Saskatoon. August 2, 2012.
Currently the number of active listings for buyers to select from in the Saskatoon and area market place is down 12% from 2011. At the end of July this year there was 2,729 properties available for sale versus 3,085 at the same time last year. The change year over year is the result of a 13% increase in the number of sales with no change in the number of new listings when comparing 2011 to 2012. "In spite of this continuing trend of increasing sales, the increase in the average price is only marginal and still reflects a balanced market.", according to Jason Yochim, the Executive Officer of the Saskatoon Region Association of REALTORS®. "The average residential selling price in Saskatoon is up 8% year to date to $329,652.00 which is still very favorable when compared to major centers across Canada." says Yochim. "It is interesting to note that the price range that experienced the greatest increase in sales for July was the $500,000 to $749,000 range which doubled from 21 in July 2011 to 42 this year." Activity in most other price ranges was similar to last year. Year to date there have been 9 homes that have sold over $1,000,000 compared to 4 for the same period last year.
By comparison the average selling price in the areas outside of Saskatoon is up only 2% year to date and currently sits at $285,527. Listing activity was down 6% year to date in the communities and areas surrounding the city while sales were up 10%.
"An increase in sales activity in the upper range will definitely cause the average price to be somewhat misleading." says Yochim, "Average sale price is not the best indicator as this average can swing back and forth depending on what price ranges are most active for the period in question." For accurate pricing, it is always advisable to have an independent property evaluation using comparable market data and conducted by a professional, experienced REALTOR®."