A closer look at the Saskatoon real estate statistics for November 2008

The Saskatoon Region Association of Realtors recently reported November results for the entire residential category of Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 181 properties across all of these property types, and an average sale price of $278,495. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Residential listing inventory took a pretty good slide this month in both the house and condo categories. Total active listings of Saskatoon houses for sale fell to 882 from 990 at the close of October, and 1,053 the month before. Condo listings landed at 493 units, down from 530 the month before. Sales also weakened in both categories as house sales fell to just 132 units, down from 162 the month before and way off of the 223 properties sold in November 2007. Saskatoon condo sales slipped to 38 units, down just a smidge from October’s weak performance when 40 units traded, but off by 50% compared to November 2007 when 77 condos changed hands.

The price of a Saskatoon house saw marginal declines according to all four value indicators through the month of November. Average selling prices slid to $302,508 from $305,021 in October but remained significantly higher than the $257,491 recorded in November of 2007. The median house price slid $5,000 for the second month to settle at $285,000 and the three-month average showed it’s fifth consecutive monthly decline down by just $1,000 compared to the previous month.

All but one of the five major trading areas experienced a decline in the price per square foot on houses that traded. Area 5 managed a gain from $239 in October to $244 in November. Area 4 took the biggest dive falling from $196 in October to just $162 in November. On average, across all areas, the average price paid per square foot on houses declined from $247 last month to $242 this month. That’s just a 2% decline on a month-over-month basis but a 15.5% decline from its peak in May when the average price per square foot of a Saskatoon house was $280.

In the Saskatoon condo market, the numbers are not quite as simple but a close look does provide some clues. First, the average selling price inched down slightly, falling just over $2,000 from $224,970 in October to $222,834 in November. The median selling price shows a small gain from $210,000 to $214,000 and the three-month average is more or less level with the previous month at $230,812. On a month-over-month basis those don’t look like big changes, but year-over-year we see a pretty significant downward trend. In November 2007, the average selling price of a Saskatoon condo was 8% higher at a whopping $241,339.

The price per square foot number for Saskatoon condominiums provides a clearer picture of how condos have been affected over this period of correction. Again, area 5 manages to produce a gain on just three unit sales but the numbers tumble in areas 1 and 2. With average selling prices fairly stable, we can see that buyers are clearly buying larger units for roughly the same amount of money. Overall, the average selling price of a Saskatoon condo, on a price per square foot basis fell roughly 6% over the month from $231 in October to just $217 in November.

The gap between the price of a Saskatoon house and a condo continues to widen. We are finally seeing pretty substantial differences (30-35%) between the average price of these two types of properties and the cost per square foot measure has grown slightly larger as well. Last November, house prices were not quite 7% higher than a condo. Prices on a cost per square foot basis were actually higher for condos than houses at $234 and $225 respectively. This was just one of the strange imbalances that occurred in our real estate market through 2007 which has managed to sort itself out.

Condos are starting to look far more realistic at their current price point, perhaps even reasonable given the huge rents that they’re generating. I can’t help but wonder if future prices changes won’t be a little closer to what houses have been experiencing. Entry-level apartments that came close to $200,000 through the spring are now available in the $160,000 range and a decent townhouse can be had for as low as $210,000. I wonder how long it will be before renters facing constant increases start to look to these properties as a solid option. From a seller’s perspective, renting a condo is now an option that may be as good as selling it. I guess it all depends on where you think prices are headed and when this correction will end.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for October 2008

The Saskatoon Region Association of Realtors recently reported October results for the entire residential category, which includes single-family homes (houses), condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 215 properties across all of these property types, and an average sale price of $285,310. Let’s have a look at how houses and condominiums faired.

Residential listing inventory declined modestly on a month-over-month basis reaching its lowest level since July of 2008. The stock of available Saskatoon houses dropped 63 units from 1,053 at the close of September to 990 by the time October had closed. However, all of the declines were in the single-family home category as condominium inventory still managed to creep up a bit from 519 to 530 units. Sales weakened in both categories with house sales falling to 162 units, down from 183 in September, and down 44 units from October of last year when 206 houses changed hands. Condo sales fell for the third consecutive month finishing the month at 40 units, compared to 48 in September and down from 55 last October.

Based on the average number of units sold over the last three months there is currently a 10.6-month supply of condos and a 6-month supply of single-family homes.

The price of a Saskatoon house took a hit according to all four of the price trend measures that we use to track values. The average selling price of a house fell to $305,021 from $319,596 in September while the median sale price took a softer blow falling just $5,000 from the month before. The three-month average continued its downward trend for the fourth consecutive month reaching $310,959, down over 6% from its peak of $331,630 in June of this year, while both the median and the average selling prices came in nearly 10% lower than their previous highs. All three of these measures continue to show gains when compared to October of 2007 with the average selling price of a Saskatoon house sitting 12.5% higher than it was last year at this time.

The price per square foot measure shows the greatest change to date as single-family homes traded at $241 per foot, down nearly 14% from the high of $280 which we saw in May.

Saskatoon condos took the larger hit as the average selling price fell to $224,970, down from $242,040 in September and more than 13% off of its peak high of $259,467 in April of this year. For the first time, were actually seeing two of the value indicators showing a drop over the previous year with the average selling price coming in about $5,000 lower than the previous October and the median falling $10,000 short of last year’s number.

