Strong Sales Activity Continues in May
Information summarized from SRAR June 1st media release
The number of active listings in Saskatoon at the end of May stood at 1,240 while the total for Saskatoon and area stood at 2,714 which was an overall decrease of 11% for the same time last year. The pace of sales year to date has continued to outpace the rate at which new inventory has been added to the market resulting in less to choose from in certain price ranges. This shortfall continues to put slight pressure on the average selling price which now sits at $328,297 for the city of Saskatoon, an increase of 8% year to date compared to 2011.
The number of units sold in the communities and areas surrounding Saskatoon reflected a 34% increase in May when compared to last year while the number of units listed during this period was down 13%. Year to date, the area surrounding Saskatoon experienced a 15% increase in sales with a 5% decrease in the number of listings. However it is interesting to note that the average sale price only increased by 1% to $280,128.
In May it took an average of 27 days to sell a property in Saskatoon compared with 33 days a year ago. The most active price range continued to be the $300,000 to $350,000 range with almost 20% of the overall sales in May. The total sales dollar volume year to date for the Saskatoon Region Association of REALTORS® was $755,336,616 which is almost a 40% increase for the same period only 2 years ago.