Saskatoon Market update for March 2010

By
Real Estate Agent with Royal Lepage Saskatoon Real Estate

Saskatoon Region Association of REALTORS® Inc

 

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 a REALTOR® member 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 favourable 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.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

1149-8th Street East, Saskatoon, Sk S7H 0S3 TEL: (306) 244-4453 FAX: (306) 343-1420 www.srar.ca info@srar.ca Mission: "To Support our Members Professional Success, Career Development and Quality of Life"

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTORS®) and/or the quality of services they provide (MLS®). Used under license

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Check out www.saskatoon4sale.com for additional info and listings in Saskatoon, Saskatchewan, Canada or call John Pearce direct at (306) 880-0946

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Rainer
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Marg Scheben
RE/MAX four seasons realty limited - Collingwood, ON
Edey - Collingwood, Ontario

Wow John, those are strong numbers.  Your contrast to last year is not as huge as some other areas since your market outperformed most in the country last year but still, the number of sales versus the inventory sounds like it is very much a sellers market now or emerging.  Saskatoon is a case study all to itself.

Apr 02, 2010 04:26 PM #1
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John Pearce
Royal Lepage Saskatoon Real Estate - Saskatoon, SK

Marg, check out the numbers for April..We are the place to live in Canada, maybe North America today. But it was not always this way. Up until 2008 we were the armpit of the universe. Its a fantastic change.

May 04, 2010 10:34 AM #2
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Rainer
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John Pearce

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