As of the end of January, there were 1,156 residential listings in Saskatoon and a further 746 in the surrounding area. The number of listings is down substantially from September 2008, when inventory levels peaked at 1,748 in Saskatoon. The average selling price in Saskatoon remained steady at $278,545, up 7% from January 2008 when the average selling price was $259,334. This increase indicates continued demand for mid to upper price range homes. The $300,000 to $350,000 price range continues to see the greatest sales activity, followed closely by the $250,000 to $300,000 price range.
Consumer confidence in the Saskatoon economy remains stable. REALTORS are receiving numerous inquiries of buyers from other provinces and the USA looking to move into our province. Markets are cyclical and the market in Saskatoon is at a low point and should begin to return to normal in the next few months.
The Saskatoon market is not exempt from global economic pressures but well positioned to weather these economic times. The most recent announcements by the provincial government to support municipalities with infrastructure support is great news for Saskatoon and area, as infrastructure spending assists in stimulating the economy.
The federal government’s increase in the amount buyers may use in the Home Buyers Plan will also encourage many first time buyers to enter the market place.
~ information summarized from SRAR February media release