A closer look at the Saskatoon real estate statistics for December 2009

The Saskatoon Region Association of Realtors recently reported December 2009 results for the entire residential category of Saskatoon real estate that includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 211 properties across all of these property types, at an average selling price of $291,554. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Single-family detached homes (houses) continued on a seasonal downward trend following the same path as last year. Unit sales totaled 137, a hefty drop from the previous month when Saskatoon real estate agents reported 168 houses sales, but well ahead of last December’s sales of just 109. Active house listings declined even faster falling from 503 at the end of November to just 355 by year-end, nearly fifty percent fewer than were available at the close of December of 2008. The drop in inventory levels is even more pronounced when viewed as “months of inventory” available, falling from 6.2 at the end of 2008 to just 2.6 by the close of 2009.

As inventory found its way lower, prices moved higher. The average selling price of a Saskatoon house recovered from a pretty good dip in November and increased from $300,153 to $328,083 over the month, nearly twenty percent higher then it was for December of last year. It’s important to note that the average size of the homes, which sold also increased by ten percent on a year-over-year basis so a good portion of that increase can be accounted for in that factor. Still, the three-month average moved up by more than seven thousand dollars from one month to the next and the median moved nearly seventeen thousand dollars from last month.

The average price per square foot paid for a Saskatoon house also moved back to October levels after dipping in November. The average came in at $253 per square foot, up eight dollars from the previous month and twenty-two dollars higher than the same month in 2008.

Sales of Saskatoon condominiums fell to sixty-two units, down fourteen from the previous month but ahead of 2008 when forty-four properties traded hands. Active inventory dipped from 292 at the close of November to 255 by the end of the year, a decline of roughly thirty-three percent from the year before when 381 condo sported a for sale sign. “Months of inventory” for Saskatoon condominiums fell more than fifty percent over the past twelve months from 8.7 months last December to 4.1 months today.

While larger single-family homes were popular in December, smaller condos won more sales this year. Condo prices moved lower on the month, and on the year, in spite of a significantly improved inventory situation. The average selling price of a Saskatoon condo dropped about thirteen thousand dollars compared to November to reach $228,832, roughly eight thousand dollars lower than last December. The three-month average was stable from one month to the next at $224,593, but down forty-five hundred dollars from December of 2008, while the median selling price gained thirteen hundred dollars from a month ago and six thousand dollars on the year.

The average price paid per square foot for a Saskatoon condominium slid six dollars from November to finish at two hundred and twenty-four, up five dollars from December 2008, and higher on a year-over-year basis for the second month in a row.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

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

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 November 2009

The Saskatoon Region Association of Realtors recently reported November 2009 results for the entire residential category of Saskatoon real estate that includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 254 properties across all of these property types, at an average selling price of $278,885. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Single-family detached home (houses) sales remained strong for the season slipping to one hundred and sixty-eight units, down from one hundred and ninety-six in October, but up from one hundred and thirty-two sales in November of 2008. The total number of houses available at the close of November was five hundred and three, a drop of fifty-three units compared to last month and well below the eight hundred and eighty-two homes that were in the inventory at the close of November 2008. The absorption rate (total months of inventory) for detached houses grew to three months over the past thirty days, an increase of 0.2 months. Last year at this time there was a near seven-month supply sitting on the market.

House prices, by all three of the measures we use showed declines, some more seriously than others. The average selling price of a Saskatoon home slid nearly thirteen thousand dollars over last month to $300,153, just slightly lower than the $302,508 figure recorded last November. The median sale price tumbled close to sixteen thousand dollars month-over-month to reach $282,250, just behind last November’s number of $285,000. The three-month average slipped just sixteen hundred dollars from October’s close to $305,513, about forty-five hundred dollars lower than it was in November of 2008.

The average price per square foot paid for a Saskatoon house also showed a downward dip during the month of November slipping six dollars to two hundred and forty-five but remained higher on a year-over-year basis for the second consecutive month. In November of 2008, the average price paid per square was two hundred and forty-two dollars.

Sales of Saskatoon condominiums showed some continued strength, but came off of some pretty lofty numbers recorded in October. Total condo sales came in at seventy-six, down from one hundred and three last month, but a full one hundred percent higher than November 2008 when just thirty-eight condos were reported sold by Saskatoon real estate agents. Inventory fell from three hundred and twenty units last month to two hundred and ninety-two by the close of November, down from four hundred and ninety-three at the same time last year. The absorption rate from condominiums took a pretty steep jump climbing 0.7 months to 3.8 months over the month but remained sharply lower than the near thirteen month supply that existed at this time last year.

