Saskatoon real estate market continues to stabilize in January 2009: SRAR

The Saskatoon Region Association of Realtors (SRAR) released the residential real estate statistics for January 2009 today, along with the following media release.

Saskatoon REALTORS® assisted 213 buyers to fulfill their home ownership dream. This represents an increase in unit sales over the last three months. Compared to last year’s very active January market unit sales were down 29% when 300 residential units sold. Unit sales are on par with 2007 and ahead of 2005 and 2006.

Listing inventory remained steady with home buyers having 1156 homes to select from at the end of January. This number is down substantially from September 2008 when inventory levels peaked at 1,748. January inventory levels were higher than in January 2008 when 324 homes were available for purchase.

REALTORS® sold $59,330,000.00 of real estate in the month of January that number down 24% from January 2008 when $77,800,000.00 of real estate was sold. The $300,000 to $350,000.00 price range continues to see the greatest sales activity followed closely by the $250,000 to $300,000 price range. In the month of January eight homes sold for more than $500,000.00.

Consumer confidence in the Saskatoon economy remains steady. REALTORS® are receiving numerous inquires of buyers from other provinces and the USA looking to move to our province. Markets are cyclical and the market in Saskatoon is at a low point and should begin to return to normal in the next few months. As a result, now is a good time to purchase a home or investment.

The Saskatoon market is not exempt from global economic pressures but well positioned to weather these economic times. The most recent announcements by the provincial government to support municipalities with infrastructure support are great news for Saskatoon, as infrastructure spending assists in stimulating the economy.

The federal government’s increase in the amount buyers may use in the Home Buyers Plan will also encourage many first time buyers to enter the market place. REALTORS® across Canada have lobbied the government for more than eight years to see this increase to be approved by government. REALTORS® continue to lobby the federal government for the Home Buyers Plan to extend to all buyers not just first time buyers.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate