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.
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Royal LePage Saskatoon Real Estate