The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for October 2009 today, accompanied by this release.
October’s residential resale activity trumped that of October 2008. Saskatoon REALTORS® assisted 311 home buyers with the purchase of a new home over the month. That’s up 46% from October 2008 when 213 homes were sold. Year to date, 3359 properties have sold, up 6% from 2008.
The average selling price was $274,759, down 4% from October 2008 when the average was $285,547. The main reason for the decline was increased activity in the $250,000.00 to $275,000 range, which in turn affects the overall average price. Activity remained strong in the $300,000 to $350,000 price range.
Residential active listing inventory dipped below the 1000 mark for the first time in more than one year. The market continued to clear excess inventory that resulted from the frenzy of the 2007 and 2008 markets. Home buyers had 971 homes to choose from at the end of October, far fewer than the 1667 homes available last year at the same time. REALTORS® listed 442 homes for sale last month, down 36% from 2008 when 694 homes were listed for sale.
REALTORS® sold $85,450,000 dollars of real estate in October, up 40% from 2008 when $60,821,000 of residential real estate changed hands. Year to date, $933,652,000 worth of real estate has sold. This is well on target to again exceed one billion dollars of real estate sold this year.
Real estate sales in areas around Saskatoon remained strong as well with 90 homes selling, up 8% from 2008 when 56 homes were sold. The average selling price was $251,319, up 23% from 2008 when it was $203,956. REALTORS® listed 198 properties in areas around Saskatoon, up 8% from 2008 when 183 properties were listed in the same time period.
Market activity is expected to be similar for the remainder of the 2009. Consumer confidence remains strong in the local economy, when coupled with low interest rates, contribute to a healthy real estate market environment.
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.
If you live in Saskatoon we’d sure appreciate hearing your comments about your neighbourhood. Please visit our “Saskatoon Neighbourhoods” page and let us know what you love about your community.
Norm Fisher
Royal LePage Saskatoon Real Estate
![[del.icio.us]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/delicious.png)
![[Digg]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/digg.png)
![[Facebook]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/facebook.png)
![[LinkedIn]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/linkedin.png)
![[Twitter]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/twitter.png)
![[Email]](http://www.teamfisher.com/wp-content/plugins/bookmarkify/email.png)
{ 6 comments… read them below or add one }
That’s unusually strong for an October, all things considered. Inventory dropped by about 550 listings from about this point until the end of December last year, so it will be interesting to see where we end the year (I’m thinking 700-850 listings).
Hopefully inventory will keep dropping and prices will keep rising, I mean that’s what SPAR is all about isn’t it, high sales, high prices. So that all the members can eat steak. Further if a bubble is going to burst lets make it a big one.
Jason,
We’re hoping the drops have simply occurred ahead of last year and that inventory won’t get too much lower, but who knows?
Rick,
Does there have to be a bad guy?
I don’t think SRAR wants high prices any more than you do. Certainly, the “members” don’t want to see the market crash like some people do but most of them realize that high prices lead to lower unit sales. Not good for the people of Saskatoon, for SRAR, or for Realtors.
Rick, “Further if a bubble is going to burst lets make it a big one.” Oh, I think this has potentially been in the making for quite some time now…
Hi Norm,
First time poster, but I’ve been reading your blog for some time now and I appreciate all the stats and graphs. Is there any reason you didn’t publish the stats for detached homes and condos separately this month, as well as those for the cost per square foot? Are they available anywhere online?
Thanks
Hey Travis,
Thank you. The stats you’re asking about are always published as a follow up to the SRAR’s numbers (A closer look at the Saskatoon real estate stats for…), normally a few days to week after the SRAR post. They will definitely be coming soon, almost certainly before the end of the week. Thanks for reading.