Saskatoon real estate market continues recovery in July 2009: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for July 2009 today, accompanied by this release.

Many home buyers were active in the real estate market this past July. Residential unit sales were up 28% with 440 units selling as compared to 2008 when 345 properties exchanged hands. Year to date 2,306 units have sold down slightly from 2008 when 2,498 units sold.

The average selling price continued to correct ending off the month at $283,619.00 down 3% from last July when the average selling price was $292,714.00. Year to date the average selling price was $277,512.00 down 4% from 2008 when the average was $289,746.00.

Listing inventories continued to correct during the month of July with 1,291 homes being available for purchase. This number is down significantly from a high of 1748 homes for sale in September of 2008. Inventory levels at this time of the year in 2004, 2005 and 2006 stood typically between 700 and 800 properties for sale.

Sales activity in the areas surrounding Saskatoon was also very active with 109 sales that number up 51% from July 2008 when 72 were sold. Year to date 525 units have sold down 13% from 2008 when 606 homes had exchanged hands.

The average selling price in July was $253,764.00 down 5% from 2008 when the average was $265,852.00. Year to date the average selling price in areas around Saskatoon is up 6% at $245,920.00.

Consumers are expressing a general confidence in the local economy, which is translating into home purchases. Interest rates are excellent and the job market is remaining steady contributing favorably to those wanting to enter the housing market. Market activity is expected to remain consistent for the remainder of the third quarter.

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

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

The Saskatoon Region Association of Realtors recently reported June 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 442 properties across all of these property types, at an average selling price of $276,867. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon increased from 247 properties last month, to 298 in June, and posted a solid gain over the previous June when just 212 houses changed hands. Active listings took a downward turn through the month of June, falling to 818 from 890 properties in May, and down approximately twelve percent from the close of last June when 931 single-family homes displayed an active status on the Saskatoon MLS system.

In spite of brisk market activity and surprisingly strong demand, the average selling price of a Saskatoon house managed to decline marginally for the second month in a row, sliding to $303,999 from $311,016 last month, and down a whopping $35,000 from June of 2008 when it reached $339,548. The median price held steady at $295,000 for the third month in a row, but fell $24,000 compared to last June when it hit $319,000. The three-month average managed a bit of a bounce, showing gains for the fifth consecutive month, rising nearly $5,000 from May to finish at $305,303, down from $331,630 last year.

A closer look at house prices by area indicates that this month’s averages aren’t likely telling the whole story. The average price of a single-family home in area one was bolstered by a near million dollar sale and a number of sales above $600,000 keeping it within four percent of last year’s number. However, the other four major Saskatoon real estate areas showed year-over-year declines in house prices ranging from a low of twelve percent (area 5) to a high of eighteen percent (area 3).  The average price of a single-family home in areas 2 and 4 dropped fourteen and sixteen percent respectively.

The average price per square foot for single-homes showed a little more steadiness on a month-over-month basis, remaining flat at two hundred and forty-nine dollars when compared to the previous month, but sliding approximately ten percent from June of 2008 when it reached two hundred and seventy-seven dollars.

Active listings of Saskatoon condos took a sharper decline on a month-over-month basis falling from 480 units in May to 411 by the close of June. The condo inventory remains up just slightly compared to last June when 408 units were available. Saskatoon condo sales saw their strongest month since April of 2008 as units sales climbed to 123, up 12 from the previous month, and 26 units higher than last June when 87 condos sold.

The average selling price of a Saskatoon condo saw a slight increase compared to May moving from $210,599 to $215,380 in a month’s time, but finished well below last June’s average of $248,681. The median sale price held steady at $209,000 on a month-over-month basis, down $16,000 from June 2008. The three-month average also stayed steady compared to May but showed year-over-year declines of nearly $40,000. In June of 2008, the three-month average price of a Saskatoon condo reached its peak of $253,577.

The average cost per square foot for a Saskatoon condo bounced slightly higher compared to May, rising from two hundred and eleven dollars to two hundred and seventeen. Still, that’s roughly fourteen percent lower than it was last June when it sat at two hundred and fifty-three dollars.

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.

Next week, the second quarter Royal LePage House Price Survey will be released. It examines specific residential property types in fairly specific locations through out the city of Saskatoon, and compares prices to the same quarter last year. I think that this report will provide our most accurate look at how Saskatoon house prices have changed over the course of a year. The report is scheduled for release on July 7. Please drop in to check out the details.

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 May 2009

The Saskatoon Region Association of Realtors recently reported May 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 372 properties across all of these property types, at an average selling price of $276,091. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Following a slight decline during the month of April, total active listings of singe-family detached houses grew from eight hundred forty-seven to eight hundred and ninety by the end of the month, up from seven hundred and thirty-six in May of 2008. Unit sales showed some strength rising from two hundred and thirty-five last month to two hundred and forty-seven in May, finishing just six units higher than the same month last year. Absorption rates remained stable compared to the previous month at 3.6 months of inventory, but sat higher than last year when it was slightly higher than a three-month supply.

House prices remained remarkably stable given the buzz about improving market conditions. The average selling price of a Saskatoon house took a slight downturn from $312,565 in April to finish the month at $311,016, some $16,000 lower than it was in May of 2008. The median remained steady month-over-month at $295,000, but again, finished $16,000 below last year’s number of $301,000. The three-month average selling price gained about $3,600 over last month to close just above $300,000, well off of the number attained last May when it came close to $328,000.

