First quarter residential unit sales maintained a similar pace to the last few months. Saskatoon REALTORS® sold 283 residential properties in the month of March, that number down 28% from March 2008 when 391 units were sold. Sales numbers are on par with 2005 and 2006.
Year to date the average selling price remains on par with 2008 at $274,584.00.
In the month of March the $275 - $300,000.00 price range saw the greatest sales activity.
An inventory correction appears to have begun. Saskatoon REALTORS® listed 662 homes in March that number on par with 2008. Buyers had 1435 properties to select from at the end of March. It will likely take the remaining part of 2009 to reduce the current larger than normal inventory level.
Confidence in the Saskatoon and Saskatchewan economy remains strong. Market activity and expectation are directly related to the employment environment. The Conference Board of Canada predicts an increase in GDP for our province in 2009; in addition employment numbers are also expected to increase. The necessary fundamentals appear to be in place for Saskatoon to have a stable market for the remainder of 2009.
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