Michael Kinar

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Email: michael@expertadvisorrealty.com

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Market Activity Down in August and September

 

Information summarized from SRAR October 2nd media release

 

For the first time in 18 months the number of sales has declined moderately in both August and September 2012, however year-to-date sales are still up 6% compared to the end of September last year. Homes priced between $275,000 and $400,000 experienced the greatest decrease in unit sales during the past two months. There had been concerns in the market place that recent changes to mortgage rules would have a significant impact on the market however while this may be true in some Canadian markets, the economic position and population growth of Saskatchewan is mitigating this. Markets like Toronto and Vancouver have experienced unrealistic gains due to foreign investment and are now experiencing significant corrections. Unfortunately most economists paint the entire country with the same brush; if the real estate bubble is bursting in major Canadian markets it shouldn’t be assumed that it holds true for us.

 

Listing activity was down 4% compared to last September, however, the number of homes listed year-to-date is up 2% compared to the same time last year. Currently there are a total of 2,637 active listings in the Saskatoon and Area market which is down 4% from the same time in 2011.

 

On average it took a home 40 days to sell in Saskatoon a year ago. This past September the average days on market was reduced to 33.  With respect to the rural market, last September the average time it took to sell a home was 59 days and this year that number is up to 63 days.

 

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