February 2008 record setting month for Saskatoon real estate: SRAR

This release came out today from Saskatoon Region Association of Realtors, Executive Officer, Harry Janzen.

Record Setting Month for Saskatoon Real Estate

Saskatoon REALTORS® assisted 367 home buyers fulfill their dream of home ownership. That number is up 14% from 2007 when 321 homes were purchased. The average selling price continues to climb as demand fuels the market. The average residential selling price in the month of February was a record setting $264,269.00 up 41% from last February, which in its self was a very busy month.

The six-month rolling average sales price is at $254,648.00.

The average selling price is derived by dividing the month’s unit sales number into the dollar volume of real estate sold for that period. The percentage change should not be used unilaterally as prices due vary from area to area. Home owners wishing to determine an accurate value for their home should contact a REALTOR® member.

Increased inventory was welcome in the month of February as 483 homes were listed by Saskatoon REALTORS® up 40% from February 2007 when 344 properties were placed on the market for sale. At the end of February home buyers had 369 properties to choose from as compared to last year at this time when only 252 properties were available for sale.

REALTORS® sold $96,986,000.00 of real estate in February that number up 61% from February 2007 when only $60,217,000.00 of real estate exchanged hands. Year to date $174,820,000.00 of real estate has been purchased up 72% from last year.

Residential real estate sales in the smaller communities around Saskatoon continue to be very strong with 99 properties being purchased last month that number up 21% from last year.

The average sales price in these areas also continues to climb with the average price in February being $218,931.00 up 37% from February 2007 when the average was $159,814.00.

Similar to last spring REALTORS® are starting to see multiple offer sales take place. The market is being fueled from many fronts, out of province and out of country buyers are looking to invest in our city and area. Local investors are more content than ever in developing in Saskatoon and area.

All indicators point to a very high demand spring sales market. New home construction is strong and demand for all types of properties continues to grow not limited to residential, multi family, acreages and commercial investment property.

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.

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Norm Fisher
Royal LePage Saskatoon Real Estate