City's housing market showing stability

Courtesy: Saskatoon Star Phoenix

Saskatoon's housing market continued along the same stable path in November it has been following for the majority of the year, the executive officer of the Saskatoon Region Association of Realtors (SRAR) said Tuesday.

"The market is kind of playing out as we expected that it would," Harry Janzen said upon the release of SRAR's home sales figures for November. "Certainly we've seen stability right across the board."

A total of 254 homes sold in the region last month, according to SRAR's November report, a figure 41 per cent higher than the same month last year, when 180 homes sold.

The properties sold for an average price of $278,885, a number on par with the average selling price in November 2008, SRAR's figures show. Last month's average residential selling price is also in the same range of the region's year-to-date average residential price which, at last count, sat at $278,033.

"Our numbers are really excellent when you think about the overall economy and people's concerns. Our market is still very, very stable," Janzen said.

SRAR's executive officer said there were more sales of mid-priced homes as first-time buyers moved in and existing homeowners moved up to new residences.

As in the months preceding November, the number of houses listed for sale in the region continued to decline last month, dropping to 877 homes -- including 288 condominium units -- at Nov. 30.

Local real estate agents listed 356 properties in November, a 16 per cent decrease from the same month last year when 425 homes were put on the market.

"We kind of felt that would happen," Janzen said of the drop in listings. "(We thought) it would take pretty much the entire year to get back to a little bit more of a normal state."

Outside Saskatoon, SRAR's figures show the real estate market continued its strength through November. A total of 75 properties sold outside of city limits, a figure 168 per cent higher from the same time last year when 28 houses sold.

The homes sold in surrounding areas last month went for an average price of $280,453, according to SRAR, a figure higher than the average in the city and 24 per cent higher than November 2008's average selling price in the area of $226,546.

"Towns and cities like Martensville and Warman are very much in high demand and therefore demand dictates price, so the prices certainly have stayed strong in those areas around Saskatoon as well," Janzen said.

Tyler Frederick

Tyler Frederick

CENTURY 21 Fusion
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