Condo prices did a total about face and showed gains that dwarfed the apparent losses in the single-family home category. Without a doubt, much of the change can be explained away by high-end sales including three units that averaged almost $700,000 a piece. The average selling price of a Saskatoon condo jumped nearly thirty-two thousand dollars over the previous month to a whopping $241,620, more than twelve thousand dollars higher than the average during the same month last year. The median sale price was up nearly twenty-two thousand on the month, also up on a year-over-year basis by close to eight thousand dollars. The three month average rose just under two thousand dollars compared to last month and remained lower than last November by roughly six thousand dollars.

The average price paid per square foot for a Saskatoon condominium also increased rising to two hundred and thirty dollars, up from two hundred and seventeen dollars last month, coincidentally where it also sat during November of last year.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

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

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 October 2009

The Saskatoon Region Association of Realtors recently reported October 2009 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 311 properties across all of these property types, at an average selling price of $274,759. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Saskatoon single-family home sales remained strong through the month of October posting an impressive one hundred and ninety-six sales, down from two hundred and thirty-six last month but ahead of last October by thirty-four properties. On average, Saskatoon houses took thirty-nine days to sell, the same time as last month, and on par with the same month last year. The inventory of single-family homes showing an active status at month end was five hundred and fifty-six, down forty-four properties from last month, and far below inventory levels at this time last year when nine hundred and ninety Saskatoon houses were available. In spite of a month-over-month drop in active listings, the total supply of available houses increased from 2.5 months in September to 2.8 months by the end of October.

The average sale price of a house in Saskatoon gained some traction and climbed nearly ten thousand dollars month-over-month to reach $312,938 and trumping the average price from October of last year by roughly two thousand dollars. The median selling price finished up one thousand dollars from September and six thousand dollars higher than last year at $296,000. The three-month average price for a Saskatoon house dipped nearly two thousand dollars from last month to $307,106 or about four thousand dollars lower than the same month in 2008.

The average price per square foot of a Saskatoon house gained five dollars over last month to finish at two hundred and fifty one dollars, just below this year’s peak of two hundred and fifty-two dollars in February and slightly higher than last October’s figure of two hundred and forty-seven dollars per square foot.

Once again, Saskatoon condominium sales were exceeding all expectations as lower prices pushed unit sales higher to one hundred and three units, a gain of six properties from September, and up a whopping one hundred and fifty percent from October 2008 when just forty condos traded. Active condo listings continued to decline falling to three hundred and twenty units, down thirty-one from last month and about forty percent lower than last year when five hundred and thirty Saskatoon condos were available. The total supply of condo inventory actually fell from 3.6 months in September to 3.1 months by the close of October. The average days on the market remained steady at forty-one.

The average selling price of a Saskatoon condominium fell again, but more sharply in October than it did in September. Lower prices were fueled by ten area four sales that sold at less than $100,000. The average price finished at $209,614, down nearly sixteen thousand dollars from last month, and fifteen thousand dollars below last October’s figure of $224,919. The median price slid even further dropping nineteen thousand dollars from last month to $198,000 and closed the month twelve grand below last year’s median of $210,000. The three-month average fell three thousand dollars month-over-month to $222,485 and finished lower than last October by about eight thousand dollars.

Changes to the average cost per square foot for a Saskatoon condo were far less dramatic as it dropped just two dollars compared to September and finished the month at $217, fourteen dollars lower than the same month last year.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

Map displaying the boundaries of Saskatoon real estate “areas”
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 September 2009

The Saskatoon Region Association of Realtors recently reported September 2009 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 351 properties across all of these property types, at an average selling price of $279,457. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Saskatoon single-family home sales continued to show remarkable strength gaining twenty-nine percent over the same month last year to finish September at two hundred and thirty-six units, twelve percent lower than August. Active house listings continued to slide, falling to just six hundred properties, eight percent lower than the close of August, thirty-three percent lower than this year’s peak of eight hundred and ninety, and forty-three percent lower than last September when 1,053 Saskatoon houses were for sale. Technically, while inventory continued to fall in real numbers, seasonally slower sales moved the months of inventory slightly higher from 2.4 months to 2.5 months.

