March of 2013 brings improvement in Saskatoon real estate market activity: SRAR

By Norm Fisher, April 3, 2013 - The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for March of 2013today accompanied by the following release.Please note that many of the association’s comments touch on “year-to-date” numbers, and some are based on all sales within the board’s trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month to month basis over the past several years.As expected, Saskatoon real estate sales activity was up considerably in March compared to February with an increase of 21 percent in listings and a 35 percent increase in sales. “Spring is typically the most active time of the year for real estate. The winter was long and with all the snow, most buyers and sellers preferred to wait for more suitable conditions unless they had to make a move,” comments Jason Yochim, Executive Officer for the Saskatoon Region Association of REALTORS®. Market activity in March was comparable to March of 2012 with 934 new listings and 480 property sales. At the end of the first quarter, the number of properties listed in Saskatoon and area was 5% lower than last March (344 versus 368 last year). The average sale price in Saskatoon continued its upward trend at the modest rate of three percent to $336,100. The average price a year ago in Saskatoon was $326,800. “Averages can be misleading,” warns Yochim. “An average price is just that, an average of all sales across the entire market place, and can be easily skewed by many factors. The good news is the market is healthy with a strong demand for homes in the $250,000 to $400,000 range.” 

Activity in the $275,000 to $400,000 price range continues to be down from last year, this is largely due to a shortage of product in this price range. Unit sales in the $450,000 to $500,000 price range saw a 43 percent increase, year-to-date. Overall, year-to-date sales were down eight percent in the first quarter of 2013 resulting in a four percent reduction in the total dollar volume of $362,974,828.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate