The average residential selling price in June was $310,643. This number was up 5% from June of 2010 when it was $295,963. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year-to-date, the average selling price date stands at $305,829 or 5% higher from last year at this time when it was $290,588.
Inventory levels continued to correct in the month of June. Home buyers had 1430 homes to select from at the end of the month, up slightly from June of 2010 when 1412 homes were on the market. REALTORS® listed 770 homes in June. That number was up 14% from June of 2010 when 677 properties were listed for sale. Year to date, 3,934 properties have been listed, up 2% from this time last year when 3,839 had been placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes to choose from.
In areas surrounding Saskatoon, home sale activity remained strong with 118 sales compared to 100 in the same month last year. REALTORS® listed 251 properties in these areas in the month of June. That number is up 2% from June of 2010 when 247 properties were listed. The average number of days to sell in the areas around Saskatoon during the month of June was 55. Saskatoon’s economy remains strong. Consumer optimism in the economy is shown by their willingness to invest both in residential and commercial real estate. Many renters are looking to purchase, many current home owners are looking to move up in house and many REALTORS® are working with clients wanting to move to Saskatoon from out of province. An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand.
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Royal LePage Vidorra