Saskatoon real estate market stabilizes in August 2009: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for August 2009today, accompanied by this release.

Saskatoon REALTORS® assisted 393 home buyers to fulfill their dream of home ownership in the month of August, up 76% from August 2008 when 223 homes were sold, and on par with August 2007 when 397 homes were sold. Year to date, 2697 homes have sold, also on par with 2008.

The average selling price stabilized at $281,871 in the month of August and was on par with 2008 when the average selling price was $279,722. Year to date the average selling price is $278,129, down 4% from 2008 when the average year to date sales figure was $288,924.

Inventory levels continued to stabilize in the month of August. Home buyers had 1148 homes to select from at the end of August, down 32% from August 2008 when 1676 homes were on the market. That number is also down from the 1291 homes available last month and down significantly from our record high inventory number of 1748 homes for sale in September 2008. REALTORS® listed 517 homes in August, down 36% from 2008 when 805 homes were listed.

Home sales in areas surrounding the city were also very active in the month of August with 96 properties sold, up 22% from 2008 when 79 homes were sold and on par with 2007 when consumers purchased 93 homes. The average price remained steady in these areas at $270,488, up 9% from 2008 when the average selling price was $248,556.

All indicators point to similar activity in the residential home sales market as we continue into fall. Consumer confidence remains strong; the job market is steady and interest rates are low, all necessary components for an active market. Inventory is expected to decline during the next few months furthering market stability.

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Norm Fisher
Royal LePage Vidorra