A Balanced Market Prevailed in 2011
Information summarized from SRAR January 3 rd media release.
The ideal balance of buyers and sellers in 2011 resulted in a modest 5% increase in the average residential selling price in Saskatoon, which increased to $309,835.00. This was a record setting year for the total residential sales volume which totaled $1,247,705,573.00. The total number of residential sales for 2011 of 4,027 units was up 13% from 2010. The increase in the average selling price continues to make investing in real estate attractive without driving buyers out of the market place.
The average selling price in the month of December was $312,834 00, up 4% from December 2010. December saw 254 houses change hands, taking 45 days to sell on average. This was a whopping 37% over December 2010 which recorded 186 sales. The year to date increase in sales however was 13%. There were 275 home added to the Saskatoon Inventory in December which was consistent with the previous December.
Year to date, 7,051 homes were listed for sale up 4% from 2010. There were 820 residential properties for home buyers to select from at the end of December.
The change in market activity surrounding Saskatoon was less than that of the city in December. The number of properties that sold was up 8% from December 2010. The average price in these areas in December was $261,852.00, a sharp decrease of 12% from 2010 when the average was $295,905.00. However, the year to date average selling price was $279,861.00 up 8% when compared with 2010. REALTORS® listed 91 homes in the areas around Saskatoon. That number was down slightly by 2% from December 2010.
It is anticipated that 2012 will be very similar to 2011 with steady increase in the average sale price. The city of Saskatoon continues to work toward meeting the demand for serviced lots. Our population will continue to see a steady in migration as the availability of jobs remains strong. Interest rates should continue to remain low due to struggling economies in some Canadian cities as well as our trading partner countries.