Saskatoon’s housing market has performed as forecasted through the close of 2010. Unit sales activity softened slightly from 2009. The 189 sales recorded last months in represents a 10% decline from December of last year when 210 properties changed hands. The year to date unit sales number stands at 3558, down 7% from the 2009 year end figures when 3819 homes had sold. Saskatoon REALTORS® sold $1,054,512,974 worth of real estate in 2010. This number is down 1% from the 2009 year end figures. The number of days to sell was 48 in December.
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Stable prices should be seen as a positive. It suggests a reasonable balance between buyer demand and sellers wishing to sell their home. The average residential selling price in the month of December was $300,693, up 3% from December 2009 when it was $290,561. The year to date average selling price is $296,378, up 6% from 2009 when it was $278,693.
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274 home owners placed their property on the market in December, up 30% from last December when 211 homes were listed. Year to date, 6757 homes were listed for sale, 5% more than were listed by the close of 2009 when 6459 homes were placed on the market. The market continues to correct from the activity experienced in 2008 when year to date listing numbers stood at 8135. Home buyers had 790 residential properties to select from at the end of December.
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Activity in and around Saskatoon was similar to that of the city. 38 properties sold, down 19% from the strong market in December 2009 when 47 homes changed hands. The average price in these areas in December was $295,905, up 14% from 2009 when it was $258,996. The year to date average selling price was $257,426, on par with 2009. REALTORS® listed 93 homes in the areas around Saskatoon, that number up 11% from December 2009 when 84 homes were offered for sale.
All indicators point to an active Saskatoon housing market in 2011. Optimism begins with the many economic development projects planned not only for Saskatoon but also in many other areas of the province. In migration continues to increase with those moving to Saskatoon contributing to the local economy in many ways in addition to providing a catalyst for the housing market. Even though interest rates have edged up slightly they remain attractive for those needing to mortgage the purchase of a home.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra