The residential resale market remained strong during the month of November with 254 properties being sold, 41% from November 2008 when 180 homes sold. Year-to-date, unit sales are at 3611, up 8% from 2008 when 3,359 homes sold by this time.
Year-to-date Saskatoon REALTORS® have sold more than one billion dollars of residential real estate. The $1,003,976,000 number represents a 3% increase over the 2008 year-to-date volume number of $970,223,000.
The average selling price for the month of November was $ 278,885 remaining on par with November 2008. The year-to-date average residential selling price is $278,033 down 4% from 2008. The decrease indicates an increase in the mid price range homes being purchased by more first time and move up home buyers. Homes took 43 days on average to sell in November. The days to sell number has remained level for the past 6 months.
MLS® listing inventory continued to correct in the month of November. Home buyers had 877 residential homes to select from at the end of November. This inventory number includes 288 condominium units. REALTORS® listed 356 properties in November, down 16% from 2008 when 425 units were placed on the market. Reduced inventory is contributing to a more balanced real estate environment.
Sales activity in small town markets surrounding Saskatoon was strong with 75 properties having sold, up 168% from 2008 when 28 properties changed hands. The sales number is on par with 2007. The average selling price in these areas for November was $280,453, up 24% from November 2008, which had an average selling price of $226,546.
The real estate market is progressing as real estate professionals had forecast. Inventory numbers are returning to more normal levels and sales activity remains steady. The average selling price has remained steady throughout 2009 indicating a stable environment. Similar market activity is expected as we move into 2010.
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