Listing Activity up in April
Information summarized from SRAR May 1st media release
The number of listings increased in April which is typical of the spring market. Even though the Saskatoon market saw a 20% increase in the number of sales in April compared to April of 2011, a 15% increase in the number of listings year over year helped to keep the market in balanced territory. The sale to listing ratio is a good indicator of the balance between buyers and sellers. A current ratio of 56% indicates that slightly more than one out of two houses listed are selling. By comparison, at this same time in April of 2007 the sales to listing ratio was at 90% which helped fuel a significant increase in prices in Saskatoon.
Year to date sales in the price range between $200,000 and $300,000 was down 3% compared to last year while sales in the $300,000 to $500,000 price range were up 34%. There is still healthy activity over $300,000 with a good supply of product however the selection is tighter in the $250,000 to $350,000 range.
The total residential volume year to date was $555,154,716.00, up 25% when compared to this time last year. In April the average price of a home in Saskatoon was $341,486.00 while the median price was $335,000.00. The average sale price is determined by dividing the total dollar volume of sales by the total number of units sold across the Saskatoon market while the Median price is determined using the mid-point of all sales listed.