Residential Market Corrects Somewhat in the Month of August
Information summarized from SRAR September 1 st media release
The month of August was very active for Saskatoon REALTORS® as they sold 415 residential properties. That number is up 33% from August 2010. Year to Date unit sales numbers stand at 2,819. That number is up 12% from 2010. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of August was 38 days.
The average residential selling price in August was $315,774.00. This number is up 3% from August 2010. At the end of August the year to date average selling price was $306,949.00 up 5% from year to date numbers in August 2010.
REALTORS® listed 629 homes in August that number is down 2% from August 2010. Year to date 5,165 homes have been listed for sale. That number is up 3% from year end August 2010. Home buyers had 1,315 homes to select from at the end of August, that number is down from August 2010 when 1405 homes were available to purchase.
In areas surrounding Saskatoon (e.g. Martensville, Warman, Clavet, etc) sales activity was very active with 118 homes selling. That number is up 31% from August 2010. REALTORS® listed 247 properties in these areas in the month of August. That number is on par with August 2010 when 248 properties were placed on the market for sale. The average selling price in these areas was $290,641.00, up 12% from August 2010. During the month of August in areas surrounding Saskatoon it took 55 days on average to sell a property.
The new home market remains strong with steady city lot sales taking place. Interest rates remain unchanged being favourable to purchase that next home. 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 prices to level or move up slightly due to demand.