Residential Home Sales Remain Strong
Information summarized from SRAR June 1 st media release
May’s residential home sale market was up 21% from May 2010 with 423 homes selling as compared to 351 homes selling in May last year. The greatest sales activity remained in the $300,000 to $350,000 price range with many first time buyers entering the market. The average number of days to sell lessened from May 2010 when it took 36 days on average to sell as compared to 33 days to sell this indicating an active market environment.
The average residential selling price in May was $317,932 this number was up 8% from May 2010. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price stands at $304,664 up 5% from last year at this time.
Inventory levels continued to stabilize in the month of May. Home buyers had 1378 homes to select from at the end of the month that number up slightly from May 2010 when 1300 homes were on the market. REALTORS® listed 762 homes in May that number was down 2% from May 2010. Year to date 3,164 properties have been listed for sale that number on par with 2010. Inventory levels remain steady providing home buyers with a reasonable number of homes from which to select.
In areas surrounding Saskatoon home sale activity was up 21% from May 2010 with 104 homes selling as compared to 86 homes selling in May 2010. REALTORS® listed 319 properties in these areas in the month of May. That number is up 17% from May 2010. In the month of May the average number of days to sell lessened from 65 days to sell in May 2010, to 54 days to sell this May.
Optimism in Saskatoon’s economy remains high. This in turn is reflected in the consumer’s willingness to invest both in residential and commercial real estate. The first ever annual Saskatchewan Real Estate Forum held at TUC place last month attracted 460 participants. Attendees represented every sector imaginable from across the province and noteworthy was the very high attendance from out of province.
Conference goers were determined to find out what the buzz is in Saskatoon and in our province and why so many people want to buy and invest in Saskatchewan. All of this interest and activity is only the beginning of what we will see in the real estate market in Saskatoon and area in the days and months ahead. In addition renters are looking to purchase and many current home owners are looking to move up in house.
Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favourable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to increase marginally and for resale prices to move up slightly due to demand.