Sales Over $350,000 Remain Strong in October
Information summarized from SRAR November 2nd media release
In October 250 of the 444 home sales exceeded $300,000 compared to 205 last October, nearly a 25% increase. The Saskatoon market continues to exhibit signs of strong activity with continued growth in sales and a steady increase in the average sale price. Three homes sold for more than one million dollars bringing the year to date total to 16, twice that of 2011. The number of sales in Saskatoon year to date is up 7% over the same period last year with the average sale price up 6% to $330,496 compared to $309,249 a year ago.
Listing activity is on pace compared to 2011 with 6,457 homes listed for sale year to date in Saskatoon. Currently there are 2,498 active listings in the Saskatoon and surrounding market with 1,146 of these within city limits. The sale to listing ratio indicates the number of sales related to new listings for a period of time. The year to date sales to listing ratio in Saskatoon was 58% indicating a balanced market.
New listings in the rural market surrounding Saskatoon were down 5% year to date compared to last year however total sales were up 5%. The average sale price for rural properties outside Saskatoon was $285,001; this number takes into account sales of acreages and homes in the bedroom communities.
Similar activity is expected in the Saskatoon and area market in 2013, reflecting a balanced market and a moderate increase in home prices. Our economic forecast looks good however there is still a shortage of skilled trades people in new home construction.