Average sale prices of house in Saskatoon for May 2009

Average sale prices of house in Saskatoon for May 2009

The average price per square foot for single-homes showed the same kind of steadiness on a month-over-month basis, increasing just slightly from $248 to $249 but showed deeper losses compared to the same month last year, falling about eleven percent from $280 per square foot in May of 2008.

Active listings of Saskatoon condos saw a smaller increase than houses over the past thirty days, but a much higher increase compared to last year. May came to a close with four hundred and eighty condominiums showing an active status, up just five units from April, but one hundred and fifty-seven listings higher than last May when three hundred and twenty-three units were available. Sales also increased, just one unit compared to last month, but up about thirteen percent compared to last year. One hundred and eleven condos changed hands during the month of May, which made for the strongest month for Saskatoon condo sales in a year. Still, an additional month of condominium inventory is available this year, when compared to last as the absorption rate climbed from 3.3 months to 4.3 months.

Condo prices continued to display a downward trend as the average selling price for the month lost about nine thousand dollars compared to April and finished at $210,599, down roughly sixteen percent from May 2008 when it sat just above $250,000. The median selling price fell $6,500 compared to the previous month, down just $16,000 from May 2008 when it was $225,000. The three-month average fell $4,800 from last month to $215,099 and finished significantly lower than May 2008 when it reached $242,472.

The average cost per square foot for a Saskatoon condo appeared to be slightly more stable on a month-over month basis falling just $2 from April to finish at $211, but was roughly nineteen percent lower than it was when it peaked in May of 2008 at $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.

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

Saskatoon residential real estate sales on par with May 2008 in May 2009: SRAR

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for May 2009 today, accompanied by this release.

Residential home sales remained steady in the month of May. Saskatoon REALTORS® sold 372 homes in the month of May that number up 2% from May 2008 when 363 homes were sold. Year to date 1,428 homes have sold, that number down 22% from 2008 when 1832 homes sold. May’s number indicates somewhat of a recovery in market place activity. Dollar volume for May was $103,965,000 down 5% from 2008 when $109,610,000.00 of real estate was sold.

Listing inventory continued to correct last month, REALTORS® listing 721 properties down 29% from May 2008 when 1014 properties were placed on the market. Year to date 3156 homes have been listed for sale that number down 7% from 2008 when 3406 properties were placed on the market. Home buyers had 1532 homes to select from at the end of May.

The average selling price was up from years prior to 2008.

• 2009 – $279,477.00
• 2008 – $301,957.00
• 2007 – $233,404.00
• 2006 – $162,489.00
• 2005 – $145,548.00
• 2004 – $135,532.00

Sales activity in communities around Saskatoon remained steady. REALTORS® sold 97 properties, that number up 13% from 2008 when 86 homes were sold. The average price is up slightly at $238,904.00, as compared to 2008 when the average was $233,906.00. Year to date the average price is up 5% at $241,080.00.

Summer sales and listing activity is expected to remain similar as the market continues to correct with excess inventory moving through the system. Saskatoon has been somewhat effected by the global recession but all indicators point to the local market remaining steady in the next few months.

Drop by early next week when our “Closer look at the Saskatoon real estate statistics for May” will be posted. It includes a more extensive overview of unit sales, prices and active listings of single-family homes and condominiums.

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 April 2009

The Saskatoon Region Association of Realtors recently reported April 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 353 properties across all of these property types, and an average sale price of $275,455. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

The total inventory of Saskatoon homes for sale (houses and condos) dipped ever so slightly over the month of April falling to 1,322 units from 1,328 at the end of March.

Total active listings of detached houses fell by 20 units over the previous month to finish at 847, significantly higher than the 470 single-family homes available at the close of April 2008, but still, a rather reasonable supply for this time of year. Unit sales in the same category grew to 235, up from 193 last month, and about ten percent lower than April 2008 when 261 detached houses traded hands.

The inventory of Saskatoon condos increased again, rising to 475 from 461 the month before, and reached levels nearly twice as high as the same month last year when 241 properties were showing an active status on the Saskatoon MLS. However, unit sales took a fairly sharp increase rising from 66 units last month to 110 in April, the highest number of condo sales recorded for any month since July 2008.

Increased unit sales brought the absorption rate (months of inventory) down for both houses and condos. There is currently a 3.6-month supply of detached houses (down from 4.5 last month and at their lowest level since July 2008) and a 4.3-month supply of condos (down from 7 months in March and at their lowest level since May 2008).

The average selling price of a detached house increased fairly significantly from $286,634 last month, to $312,565, falling short of last April’s average of $329,101. The median selling price gained $20,000 on a month-over-month basis rising to $295,000, down $15,500 from last April when it reached $310,500. The three-month average selling price rose by just $3,000 to $296,933, about $25,000 lower than last April’s figure of $321,124.

The average price per square foot for single-homes also came up in April gaining ten dollars on the previous month to settle at $248, roughly ten percent lower than it was last year at this time.

Condo prices also rose over the previous month, though not as substantially as single-family homes. The average selling price for the month was $219,733, about $4,500 higher than it was in March, but down from a whopping $259,467 for the same month last year. The median price gained $5,550 over last month rising to $215,500, but down nearly $30,000 from April of 2008. The three-month average was stable, month-over-month at $219,927, just $8,500 lower than last April’s number of $228,470.

The average cost per square foot for a Saskatoon condo slid just one-dollar to $213, off nearly eighteen percent on a year-over-year basis from its near peak of $261. That said, price per square foot for condos is certainly looking more stable in recent months and the steep losses experienced through the last three quarters of 2008 seem to have stopped.

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

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