Residential market corrects some in the month of August, 2011: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for August, 2011 today, accompanied by this release. The month of August was very active for Saskatoon REALTORS® who sold 415 residential properties, up 33% from August of 2010 when just 311 properties were sold. Year-to-date, unit sale numbers stand at 2819, up 12% from the same point in 2010 when the total stood at 2523. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of August was 38.

The average residential selling price in August was $315,774, roughly 3% higher than it was in August of 2010 when it stood at $306,460. At the end of August, the year-to-date average selling price was $306,949, up 5% from year-to-date numbers reached by August of 2010 when it was $292,512. REALTORS® listed 629 homes in August, down 2% from August of 2010 when 644 properties were placed on the market. Year-to-date, 5165 homes have been listed, up 3% from the same time last year when 5032 had been placed on the market. Home buyers had 1315 homes to select from at the end of last month. At the close of August last year, inventory numbers stood at 1405.

In areas surrounding Saskatoon (Martensville, Warman, Clavet, etc.) sales activity was very strong with 118 homes selling, up 31% from August of last year when 90 homes traded. REALTORS® listed 247 properties in these areas during the month. That number is on par with August of 2010 when 248 properties were offered for sale. The average selling price in these areas was $290,641, up 12% from a year ago when it was $259,338. During the month of August it took 55 days on average to sell a property in areas surrounding Saskatoon. The new home market remains strong with steady city lot sales taking place. Interest rates remain stable and continue to be favorable to purchasers. Job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for prices to level or move up slightly due to demand.

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