REALTORS® were kept very busy in June selling 422 residential homes. That number was up 16% from June 2010 when 364 properties were sold. The greatest sales activity remained in the $300,000.00 to $350,000.00 price range. The average number of days to sell in the month of June was 36 days pointing to an active steady market environment.
The average residential selling price in June was $310,643.00 this number was up 5% from June 2010 when the average selling price was $295,963.00. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price date stands at $305,829.00 up 5% from last year at this time when the year to date average price was $290,588.00.00.
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.
Inventory levels continued to correct in the month of June. Home buyers had 1430 homes to select from at the end of the month that number up slightly from June 2010 when 1412 homes were on the market. REALTORS® listed 770 homes in June that number was up 14% from June 2010 when 677 properties were listed for sale. Year to date 3,934 properties have been listed for sale that number up 2% from June 2010 when 3,839 were placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes from which to select.
In areas surrounding Saskatoon home sale activity remained strong with 118 homes selling as compared to 100 homes selling in June 2010. REALTORS® listed 251 properties in these areas in the month of June. That number is up 2% from June 2010 when 247 properties were placed for sale on the market. The average number of days to sell in the areas around Saskatoon during the month of June was 55 days.
Saskatoon’s economy remains strong. Consumer optimism in the economy is shown by their willingness to invest both in residential and commercial real estate. Many renters are looking to purchase, many current home owners are looking to move up in house and many REALTORS® are working with clients wanting to move to Saskatoon from out of province.
An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand