The residential housing market remained steady in the month of May. Unit sales were down 4% with 354 units selling compared to 369 in May of 2009. Year to date, unit sales are up 5% with 1,501 units having sold.
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The average price in May was $294,516, up 5% from May 2009 when the average selling price was $279,287. Year to date, the average selling price is also up 5% to $289,324.
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REALTORS® have sold $434,275,000 worth of real estate this year, up 10% from this time in 2009 when $393,349,000 worth of real estate had sold. Listing numbers are up 8% from May of 2009 with 779 properties having been listed during the same month this year. Listing numbers for the year are on par with last year. 3,162 properties have been placed on the market in 2010. Home buyers had 1,403 homes to select from at the end of May.
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The market softened slightly in communities around the city. For example, unit sales in Martensville, Warman, Clavet and Dundurn totalled 86, down from 97 in May 2009. The average selling price in these communities was $271,192, up 14% from last year when it was $238,904. The number of new listings was down slightly last month with 272 properties being placed on the market, 4% lower than last year when 284 homes were offered for sale.
Consumers are expressing confidence in the local economy as evidenced by their buying patterns. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a vibrant market. Sales and listing activity is expected to remain similar to the end of the second 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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