Saskatoon real estate market continues recovery in July 2009: SRAR
The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for July 2009 today, accompanied by this release.
Many home buyers were active in the real estate market this past July. Residential unit sales were up 28% with 440 units selling as compared to 2008 when 345 properties exchanged hands. Year to date 2,306 units have sold down slightly from 2008 when 2,498 units sold.
The average selling price continued to correct ending off the month at $283,619.00 down 3% from last July when the average selling price was $292,714.00. Year to date the average selling price was $277,512.00 down 4% from 2008 when the average was $289,746.00.
Listing inventories continued to correct during the month of July with 1,291 homes being available for purchase. This number is down significantly from a high of 1748 homes for sale in September of 2008. Inventory levels at this time of the year in 2004, 2005 and 2006 stood typically between 700 and 800 properties for sale.
Sales activity in the areas surrounding Saskatoon was also very active with 109 sales that number up 51% from July 2008 when 72 were sold. Year to date 525 units have sold down 13% from 2008 when 606 homes had exchanged hands.
The average selling price in July was $253,764.00 down 5% from 2008 when the average was $265,852.00. Year to date the average selling price in areas around Saskatoon is up 6% at $245,920.00.
Consumers are expressing a general confidence in the local economy, which is translating into home purchases. Interest rates are excellent and the job market is remaining steady contributing favorably to those wanting to enter the housing market. Market activity is expected to remain consistent for the remainder of the third quarter.
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Norm Fisher
Royal LePage Saskatoon Real Estate
5 comments so far. We'd love to hear your thoughts.
August 5th, 2009 at 11:36 AM
Yup, pretty easy write for SRAR this month.
Looking at those charts (and casting memory back), I’m betting that there is great anticipation on the part of the author (and the association) for August… I’ll lay $1000 on the table right now that more houses are sold Aug 2009 than Aug 2008. Bearish as I am long-term, I can even see a possibility that Aug 2009 might see YOY improvement in avg sale price too. Wouldn’t that make headlines!
August 5th, 2009 at 3:55 PM
Oh, Bookrat! Barring unforseen (further) economic nastiness, I think a YOY increase in sales is a pretty safe bet. YOY increase in prices for August… not so much.
August 6th, 2009 at 1:46 AM
No Recovery according to the MACD chart I continue to graph. I think August will remain kinda flat in the $280K’s. In Sept SRAR will hail a stable market suggesting a bottom!
Fruit check! The market behavior that is occuring suggests things are at “half mast” forming a bearish flag.
Hmmm… Green shoots = half mast.
August 6th, 2009 at 11:49 AM
Norm, I need some more houses up for sale in the North okay?
August 6th, 2009 at 1:25 PM
Hi Lesia,
I’ll see what I can do. Fairly slim inventory in those north end areas right now. Something will turn up soon.
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