Saskatoon Region Association of REALTORS® Inc Slightly Quieter Residential Market in October
Heading into the fall, activity was down slightly for Saskatoon REALTORS® in the month of October with 309 residential properties changing hands compared with September which saw 365 sales. The trend of sales increasing over the same month last year continues however as we saw a 19% increase over October 2010 when 260 properties sold. Currently the total residential sales Year to Date is 3,491 up 13% from 2010 when the total stood at 3,083 for the end of October. The $300,000 to $350,000 price range continues to be the most active with 80 sales. The average number of days to sell in the month of October was 41 days.
The average residential selling price in October this year increased to $327,245.00 from $294,133.00 in October 2010 reflecting an 11% Increase. At the end of October the year to date average selling price was $309,197.00 up 5% from year to date numbers in October 2010 when the year to date average was $294,690.00.
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.
Properties listed in October totaled 557 up 23% from the same month a year ago. Year to date 6,326 homes have been listed for sale up 4% from year to date October 2010 when 6,080 were placed on the market. There were a total of 1,172 active listings available at the end of October down just slightly from October 2010 when 1,191 were available to purchase.
There was a slight increase in sales activity in areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales this past October with 82 sales compared with 76 homes sold in October 2010. REALTORS® listed 223 properties in these areas in the month of October. That number up 18% from 2010 when 189 properties were placed on the market for sale. The average selling price in these areas was $276,475.00 up 12% from October 2010 when the average was $245,778.00. During the month of October in areas surrounding Saskatoon it took 64 days for a property to sell on average.
New construction also continues to be strong in the City of Saskatoon and outlying communities. The employment opportunities remain strong attracting individuals to our area from across Canada as well as from outside our borders.