The average sale price of a house slipped about thirty-four hundred dollars on a month-over-month basis to finish September at $303,028, more than sixteen thousand dollars lower than the same month last year and more than thirty-six thousand dollars off of the peak price of $339,548 which was reached in June of 2008. The median sale price recovered to $295,000, up nearly five thousand dollars from last month and matching last September’s number. The three-month average gained four hundred dollars over the previous month and finished just over eight thousand dollars lower than it was in September of 2008.

The average price per square foot of a Saskatoon house returned to July levels as it slid back to $246 after an August bump pushed it higher to its peak for 2009 of $252. That’s roughly eight percent lower than it was in September of last year, and about thirteen percent off of the peak of $280 that we saw in May of last year.

If house sales were “strong,” condo sales were through the roof. The number of Saskatoon condos that sold last month doubled over the same month last year reaching ninety-seven units, approximately thirteen percent below the month of August when one hundred and twelve condos traded hands. The inventory of condos fell eight percent from last month, finishing at three hundred and fifty-one properties, down thirty-two percent from the same time last year. “Months of inventory” grew slightly more in the condo category than single-family detached houses did, rising to 3.6 months from 3.4 months at the close of August.

The average selling price of a Saskatoon condominium lost some of its August gains falling roughly five thousand dollars to $226,271, sixteen thousand dollars lower than it was in September of last year. The median price fell eight thousand dollars from the month before to $217,000, twelve thousand dollars behind the same month last year. The three-month average actually took some gains to finish up about thirty-six hundred dollars from August at $225,597, about nine thousand dollars lower than it was last year at this time.

The average cost per square foot for a Saskatoon condo remained unchanged on a month-over-month basis at $219, roughly ten percent lower than September of 2008 when it sat at $240, and about sixteen percent below the peak in May of 2008 when it reached $262.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

Map displaying the boundaries of Saskatoon real estate areas
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 August 2009

The Saskatoon Region Association of Realtors recently reported August 2009 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 393 properties across all of these property types, at an average selling price of $281,871. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Saskatoon single-family home sales took a small dip in August falling to 268 units, down from 294 in July, but up significantly compared to the 150 properties that traded in August of 2008. The number of houses for sale within the city of Saskatoon also slid falling by ninety units compared to last month to finish August at six hundred and fifty-one, down nearly forty percent from the same month last year.

The average sale price of a house fell from $315,768 in July to $306,440 in August, which was just a few hundred dollars higher than it was in August of 2008. The median price took a similar slide falling to $290,250 from $299,000 the month before and finishing just $750 behind the median for last August. Following seven consecutive months of gains which moved the three-month average nearly twenty thousand dollars higher, this measure came in about $1400 lower on a month-over-month basis but lagged behind last year’s number by nearly sixteen grand.

Meanwhile, the average price per square foot for a Saskatoon house increased, climbing six dollars from last month to two hundred and fifty-two dollars, seventeen dollars less than the average for last August.

The number of Saskatoon condos that are currently for sale continued to fall, though far slower than the single-family home inventory has adjusted. At month end, three hundred and eighty-one condos showed an “active” status on the Saskatoon MLS system, down just twelve properties from July, but well off of the four hundred and ninety-nine condos available at this time last year. Unit sales showed some strength falling just seventeen units from July to finish at one hundred and twelve sales, nearly eighty-percent up on the same month in 2008 when just sixty-two Saskatoon condos sold.

The average selling price of a Saskatoon condominium rose for the third consecutive month, increasing nearly eleven thousand dollars from the month before to $231,042 and finishing up close to five thousand dollars compared to August 2008. The median took an even stronger jump increasing nearly fifteen thousand dollars to $224,950, up from $209,000 last year. The three-month average selling price finally moved ahead ending a year of declines and finishing at $221,965, sixteen thousand dollars lower than it was at this time last year. Condo prices were skewed higher by twenty-two sales above the $300,000 mark, including two that topped a half million dollars.

The average cost per square foot for a Saskatoon condo also made some gains climbing eight dollars from its near two-year low of $211 to $219, twenty-two dollars lower than it was in August of last year.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

Map displaying the boundaries of Saskatoon real estate areas
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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate