Slightly Quieter Residential Market in September
Information summarized from SRAR October 3 rd media release
Activity was down slightly for Saskatoon REALTORS® in the month of September, with 365 residential properties changing hands compared with August which saw 415 sales. The trend of sales increasing over last year continues however as we saw a 21% increase over September 2010. Total residential sales Year to Date is currently at 3,183, that number up 13% 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 September was 40 days.
The average residential selling price in September took a slight dip to $311,057, reflecting a 1% decrease from September 2010. At the end of September, the year to date average selling price was $307,415, up 4% from year to date numbers in September 2010.
Properties listed in September totalled 608, up 2% from the same month a year ago. Year to date 5,770 homes have been listed for sale, up 3% from year end September 2010. Buyers had less to choose from with 1,222 available at the end of September, that number down from September 2010 when 1355 were available to purchase.
In areas surrounding Saskatoon (e.g. Martensville, Warman, Clavet, etc), sales activity this September was considerably stronger than last September, increasing from 79 to 101 homes sold. REALTORS® listed 281 properties in these areas in the month of September. That number up slightly from 2010 when 272 properties were placed on the market for sale. The average selling price in these areas was $281,294, up nearly 13% from September 2010. During the month of September, in areas surrounding Saskatoon, it took 59 days on average to sell a property.
The City of Saskatoon continues to develop new neighbourhoods to keep up with the demand for new lots. Recent announcements in the resource sector will continue to bolster optimism in the Saskatchewan economy helping to maintain home pricing and demand.