The ideal balance of buyers and sellers in 2011 resulted in a modest 5 percent increase in the average residential selling price of a home in Saskatoon which increased to $309,835. This was a record setting year for the total residential sales volume which totalled $1,247,705,573. The total number of residential sales for 2011 of 4027 units was up 13 percent from 2010. The increase in the average selling price continues to make investing in real estate attractive without driving buyers out of the market place.
The average selling price in the month of December was $312,834, up 4% from December of 2010 when it was $299,897. December saw 254 houses change hands, taking 45 days to sell on average. This was a whopping 37 percent above December of 2010 which recorded 186 sales. However, the year to date increase in sales was 13 percent. There were 275 homes added to the Saskatoon inventory in December which was consistent with the previous December.
Year to date 7051 homes were listed for sale, up 4 percent from 2010 when 6757 homes were placed on the market. There were 820 residential properties for home buyers to select from at the end of December.
The change in market activity surrounding Saskatoon was less than that of the city in December. The number of properties that sold was up 8 percent from December of 2010 when just 38 homes changed hands. The average price in these areas in December was $261,852, a sharp decrease of 12 percent from 2010 when it was $295,905. The year to date average selling price, was $279,861, up 8 percent when compared with 2010. REALTORS® listed 91 homes in the areas around Saskatoon, that number down slightly by 2 percent from December of 2010 when 93 homes were listed.
It is anticipated that 2012 will be very similar to 2011 with steady increases in the average sale price. The city of Saskatoon continues to work toward meeting the demand for serviced lots. Our population will continue to see a steady in migration as the availability of jobs remains strong. Interest rates should continue to remain low due to struggling economies in some Canadian cities as well as our trading partner countries.
Saskatoon Region Association of Realtors
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Royal LePage Vidorra