Residential activity in Saskatoon was up from levels a year earlier in the fourth quarter of 2011, marking a full year of year-over-year growth.

Sales activity rose 16 per cent on a year-over-year basis to 849 units in the fourth quarter of 2011. This was the highest fourth quarter level on record.

Annual sales activity totaled 4,043 units in 2011, a 13 per cent increase from levels in 2010.

Single-family home sales posted the highest fourth quarter on record, while sales of condominium units also increased.

The number of months of inventory was down for both single-family and condominium homes in the fourth quarter of 2011.

With a tighter market for both single-family and condominium homes, buyers spent less time shopping in the fourth quarter of 2011 compared to a year earlier.

The median sale price for single-family homes rose six per cent on a year-over-year basis to $320,000 in the fourth quarter of 2011. This was the third highest median price on record.

The median sale price for condominium units rose four per cent on a year-over-year basis to $248,714, the highest median price on record.