On a price per square foot basis, condos traded at $231, down from $240 last month and about 13% off of their high of $262, which was reached in May of this year.

Clearly, the gap between the price of a Saskatoon condo and a single-family home has grown wider in recent months. This strikes me as a correction that was long overdue as the two categories were just too close to each other through much of the past two years.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for September 2008

The Saskatoon Region Association of Realtors recently reported September results for the entire residential category, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 246 properties across all of these property types, and an average sale price of $297,836. Let’s have a look at how houses and condominiums did.

Average sale prices for Saskatoon houses and condos both took a jump during the month of September following some pretty hefty declines during the months of July and August. It’s worth noting that the average size of the properties that traded in both categories also increased fairly substantially, so while buyers paid more on average, they also bought more real estate with their money.

The average price of a Saskatoon house came in at $319,596 for September, up from $306,095 in August, and $245,363 in September of 2007. The average size of the houses that traded was 1,224 square feet in September of 2008, 1,136 square feet in August and 1,107 square feet in September of 2007. Price per square foot declined to $261 in September of 2008, from $269 the previous month, but finished well ahead of the $221 per square foot recorded in September 2007. The average cost of a house on a per square foot basis peaked at $280 in May of 2008.

Unit sales in the “house” category climbed to 183 units in September from 150 units in August but finished the month 11% lower than September of 2007 when 206 houses traded in the Saskatoon real estate market.
A Closer Look at the Saskatoon Real Estate Statistics (houses) for September 2008

This graph tracks both the average and median selling price for a Saskatoon house back to January of 2007. Click the image for a larger version of the graph.

Average prices in the Saskatoon condominium category also increased through September and settled at $242,040, up from $225,311 in August, and just a smidge higher than the average for September of 2007 when condos traded at $236,220. Again, the average size of the condos that sold took a significant leap to 1,008 square feet in September, up for 933 square feet in August. The average unit size sold in September 2007 was larger at 1,045 square feet. The price per square foot remained fairly stable on a month-over-month basis finishing at $240 compared to $241 in August, but still up from $226 in September 2007. The average cost of a condo on a per square foot basis also peaked in May of 2008 at $262.

Unit sales in the “condominium” category took a substantial beating declining to just 48 properties, down from 62 units in August, and down even further from 84 units in September 2007.
A Closer Look at the Saskatoon Real Estate Statistics (condos) for September 2008

This graph tracks both the average and median selling price for a Saskatoon condo back to January of 2007. Click the image for a larger version of the graph.

Listing inventories continued to grow, though somewhat more modestly through September. This graph shows the total number of active listings at the end of each month for the house and condo categories versus the number of sales transacted during each month. Click the image for a larger version of the graph.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for August 2008

Residential unit sales in the single-family home and condominium categories took a solid tumble in August falling to just 212 units, down from 339 in July, and down further from 368 in August 2007. The average selling price dipped to $282,470 from $294,306 the previous month but settled in above the final numbers for August 2007 when the average price of a home reached $255,955. The average cost per square foot for a Saskatoon home was up $30 from last year to $263, about even with July 2008.

Saskatoon real estate stats including house and condo sales for August 2008

In the single-family home category, unit sales declined from 266 units last August to settle at 150. Average selling prices slid sharply from $322,715 in July to $306,095 in August but remained significantly higher than the $268,708 average reported in August of last year. The average cost per square foot managed to climb slightly from $268 in July to $269 in August, but the average size of the houses that traded was just 1,136 square feet compared to 1,204 the month before.

Saskatoon house sale statistics for August 2008

The average price of a Saskatoon condo continued to slide for the fourth consecutive month reaching $225,311, down from $239,952 in July and just slightly higher than the average in August 2007 when it reached $222,698. Still, the average cost per square foot came in at $241, compared to just $224 in August 2007, and $248 in July 2008.

Saskatoon condo sale statistics for August 2008

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for July 2008

After two months of sluggish sales in the Saskatoon real estate market, demand picked up some in July. Total unit sales of condominiums and houses came in behind July 2007 numbers (411 units), but slightly higher than sales in 2005 (340) and 2006 (337), and up just over 10% compared to June, which closed with 299 sales. Average prices in this category didn’t fair as well, falling nearly $19,000 from their peak of $313,109 to settle at $294,306. Year-over-year, prices in this category were up nearly 20% from $245,306. Average days on the market increased from 21 days in June to 30 days in July.

Saskatoon real estate statistics for July 2008

Any loss to unit sales can be attributed to the “houses” category as record level prices curbed demand. Unit sales fell to 228, up from 212 in June, but down significantly from July 2007 when 315 houses traded hands. The average price of a Saskatoon house remained up about 27% over July 2007 when prices reached $253,446, but slid from nearly $340,000 in June to $322,715 in July. The average cost per square foot of a Saskatoon house dropped $9.00 through July when compared to last month.

Saskatoon real estate stats for July 2008

Remarkably, condo sales for the month of July reached 111 units, up from 87 in June and actually beating July of 2007 when 96 condos traded. Prices took a fairly significant slide dropping to $235,952 from $248,681 last month, and up just 6.5% from $221,495 in July 2007. The average cost per square foot in the condo category increased $5.00 suggesting that the units that traded were smaller on average than those that sold in June.

Saskatoon real estate stats for July 2008

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate