Saskatoon’s real estate market maintained its momentum throughout the first quarter. Unit sales were up 28% with 361 homes being sold compared to 282 in March 2009. Year to date, 775 properties have sold, up 10% from 2009 when 704 properties changed hands. The average days on the market dropped to 30 with some areas taking as little as 22 days.
The average residential selling price in March was $282,615, up 6% from the same month last year when it was $266,620. Year-to-date, the average selling price is $282,270, up 3% from 2009 when it was $274,555. The highest numbers of sales so far this year were in the $300,000 to 350,000 price range.
Listing inventory remained steady with home buyers having 1045 properties to select from at the end of March. REALTORS® listed 738 homes in March up 11% from 2009 when 662 were placed on the market.
In areas surrounding Saskatoon unit sales were up 49% with 97 properties selling compared to 65 in March of 2009. Year to date, 168 properties have sold in these areas, up 22% from 2009 when 138 properties had sold. The average selling price in these areas was $260,054, up 16% from March 2009 when it was $224,328.
The Saskatoon and area market is steady and is expected to remain so throughout spring and summer. Slightly higher interest rates may affect some first time buyers who are close to the line when qualifying for financing to purchase a home. Conditions in Saskatoon are very favourable for strong real estate sales and development.
City lot sales for 2010 have already exceeded the City Land Branch goals and expectations. Saskatoon leads the nation in population growth and job creation. Many businesses regularly express interest in relocating to this city and in-migration in general is becoming more commonplace. All indicators point to 2010 remaining a solid market environment in Saskatoon.
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.
Royal LePage Vidorra