The Saskatoon Real Estate market continued to move at a “faster than normal rate” with buyer demand outweighing supply of good quality residential listings.
The month of October saw resale activity reach 303 units, an increase of 26% as compared to October of 2005. Dollar volume soared close to 50% as compared to the same period in 2005 to close the month at $64,875,357.00.
Average selling prices continued to rise. Saskatoon homes brought an average price of $166,766 in October, which represents an increase of 19% over October sales in 2005. A larger than normal number of sales in the luxury category skewed those numbers to some extent.
Overall, average selling prices are up 11% taking sales activity in all categories and throughout the year into account.
The current state of active listings, combined with steady demand leads me to believe that we will continue to see upward pressure on home prices into the early winter months.
Royal LePage Vidorra