Increased activity in the real estate market in Saskatoon in the month of April made up for some of the lost ground in the first quarter of the year. Listing activity was up a modest 3% while sales activity was up 8% when compared to April 2012. Activity dropped off in the first quarter of 2013 for the first time in many months. There was confidence that we would see an increase based on the steady economic activity our city and province are experiencing. Saskatchewan is fortunate to not be in a 'boom' but rather steady economic growth which doesn't have that nasty downside that follows a drastic increase in market activity.
The year to date increase in the average price of a home is steady at 4% ($340,500) which has been the norm for the past number of years. The market remains comfortably in balanced territory with almost three months of inventory in Saskatoon. At the end of April there were 1,182 active listings on the market and a total of 439 sales for the month compared to 406 in April 2012. The rural market surrounding Saskatoon is quite different with 917 active listings and only 117 unit sales in April equating to almost eight months of inventory. In spite of the over-supply the average price in the rural market still increased by 9% to $327,000.
Home sales between $300,000 and $400,000 saw a 9% reduction or 16 fewer units change hands in April of 2013 compared to the same month last year. On a year over year basis, the upper range of homes continues to be selling well compared to this time last year with a 35% increase in sales over $500,000 which represents 255 units compared with 189 a year ago. The Saskatoon Market has seen a total of 6 homes sell in excess of one million in 2013.