This release came out today from Saskatoon Region Association of Realtors, Executive Officer, Harry Janzen.
2008 Housing Market Off to a Red Hot Start
No slow down in sight for Saskatoon’s real estate market. REALTORS® took a short break at Christmas time and are in full swing for 2008. Residential unit sales increased 37% from last January with 300 homes being purchased.
$77,833,000.00 dollars of residential real estate was purchased in the month of January that number up 87% from January 2007 when only $41,618,000.00 of real estate exchanged hands. REALTORS® listed 360 homes in the month of January that number up 26% from January 2007 when 285 homes were listed for sale. Improved inventory levels are very welcome as we move into a strong spring market.
Consumers had 324 residential properties to choose from at the end of January that number up 19% from January 2007 when only 272 homes were available for sale.
The six month rolling average sale price was $252,810.00. The average residential selling price was an all time high at $259,444.00 up 37% from January 2007 when the average selling price was $190,037.00. The average selling price is derived by dividing the month’s unit sales number into the dollar volume of real estate sold for the month. The percentage difference should not be used unilaterally as prices do vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member.
The surrounding communities around Saskatoon are experiencing great market activity as well. Unit sales are on par for the month of January but the average selling price rose 61% to $222,882.00. Rural inventory was up 28% with 262 properties being available for sale as compared to 205 being for sale last January.
All indicators point to a very active spring market. The association’s forecast is for selling prices to increase at a moderate level in the first and second quarters of the year.
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