The Saskatoon Region Association of REALTORS® (SRAR) has released February’s statistics for the residential real estate category along with the following information for the media.
When measured against the last two years, which were anomalies, the Saskatoon real estate market has softened. When measured against activity over the last five years, market activity is on par and ahead of sales figures from 2004, 2005 and 2006. Home prices have increased considerably during this time. As a result of the significant swings in prices, demand, and speculation, the greatest challenge facing sellers is to adjust their expectations in this changed market place.
The residential home sale market performed as forecasted in February. Unit sales are expected to soften during the first half of 2009. Demand for property in the month of February remained steady. REALTORS® sold 211 residential units, down 42% from the same month last year when 365 properties were sold. Year to date unit sale numbers are ahead of 2005 and 2006 sales figures.
Year to date, REALTORS® have sold $118,569,000 worth of real estate, down 32% from 2008 when $173,8957,000 had sold. The average selling price remained steady for the month at $281,681, up 7% from 2008 when the average was $263,444. The average selling price was influenced by 25 sales above $400,000. The average price indicates that sales activity focused on the mid to higher price ranges.
Residential inventories remained above average with home buyers having 1,313 properties to select from at the end of the month. Inventory numbers are up 256% from 2008 when 369 homes were available for purchase. Expectations are that it will take the better part of the year for this inventory to move through the market.
Residential sales trends in surrounding areas were on par with city activity. Unit sales softened with 44 properties selling last month, down 56% from the 100 units sold during the same month last year. The average selling price remained steady at $257,465, up 19% from 2008 when it reached $217,012.
Please drop back before the weekend for a peek at our “Closer look at the Saskatoon real estate statistics” which will analyze sales activity in the single-family home and condominium categories for the month of February.
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Norm Fisher Royal LePage Vidorra