As expected, activity was up considerably in March compared to February with an increase of 21% in listings and 35% in sales. "Spring is typically the most active time of the year for real estate. The winter was long and with all the snow, most buyers and sellers preferred to wait for more suitable conditions unless they had to make a move." comments Jason Yochim, Executive Officer for the Saskatoon Region Association of REALTORS®. Market activity in March was comparable to March of 2012 with 934 new listings and 480 property sales. At the end of the first quarter, the number of properties listed in Saskatoon and area was 5% lower than last March.
The average sale price in Saskatoon continued its upward trend at the modest rate of 3% to $336,100, the average price a year ago in Saskatoon was $326,800. "Averages can be misleading" warns Yochim, "An average price is just that, an average of all sales across the entire market place, and can be easily skewed by many factors. The good news is the market is healthy with a strong demand for homes in the $250,000 to $400,000 range." For an accurate estimate of home value it is advisable to have a professional REALTOR® conduct a unique property evaluation based on similar properties in a neighborhood.
Activity in the $275,000 to $400,000 price range continues to be down from last year, this is largely due to a shortage of product in this price range. Unit sales in the $450,000 to $500,000 price range saw a 43% increase year to date. Overall year to date sales were down 8% in the first quarter of 2013 resulting in a 4% reduction in the total dollar volume of $362,974,828.