The Saskatoon Region Association of REALTORS® (SRAR) released its statistical overview of the local real estate market for November today. These statistics reflect residential unit sales of all types which were reported as having firmed up during the month of November.
The average selling price of a residential property in Saskatoon declined slightly from the peak high of $255,613 recorded during October of this year and settled at $251,202, fifty percent higher than November of 2006 when the average was just $167,480. The six month rolling average saw a marginal increase to $249,957.
Unit sales last month increased 37% over November of 2006, with 316 properties trading hands. Buyers can take some comfort in the fact that total active listings were at 538 units at month end, up 48% over last November’s number of just 363.
Harry Janzen, Executive Officer of SRAR made a couple of comments which are sure to have Johny’s skin crawling. “Purchasing a home in Saskatoon is still very affordable when measured against markets such as Calgary where a single family home average price hovers around the $420,500.00 mark… All indicators point to a strong finish in residential home sales for 2007 with much optimism present for a strong start to 2008. REALTOR® members continue to receive out of province inquiries for investment opportunities in the Saskatoon market. Ex pats continue to return home with significant equity earned by selling their homes in Alberta and returning to Saskatchewan.”
My monthly review will follow in approximately 10 days time. Those numbers will be based on home sales which were actually contracted during November and will include a breakdown between single family homes and condominiums in the five major real estate trading areas of Saskatoon.
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