October’s residential resale activity trumped that of October 2008. Saskatoon REALTORS® assisted 311 home buyers with the purchase of a new home over the month. That’s up 46% from October 2008 when 213 homes were sold. Year to date, 3359 properties have sold, up 6% from 2008.
The average selling price was $274,759, down 4% from October 2008 when the average was $285,547. The main reason for the decline was increased activity in the $250,000.00 to $275,000 range, which in turn affects the overall average price. Activity remained strong in the $300,000 to $350,000 price range.
Residential active listing inventory dipped below the 1000 mark for the first time in more than one year. The market continued to clear excess inventory that resulted from the frenzy of the 2007 and 2008 markets. Home buyers had 971 homes to choose from at the end of October, far fewer than the 1667 homes available last year at the same time. REALTORS® listed 442 homes for sale last month, down 36% from 2008 when 694 homes were listed for sale.
REALTORS® sold $85,450,000 dollars of real estate in October, up 40% from 2008 when $60,821,000 of residential real estate changed hands. Year to date, $933,652,000 worth of real estate has sold. This is well on target to again exceed one billion dollars of real estate sold this year.
Real estate sales in areas around Saskatoon remained strong as well with 90 homes selling, up 8% from 2008 when 56 homes were sold. The average selling price was $251,319, up 23% from 2008 when it was $203,956. REALTORS® listed 198 properties in areas around Saskatoon, up 8% from 2008 when 183 properties were listed in the same time period.
Market activity is expected to be similar for the remainder of the 2009. Consumer confidence remains strong in the local economy, when coupled with low interest rates, contribute to a healthy real estate market environment.
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.
If you live in Saskatoon we’d sure appreciate hearing your comments about your neighbourhood. Please visit our “Saskatoon Neighbourhoods” page and let us know what you love about your community.
Royal LePage Vidorra