Saskatoon Saskatchewan Real Estate Update January 2011

2011 Residential Sales Market Begins on a Positive Note

The 2011 residential resale market started on a positive note with Saskatoon REALTORS® assisting 195 home buyers with the purchase of their dream home. This number was up 10 % from January 2010 when 178 homes were sold. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of January was 43 days.

The average residential selling price in January was $300,353.00 this number up 11 % from January 2010 when the average selling price was $270,265.00.

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.

REALTORS® listed 531 homes in January that number up 34% from January 2010 when 395 properties were listed for sale. Home buyers had 958 homes to select from at the end of January.

In areas surrounding Saskatoon sales activity was very active with 57 homes selling that number up 73% from January 2010 when 33 homes were sold. REALTORS® listed 214 properties in these areas in the month of January. That number is up 60 % from January 2010 when 134 properties were placed on the market for sale. The average number of days to sell in areas around Saskatoon during the month of January was 60 days.

The new home market remains strong with steady city lot sales taking place. Interest rates remain unchanged being favorable to purchase that next home. 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 prices level or move up slightly due to demand.

Saskatoon Region Association of REALTORS® Inc