August Market Update
Information summarized from SRAR September 1st media release
Saskatoon REALTORS® assisted 313 buyers with the purchase of a home in the month of August. This number was down 20% from August 2009. Year to date 2,527 homes have sold, down 6% from 2009. The increase in new home sales has somewhat impacted the resale market.
Increased sales activity in the mid to upper price range homes contributed to the 8% rise in the average selling price in August which stood at $305,866.00. The year to date figure stands at $292,323.00 up 5% from 2009. The highest sales activity remains in the $300,000.00 to $350,000.00 price range.
645 properties were placed on the market for sale in the month of August; this number is up 25% from August 2009. The year to date listing number stands at 5,033. Home buyers had 1,355 homes to select from at the end of August on par with last month when 1,334 homes were for sale.
In areas surrounding Saskatoon, unit sales were down 6% with 90 properties being bought as compared to August 2009 when 96 homes were purchased. The average selling price was $259,338.00 down 4% from August 2009. Listing numbers were up 25% in the areas around Saskatoon with 248 properties being listed as compared to August 2009.
Residential sale numbers are expected to remain on par or soften slightly for the remainder of the year. Interest rates are favourable, confidence remains strong in the local economy and new home sales continue to build momentum. These are all necessary components to maintain a stable market environment.