75 days on average to sell. The area with the shortest time to sell continues to be the north end of Saskatoon at 33 days on average.
If the supply of product continues to remain consistent with last year and if the anticipated increase in demand occurs, our city will remain in a sellers’ market with buyers competing for their purchases. It is expected that Saskatoon will continue to buck the softening price and activity trend taking place across Canada.