January Market Update
Information summarized from Saskatoon Region Association of Realtors February 1st, 2010 media release
Saskatoon REALTORS® assisted 179 homebuyers with the purchase of a home. This number was down 16% from January 2009. The average residential selling price was $270,191.00 down 3% from January 2009 having an average residential selling price of $ 278,939.00. The average selling price declined slightly due to the increased number of sales in the $ 250,000.00 to $275,000.00 price range. This price range had the highest number of unit sales in January.
Inventory levels continued to correct in the month of January with fewer listings being taken. REALTORS® listed 394 residential properties this number down 23% from January 2009. Homebuyers had 736 homes to select from at the end of January as compared to January 2009 when 1156 homes were available for sale. January’s number is up slightly from December 2009 when 703 properties were available for purchase.
The residential dollar volume of $48,364,000.00 was down 18% due to lower sales numbers and increased activity in the mid price range of homes. Dollar volume is expected to increase significantly as the year 2010 progresses.
The real estate market in areas surrounding Saskatoon was very active. Unit sales were up 17% in January with 34 units selling. The average selling price was $214,976.00 up 5% from January 2009. January dollar volume was $7,309,200.00 up 23% from January 2009.
The real estate market is expected to remain steady for the first quarter of this year. Days to sell in January were 38 days on average within the city limits and 59 days to sell being the average in areas surrounding the City of Saskatoon. Consumer confidence remains high, interest rates are low, all contributing to a healthy real estate market.