Demand for Residential Housing Softened Slightly
For the month of September unit sales were down by 13% with 304 units selling as compared to 351 units selling in September of 2009.Year do date unit sales are down 7% with 2,830 units having sold. The average time on the market was 39 days. The greatest sales activity remains in the $300,000.00 to $350,000.00 price range.
The average residential selling price in September was $312,582.00 up 12% from September 2009 when the average selling price was $279,457.00. Year to date the average selling price is also up 6% and stands at $294,465.00. The increased average selling price indicates sustained activity in the mid to upper price range. Another contributing factor is with new home construction being active numerous new homes are being sold through the MLS® system. Often these new homes are in the mid to higher price range impacting the average selling price.
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.
Year to date REALTORS® have sold $833,335,308.00 of real estate down 2% from 2009 when year to date $848,096,579.00 of real estate had sold. Listing numbers are up 15% from September 2009 with 594 properties being listed in September. Year to date the listings taken number is up by 3% with 5,626 properties being placed on the market. Home buyers had 1,304 homes to select from at the end of September.
The market softened somewhat in communities around the city. Unit sales in e.g. Martensville, Warman, Clavet and Dundurn had 79 sales take place down 34% from September 2009 when 119 homes were sold. The average selling price for September in these communities was $249,825.00 that number down 8% from September 2009 when the average was $271,401.00. Listing numbers were down slightly in the month of September with 272 properties being placed on the market down 7% from September 2009 when 294 homes were placed on the market for sale.
Consumers continue to express their confidence in the local economy as evidenced by their buying patterns. Employment numbers continue to increase. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a sustainable market environment. Sales and listing activity is expected to remain similar throughout the fourth quarter.
Saskatoon Region Association of REALTORS®