Saskatoon. March 1, 2012.
"The real estate market in the Saskatoon area is showing no sign of slowing down", reports Jason Yochim, the Executive Officer of the Saskatoon Region Association of REALTORS® (SRAR) today. The year to date residential sales dollar volume of $180,802,565.00 is up a whopping 30% over 2011.
"Buyers continued to be active in the market place with sales outpacing the number of new listings," said Yochim. "Unit sales year to date are up 21% while the number of units listed is up only 2%. This resulted in an increase of 7% in the average sale price to $313,893.00 compared with $292,510.00 last year"
For the number of units sold year to date, there was a 41% increase in homes priced between $300,000.00 and $500,000.00. Properties located west of the river enjoyed the highest average sale price increase at 12%.
Yochim concluded that Saskatoon continues to enjoy a balanced market with a sales to listing ratio of 52%, "This means that one out of every two homes listed are selling. However, if the number of sales continues to outpace new listings, we will lean more towards a sellers’ market". The economic growth coupled with a supply imbalance, will continue to mean this is a good time for homeowners to consider capturing more equity from their properties. "Now is definitely a good time to put your home up for sale", Yochim summarized.
The Saskatoon Region Association of REALTORS® represents over 560 professionally licensed and trained realtors in the Saskatoon region. SRAR is dedicated to developing professional standards and competence in the real estate profession, ensuring the highest quality of information and service to the buyers and sellers of residential and commercial properties in the Saskatoon area.