Residential Resale Market Maintains Momentum

Saskatoon’s real estate market maintained its momentum throughout the first quarter. Unit sales were up 28% from March 2009 with 361 homes being sold as compared to March 2009 when 282 units were sold. Year to date 775 properties have exchanged hands that number up 10% from 2009 when 704 properties exchanged hands. The average days on market has dropped to 30 days with some areas having as low as 22 days to sell on average.

The average residential selling price in March was $282,615.00 up 6% from March 2009 when the average selling price was $266,620.00. The average selling price year to date is $282,270.00 up 3% from 2009 when the average price was $274,555.00. The highest number of sales year to date has taken place in the $300 to 350,000.00 price range.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact me to do a comparative market analysis.

Listing inventory remained steady with home buyers having 1045 properties to select from at the end of March. REALTORS® listed 738 homes in March up 11% from 2009 when 662 were placed on the market for sale.

In areas surrounding Saskatoon e.g. Martensville, Warman etc unit sales were up 49% with 97 properties selling as compared to March 2009 when 65 properties were sold. Year to date 168 properties have sold in these areas that number up 22% from 2009 when 138 properties had sold. The average selling price in these areas was $260,054.00 up 16% from March 2009 when the average was $224,328.00.

The Saskatoon and area market is steady and is expected to remain steady throughout spring and summer. Slightly higher interest rates may affect some first time buyers who typically are close to the line when qualifying for financing to purchase a home. Conditions in Saskatoon are very favorable for strong real estate sales and development.

City lot sales for 2010 have already exceeded the City Land Branch goals and expectations. Saskatoon leads the nation in population growth and job creation. Many businesses regularly express interest in relocating to this city and in-migration in general is becoming more common place. Even at the Olympics people stood in line for 2 hours to get into the Saskatchewan pavilion. All indicators point to 2010 remaining a solid market environment in Saskatoon.