SAULT AND AREA REAL ESTATE MARKET
The best way to describe the Sault and Area Real Estate Market is that we have a variety of price ranges available to the consumer. There are sales of detached bungalows from $35,000 to over $450,000 last year in the city of Sault Ste. Marie. Our Real Estate Board services a large area including from Wawa northwest to Blind River, Elliot Lake East. Therefore our average for the whole board becomes skewed (creates a deviation in stats). Best way to compare apples with apples is to analyze a new 1100 sq. ft. bungalow and a resale (newer within 10yrs.) 1100 sq. ft. bungalow. New is in the $350,000 range, however, our average residential single detached home according to our Real Estate Board statistics is $152,616 for 2011 which is up from $137,455 in 2010 which is an 11% increase. According to survey which appears in Canadian Real Estate Wealth Magazine January issue, the average detached bungalow in Ontario is $357,000 in 2011 which is up 4% from 2010.
Our land prices are still considerably lower than in other communities in Ontario which gives the home buyer the option to have acreage or waterfront property which is increasingly out of price range for the average home buyer in other parts of Ontario. The experts agree that ' Real Estate consistently out performs the stock market." Investors are turning their sights on the Sault area since it still has jumped 15% form 2010 to 2011 ($195,213,534 to $223,605,068).
To summarize we have always had a stable market in the last 25 years that I have been in the Sault but now in the past 3 years we are in a growth market! Celebrate with us the city of Sault Ste,. Marie is 100 years old and growing! Linda Brauner President of The Sault Ste. Marie Real Estate Board.