Saskatoon Residential Sales Cool In January
Like the weather, home sales in Saskatoon were cool in January.
The number of units sold in the city fell 10 per cent compared with January 2012 (222 sales compared to 247 in January 2012). However, sales in bedroom communities and acreages outside of the city jumped 40 per cent year over year in January.
The decrease in the city was mainly due to mortgage rule changes and limited supply in the key $250,000-$400,000 price range. Of the 1,105 active listings at the end of January, just 200 of them were between $250,000 and $400,000.
With limited supply potential buyers are looking elsewhere. More buyers are considering bedroom communities in an attempt to find what they are looking for in this price range. In the outlying area around Saskatoon sales jumped to 59 in January compared to 42 last January.
Home sales in most other price ranges were up. For example, in the $450,000-$500,000 price range there were 20 sales in January, compared to eight the year before.
The average sale price in Saskatoon and area increased about five per cent. The average price for a home in Saskatoon is about $335,000, while the surrounding communities' average price is $279,000. That is a healthy increase and should insulate the local market from price corrections being experienced in major cities like Vancouver and Toronto.
New listings in Saskatoon in the month of January totalled 571 units, an eight per cent increase from the same period last year, while the 204 listings outside of Saskatoon represented a 10 per cent increase.