Saskatoon real estate market stabilizing in 2008: SRAR

This media release was just received from the Saskatoon Region Association of Realtors regarding real estate activity for Saskatoon through December 2008.

The Saskatoon real estate market is stabilizing. Markets are cyclical and Saskatoon’s market is in a low of the cycle providing opportunity for buyers. Many home buyers that were previously out priced in the market are now able to purchase a home.  Now is an excellent time to buy or invest, as the market will rebound again.

Year-end sales figures have softened when measured against 2007 sales figures but are slightly stronger than 2005 and 2006. Saskatoon REALTORS® sold 162 residential units in the month of December, down 22% from December 2007 when 209 units were sold. In December 2005, 152 units sold and in December 2006, 157 units sold. Year to date 3522 homes have sold, down 21% from 2007 when 4,443 homes sold. In 2005, a total of 3,246 homes were sold, and in 2006 3,430 homes sold.

REALTORS® sold $43,158,000 of in city residential real estate in the month of December, down 19% from December 2007 when $53,479,000 was sold. Year to date figures saw more than a billion dollars of real estate exchange hands. In 2008 there was $1,013,551,000 of residential real estate sold down 2% from 2007 when $1,033,723,000 was sold.

The December and year to date average selling price remained stable. The average selling price in December was $266,411.00 up 4% from December 2007 when the average was $255,885.00. Year to date the average selling price was $287,777.00. The average selling price indicates sustained demand for mid to upper price range homes. Home sale prices have softened from the high experienced in May and June of this year when the average selling price exceeded $300,000.00.

Listing inventory remains high with buyers having 1127 homes to select from at the end of December, up 226% from December 2007 when 346 homes were available for purchase. There were 8,135 homes listed for sale in 2008, up 40% from year-end figures in 2007 when 5,823 homes were placed on the market.

Saskatoon will not be exempt from the global economic slow down but is well positioned to weather the storm. The city job market remains steady. The provincial government’s support for infrastructure development will also assist in stimulating our local economy. This and other stimuli will likely contribute to Saskatoon and the province being less affected by the global slow down than other provinces. This positioning will assist in a quicker economic recovery when the global situation improves.

Stay tuned for our “Closer look” at the Saskatoon real estate statistics for December, which will provide a detailed breakdown of single-family homes sales, condominium sales and prices for each major real estate area. That report will follow before the end of the week.

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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