Saskatoon home sales soften in July: SRAR

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

Home buying activity was down slightly in the month of July with 357 homes selling, a decline of 18% from July of 2009when 438 homes sold. Year to date, unit sale numbers are down 4% with 2217 homes having sold compared to 2304 by this time of the year in 2009. The majority of the sales activity remained in the $300,000 to $350,000 price range.

Click the image for a larger version of the graph.

The average selling price remained strong at $289,715, up 2% from July 2009 when it was $283,531. Year to date, the average selling price is $290,515, up 5% from 2009 when it was $277,490. The higher average selling price indicates continued strength in the mid-price range homes. In July it took an average of 39 days to sell a home.

Click the image for a larger version of the graph.

Home buyers had 1334 properties to select from at the end of July. Inventory levels decreased from the close of June when 1412 homes were on the market. Listing inventory continues to balance with REALTORS® listing 550 properties in the month of July, down 7% from the same month last year when 594 homes were placed on the market. Year to date, listing numbers are on par with 2009 at 4389.

Click the image for a larger version of the graph.

Softening sales and listing trends were also seen in the areas around Saskatoon (e.g. Martensville, Warman, Clavet and Dundurn). 71 properties sold, down 34% from July 2009 when 108 properties changed hands. The average price increased to $284,158, up 12% from July 2009 when it was $254,123. Listing numbers were down 15% with 230 properties being placed on the market. Year to date, 1643 have been placed on the market in these outlying areas.

Market demand remains strong, interest rates are favorable and job growth continues. Similar market conditions are expected through the remainder of the summer.

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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