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Saskatoon real estate market gains momentum in April: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for April 2010 today, accompanied by this release.

All statistical measures were up in the month of April beginning with unit sales, which increased 6% to 372 compared to the 352 homes purchased in April 2009. Year to date numbers remain strong with 1147 units being sold compared to 1056 in 2009. REALTORS® sold $111,307,000 of real estate in April, up 15% from April 2009. Year to date $330,016,000 of real estate has changed hands, up 14% from 2009.

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The average residential selling price was $299,214, up 9% from April 2009 when the average $275,586. Year to date, the average selling price stands at $287,722, up 5% from this time last year.

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Eager home buyers had an increased inventory to select from at the end of April with 1258 homes being for sale. The number of listings taken by Saskatoon REALTORS® in the month of April was up by 13% with 784 properties being placed on the market compared to 693 in April 2009. Year to date 2383 homes have been listed for sale, 2% fewer than had been offered by this time last year.

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Real estate activity was up in areas surrounding Saskatoon like Martensville, Warman, Clavet and Dundurn. Unit sales were higher by 39% with a total of 115 properties being purchased. The average selling price was $233,792, down 10% from April 2009 when the average was $260,956. This decline in the average selling price indicates more properties selling in the lower to mid price range.

All indicators point to a stable market for the conclusion of the second quarter. The market is fairly balanced with sufficient inventory being available for home buyers. Consumer confidence and optimism in the local and provincial economy is high. Job creation and availability remains steady. New home starts are steady and interest rates are favorable, all necessary components to maintain vibrant market.

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Norm Fisher
Royal LePage Saskatoon Real Estate