Market Activity Continues to be Strong in March
Information summarized from SRAR April 2 nd media release
The Saskatoon market place experienced a 14% increase in the number of sales year to date when compared to the first quarter of 2011. At the same time, the number of new listings was down 2% Year to Date when compared to 2011. The total number of listings available in Saskatoon at the end of March was 1,053; a decrease of 66 units from the same time a year ago.
Sales in all price ranges were strong with the greatest activity occurring in homes priced over $350,000.00 where sales were up 140% Year to Date over 2011. Sales in the $450,000.00 to $500,000.00 price range increased 243% compared to last March. The average year to date sale price in Saskatoon continues to rise, increasing by 9% to $318,946.00.
The market continues to remain in balanced territory in Saskatoon with a sales-to-listing ratio of 54%. Although the market is in balanced territory the strong demand for housing is putting upward pressure on pricing. This increase in the average sale price should remain in the 5 – 10% range as we approach spring when we traditionally see an increase in the number of listings.