Residential Resale Market Maintains its Momentum
The February resale market remained strong with Saskatoon REALTORS® assisting 282 home buyers with the purchase of their next home. This number was up 20 % from February 2010 when 235 homes were sold. The $250,000.00 to $275,000.00 price range was the most active indicating greater activity in the entry level and mid price range of homes. The average number of days to sell in the month of February was 41 days.
The average residential selling price in February was $287,202.00 this number down 1 % from February 2010 when the average selling price was $290,941.00. The year to date average selling price stands at $292,463.00 up 4% from last year at this time.
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.
Home buyers had 1046 homes to select from at the end of February that number up from February 2010 when 866 homes were on the market. REALTORS® listed 545 homes in February that number up 17% from February 2010 when 465 properties were listed for sale. Year to date 1076 properties have been listed for sale up 25% from 2010 as a result home buyers are enjoying a slightly improved inventory level.
In areas surrounding Saskatoon sales activity continued to improve with 63 homes selling that number up 66% from February 2010 when 38 homes were sold. REALTORS® listed 177 properties in these areas in the month of February. That number is up 2% from February 2010 when 173 properties were placed on the market for sale. The average number of days to sell in areas around Saskatoon during the month of February was 58 days.
Optimism in the Saskatoon economy remains high. Evidence of this is seen on numerous fronts. Renters want to purchase, many current home owners are looking to move up and REALTORS® report significant interest from clients wanting to move here from out of province.
An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and 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 resale prices to move up slightly due to demand.
Harry H. Janzen, CAE
Saskatoon Region Association of REALTORS®