Sales activity in Area 1, which is the residential development east of Circle Drive, is the only area showing a positive increase in the number of unit sales at 3% year to date. All other areas of the city had slight decreases with the exception of the north end with a decrease of 12% or 271 unit sales compared to 309 at the end of July 2012. "There is more selection in Area 1 with many existing and new neighborhoods to choose to live." According to Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®.
Active listings are up 8% from last year with 1,338 homes available in the Saskatoon market place. Sales were also up 8% in July with 620 transactions taking place and an average time on the market of 35 days which is a drastic change from the average of 63 days last July. "Despite some speculation that the Saskatoon economy is slowing, the real estate market proved otherwise with a very active July." explains Yochim, "Typically we see a decrease in activity during the month of July being that many residents are away. Most of the sales occurred in the price range between $350,000 and $400,000 with 490 transactions in the first seven months of the year."
The average sale price in Saskatoon inched up slightly by 3% to just under $342,000. The market remains balanced with a total of 4,846 homes listed in Saskatoon year to date with 2,623 of these selling for a sales to listing ratio of 54%.
The areas surrounding Saskatoon, including several growing "bedroom" communities continue to show strong activity with an increase in the number of sales by 7% over the same period last year. The average selling price in the surrounding areas is just over $300,000 which is a 5% increase from last year. "As communities like Warman and Martensville continue to add neighborhoods and amenities, their pace of growth will continue to be strong." Adds Yochim. "The down side to this growth however is an increased demand on infrastructure and services."
In an active and changing market, the best way to determine certainty of the value of residential or commercial real estate is to contact one of the more than 600 professionally licensed and trained REALTOR® members of the Saskatoon Region Association of REALTORS®. REALTORS® subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.