Saskatoon. July 3, 2012.
For the first half of 2012 the number of properties listed for sale stood at 6,026 down only slightly compared to 6,081 at the end of June 2011. At the same time the number of sales for the first six months of 2012 was 2,984, an increase of 14% over the same period in 2011. "The Saskatoon sales activity continues to outpace the rate of new listings which results in slight upward pressure on prices." states Jason Yochim, the Executive Officer of the Saskatoon Region Association of REALTORS®. "In 2011 the year over year increase averaged 5% each month while this year it is closer to 8%." As a result the total year to date (YTD) MLS® dollar volume was just short of one billion dollars, up 20% compare to last year with the possibility of reaching a record 2 billion by years end.
The same trend appears to be taking place in the communities and areas surrounding Saskatoon. YTD the number of new listings outside of Saskatoon was 1,451 down 5% from the 1,530 recorded in 2011. The number of properties changing hands by mid-year in areas surrounding Saskatoon totaled 570 compared to 523 for the same period in 2011, an increase of 9%.
"The average sale price is somewhat misleading in reflecting true market for several reasons." according to Yochim, "In the five main areas of Saskatoon the average price ranges from $208,115 to $362,703." Specific factors such as neighborhood, location, home style and condition will greatly influence the true value of a home. "The best way to determine true value is to have a market analysis tailored to a specific property by an impartial, professional and experienced REALTOR®."