As forecast, the unit sale numbers for the month declined by 15% with 262 properties being sold compared to 309 properties selling in October 2009. Year to date, unit sales are down 8% with 3,088 homes having sold compared to 3,356 homes having sold by this time in 2009.
The average selling price in October was $293,929, up 7% from the same month last year when it was $274,879. For the first time in a while, the $250,000 to $275,000 entry-level price range experienced the greatest sales activity. Year to date, the $300,000 to $350,000 range still has dominant sales activity.
REALTORS® listed 455 homes during the month, up 3% from October 2009 when 441 homes were placed on the market. Year to date, listing numbers are up 3% with 6,081 properties being offered for sale. Consumers had 1,219 homes to select from at the end of October.
Sales activity in the smaller communities around Saskatoon (Martensville, Warman, Dundurn, etc.) remained very steady with 77 units selling. That number was down 14% from October 2009 when 90 units sold. The average selling price for the month was down 3% from the same month last year to $243,353 while the year to date average selling price in these areas is up 1% to $255,409. Listing numbers were down 4% with 190 properties being placed on the market compared to 198 in October 2009.
Sales activity is expected to remain steady for the remainder of the year. Interest rates remain attractive and job creation continues at a reasonable pace. Existing home sales may continue to soften slightly given steady growth in the new home sector, which impacts existing home sales and averages.
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