Residential Housing Market Remains Steady

The residential housing market remained steady in the month of May. Unit sales were down by 4% with 354 units selling as compared to May of 2009.Year do date unit sales are up 5% with 1501 units having sold.

The average price in May was $294,516.00 up 5% from May 2009. Year to date the average selling price is also up 5% at $289,324.00.

Year to date REALTORS® have sold $434,275,000.00 of real estate up 10% from 2009. Listing numbers are up 8% from May 2009 with 779 properties being listed in May. Year to date numbers are on par with 3,162 properties being placed on the market. Home buyers had 1403 homes to select from at the end of May.

The market softened slightly in communities around the city. Unit sales in places like Martensville, Warman, Clavet and Dundurn had 86 sales take place down 11% from May 2009. The average selling price for May in these communities was $271,192.00 that number up 14% from May 2009. Listing numbers were down slightly in the month of May with 272 properties being placed on the market down 4% from May 2009.

Consumers are expressing confidence in the local economy as evidenced by their buying patterns. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a vibrant market environment. Sales and listing activity is expected to remain similar to the end of the second quarter.

Information summarized from SRAR June 1st Media Release