Michael Kinar

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Residential Home Sales Soften Slightly Prices Remain Strong

Information summarized from SRAR May 2nd media release

 

April’s residential home sale market softened somewhat with 343 homes selling, compared to 369 homes selling in April 2010. The greatest sales activity remained in the $300,000.00 to $350,000.00 price range. The average number of days to sell in the month of April was 36 days pointing to an active steady market environment.
 
The average residential selling price in April was $315,866.00 this number was up 6% from April 2011. 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 date stands at $299,843.00 up 4% from last year at this time.
 
Inventory levels continued to correct in the month of April. Home buyers had 1300 homes to select from at the end of the month that number up slightly from April 2010 when 1258 homes were on the market. REALTORS® listed 634 homes in April that number was down 19% from April 2010. Year to date 2,403 properties have been listed for sale that number on par with 2010 when 2,383 were placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes to select from.
 
In areas surrounding Saskatoon, home sale activity also softened slightly with 93 homes selling as compared to 113 homes selling in April 2010. REALTORS® listed 296 properties in these areas in the month of April. That number is up 3 % from April 2010. The average number of days to sell in the areas around Saskatoon during the month of April was 65 days.
 
Optimism in Saskatoon’s economy remains high, which in turn is reflected in consumer’s willingness to invest both in residential and commercial real estate. Renters want to purchase, many current home owners are looking to move up and REALTORS® also report significant interest from clients wanting to move to Saskatoon from out of province.
 
An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable 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 continue to balance and for resale prices to move up slightly due to demand.
 

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