Demand for Saskatoon housing softens slightly in September 2010: SRAR

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

For the month of September unit sales were down by 13% with 304 units selling in Saskatoon as compared to 351 in September of 2009. Year to date unit sales are down 7% with 2,830 properties having sold. The average time on the market was 39 days. The greatest sales activity was in the $300,000 to $350,000 price range.

Click the image for a larger version of the graph.

The average residential selling price in September was $312,582, up 12% from September 2009 when it was $279,457. Year to date, the average selling price is up 6% and stands at $294,465. The increased average selling price indicates sustained activity in the mid to upper price range. Another contributing factor is with new home construction being active, numerous new homes are being sold through the MLS® system. Often these new homes are in the mid to higher price range impacting the average selling price.

Click the image for a larger version of the graph.

Year to date, REALTORS® have sold $833,335,308 worth of real estate, down 2% from 2009 when $848,096,579 of real estate had sold by this time. Listing numbers are up 15% from September 2009 with 594 properties being listed last month. Year to date, new listings are up by 3% with 5,626 properties being placed on the market. Home buyers had 1,304 homes to select from at the end of September.

Click the image for a larger version of the graph.

The market also softened somewhat in communities around the city (Martensville, Warman, Clavet and Dundurn, etc.). 79 sales took place, down 34% from September 2009 when 119 homes were sold. The average selling price for September in these communities was $249,825, down 8% from September 2009 when it was $271,401. Listing numbers were down slightly in the month of September with 272 properties being placed on the market, down 7% from September 2009 when 294 homes were listed.

Consumers continue to express their confidence in the local economy as evidenced by their buying patterns. Employment numbers continue to increase. New home construction is doing well, retail sales are strong and when coupled with low interest rates, conditions are favourable for a sustainable market environment. Sales and listing activity is expected to remain similar throughout the fourth quarter.

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

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