Michael Kinar

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October Real Estate Sales Maintains Softening Trend

 
Information summarized from SRAR November 1st media release.
 
As forecast, the unit sales number for the month of October declined by 15% with 262 properties being sold as compared to October 2009. However the average selling price in October was $293,929.00 up 7% from October 2009. The year to date unit sales number is down 8% with 3,088 homes having sold as compared to 2009.
 
For the first time in a while, in October the $250,000.00 to $275,000.00 entry level price range experienced the greatest sales activity. Year to date the $300,000.00 to $350,000.00 range still has dominant sales activity.
 
REALTORS® listed 455 homes in the month of October the number up 3% from October 2009t. Year to date listing numbers are up 3% with 6,081 properties being listed for sale. Consumers had 1,219 homes to select from at the end of October.
 
Sales activity in the smaller communities around Saskatoon e.g. Martensville, Warman, Dundurn remained very steady with 77 units selling. That number was down 14% from October 2009. The average selling price was down 3% at $243,353.00, the year to date average selling price in these areas is up 1% at $255,409.00. Listing numbers were down 4% with 190 properties being placed on the market for sale as compared to October 2009.
 

Sales activity is expected to remain steady for the remainder of the year. Interest rates remain attractive and job creation continues at a reasonable pace. Existing home sales may continue to soften slightly given steady growth in the new home sector which impacts existing home sales and averages.

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