According to the Saskatoon Region Association of Realtors in the year 2011 there was a 5% increase in the value of homes in Saskatoon, which closed out the year at an average of $309,835. When you add all the numbers up; Saskatoon posted a record number of sales totalling just over $1.24 billion consisting of 4,027 unit sales. Ultimately prices increased while buyers were not discouraged because investing in Saskatoon real estate remained attractive throughout the year due to significant economic growth.
In December of 2011 the average price of a home in Saskatoon was $312,834 which increased 4% year over year from December 2010. In total there were 254 sales in December 2011 averaging 45 days on the market. December was an impressive month considering the same period in 2010 only had 186 sales (up 37% year over year). At the same time the number of listings in December was on par with last year as 275 were posted onto the local MLS. In 2011 there were 7,051 homes listed in total which was up 4% from the previous year.
Ultimately it is anticipated that 2012 will be similar 2011 in the Saskatoon real estate market while the average price of homes will rise steadily throughout the duration of the year. Interest rates should remain very stable due to struggling economies throughout the rest of the country (at the moment a year locked is very reasonable at 3.79%). Jobs should continue to be created and the population will also increase over the course of the year in the Saskatoon area.
We wish you all the best in 2012! For any real estate questions: firstname.lastname@example.org