The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for June 2009 today, accompanied by this release.
The Saskatoon real estate market continues to balance with increased sales numbers and a reduced inventory of listings on the market.
Residential unit sales rebounded in the month of June with 442 properties changing hands as compared to June 2008 when 321 units sold representing a 38% increase. Year to date, 1867 residential units have sold down 13% from last year’s feverish activity when year to date 2153 units had sold.
The average residential selling for the month of June was $276,867, down 11% from last year’s all time high of $310,386. Year to date the average price stands at $276,232 down 5% from 2008 with an average year date figure of $289,270.
Saskatoon REALTORS® listed 669 properties in the month of June, down 26% from June 2008 when 904 homes were placed on the market. The year to date figure is also favorable with 3825 properties listed so far this year, down 11% from 2008 when 4310 properties were listed for sale. Home buyers had 1439 homes to select from at the end of June that number down from last month when 1532 homes were available for purchase.
Outside of Saskatoon: The average selling price for homes in areas surrounding Saskatoon was $ 251,354, that number up 17% from June 2008 when the average price was $208,760. Unit sales were also up 14% with 99 units selling as compared to 85 selling in June 2008. The number of listings taken followed the city trend with 257 homes being listed, down 11% from June 2008 when 285 homes were placed on the market for sale.
Similar market activity is expected moving into the third quarter of 2009. Market conditions are favorable with low interest rates, steady employment numbers and a generally strong consumer confidence in the local economy.
Drop by early next week when our “Closer look at the Saskatoon real estate statistics for June” will be posted. It includes a more extensive overview of unit sales, prices and active listings of single-family homes and condominiums.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Follow our daily updates on Twitter @Norm_Fisher.
Norm Fisher
Royal LePage Saskatoon Real Estate
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{ 12 comments… read them below or add one }
Exciting numbers for June, although I’m still somewhat stunned with the level of activity. I assume the 2,153 number of units sold and the 4,310 units listed in 2008 were both also YTD comparisons ( Jan-Jun)? Certainly worked out great for those looking to sell.
“I’m still somewhat stunned with the level of activity.”
I’m with you. I had thought I’d be impressed if we hit the five-year average of around 380 units. If July and August are similar we could quickly return to a more “normal” inventory level.
“I assume the 2,153 number of units sold and the 4,310 units listed in 2008 were both also YTD comparisons”
That’s right Jason.
Hmmm. Is it possible listings may have peaked for the year?
Any idea what the average was for Q2? My apologies if it’s listed and I missed it.
Crikey,
Q2 average selling price in the residential category is $277,247.
“Is it possible listings may have peaked for the year?”
Hard to know but we sure saw a big slide with month end expired listings. Just a few minutes ago, we were sitting at 1,337, but we’ll see some of those come back over the next few days.
“Q2 average selling price in the residential category is $277,247″
Dang! I was off by not quite 10K.
I’ve not seen this posted elsewhere yet, but if true, it really does take “punishing savers” to a whole new level:
Sweden’s central bank cut the deposit rate to -0.25% today, effectively charging savers interest on deposited money.
http://tinyurl.com/nejako
In regards to the california situation. I am of the opinion that Obama will pull through and bail the state out, regardless of the cost. Looking at the numbers, total debt oustanding is only $59 billion. To bail out the entire state of california, 8th largest economy in the world, would still be less than what was spent on AIG! Which they did in a heartbeat. Anyways, some good quotes on the political motivations to a bail out.
“The last time a leading municipal bond issuer was on the verge of default was 1975, when New York City was going through its own financial crisis. Then-President Gerald Ford gave a speech vowing to veto any federal assistance for New York — a speech immortalized by the next day’s New York Daily News headline, “Ford to City: Drop Dead.”
Even though Ford later approved federal loans to New York, the political damage was done. New York had voted Republican in 1972, but four years later, Ford wound up narrowly losing the state to Jimmy Carter, which ultimately cost him the election.
Analysts think Obama is unlikely to make a similar mistake. “The most important factor here is that California has 55 electoral votes,” says Greg Valliere, Washington policy strategist at Soleil Securities. “At the end of the day, that’s why I think Washington blinks.” To top of page”
http://money.cnn.com/2009/06/25/pf/california_bonds_trouble.fortune/index.htm?postversion=2009062512
Crikey, thanks for that article. As I understand it, Sweden’s central bank has cut their deposit rate to -0.25% to discourage banks from re-investing any of the cash they’re lending them. It wasn’t clear if individual banks were going to implement a negative deposit rate for their customers, as well (although the author felt it would generate a run on the banks).
……….
Peter, one problem with that scenario is that they’ll have then set a precedent to bail-out any state that suffers any similar financial crisis or is unable to balance their budget (there are quite a few in the same predicament, although not as dire as CA). It’s also been argued that by taking on California’s debt it could reduce the credit rating of the US. In any event, unless something miraculous happens in the very near future, IOU’s are set to become the next temporary currency in CA.
“one problem with that scenario is that they’ll have then set a precedent to bail-out any state that suffers any similar financial crisis”
So? Wasn’t that the case with AIG, GM, the TARP program and all the other ridiculous bailouts that have occurred? Didn’t stop them then, won’t stop them now. 55 seats are on the line, what’s a few billion. The bailout will come with some strings attached to make it more palatable. California will likely have to pay the money back, albeit probably at ridiculously low interest rates. At any rate, there is a precedent for it in the 70’s.
As far as California affecting US government debt, you have to consider the numbers. I mean $55 billion? The US government’s debt is over $10 trillion. That is less than 1% of debt outstanding. Hell, they are running a deficit of over 1.5 trillion this year alone.
Peter, some might argue that bailing out the banks was cheaper than guaranteeing all consumer deposits by letting them fail. $55b for CA, how much for the dozen or so other states? $200B?+ $500B? Sure, the US debt is well over $10T, but that’s cumulative over several decades. They’re already pushing $2T this year, so bailing out all the states would push that a lot higher. Just because they spent that much doesn’t mean they necessarily wanted too; that’s just where it ended up. I don’t think Obama is worrying just yet about the 55 electoral seats in CA, but it’s a valid argument, and you could very well be right.
Regarding Sweeden, does’nt seem possible to charge clients 25 basis points on deposits, if that were the case I would hate to hear what there fee would be for safety deposit boxs.
Seems like sales in Saskatoon are on a rampage, it’s truly amazing what low interest rates can do. It’s all starting to make me feel a little queezy, I sure hope things don’t implode before they explode.
“It’s all starting to make me feel a little queezy”
At least prices are not going through the roof again. Some major cities have gotten back to pure goofiness with multiple offers, and a bit of a run up in prices over the past few months.
More on the $1T elephant sitting in the room…
Debt delinquency accelerates in Canada
http://www.financialpost.com/news-sectors/story.html?id=1756572
“More than half a million Canadians have fallen behind on their credit payments as economic conditions deteriorate, a survey has found. The delinquency rate is based on payments for credits cards, bank loans, lines of credit, sales finance and personal finance that are more than 90 days overdue. It does not include mortgages.”
U.S. Credit card defaults rise to record in May
http://www.financialpost.com/news-sectors/story.html?id=1698555
“The U.S. government approved a law last month limiting credit card fees and interest rates, which is expected to tighten lending further and ultimately boost defaults as consumers find it harder to refinance their debts.”