Information summarized from SRAR January media release.
The Saskatoon real estate market is stabilizing. Markets are cyclical and Saskatoon’s market is in a low of the cycle providing opportunity to buyers. Many home buyers that were previously out priced in the market are now able to purchase a home.
Year end sales figures have softened when measured against 2007 sales figures but are slightly stronger than 2005 and 2006.
The December and year to date average selling price remained stable. The average selling price in December was $266,411 up 4% from December 2007. Year to date the average selling price was $287,777. The average selling price indicates sustained demand for mid to upper price range homes. Home sale prices have softened from the high experienced in May and June of this year when the average selling price exceeded $300,000.
Listing inventory remains high with buyers having 1127 homes to select from at the end of December, that number up 226% from December 2007 when 346 homes were available.
Saskatoon will not be exempt from the global economic slowdown but is well positioned to weather the storm. The city job market remains steady. The provincial government’s support for infrastructure development will also assist in stimulating our local economy. This and other stimuli will likely contribute to Saskatoon and the province being less affected by the global slow down than other provinces. This positioning will assist in a quicker economic recovery when the global situation improves.