A closer look at the Saskatoon real estate statistics for September 2007

Note: The graphics in this post were updated on October 7, 2008 to reflect the final sale numbers as reported by agents for September, 2007. The graphics show the final figures while the commentary reflects the statistics as they had been reported as of the date of the original post.

The average selling price of a Saskatoon home (houses and condos) took a pretty big hit in September dipping well below the quarter million dollar mark and settling at $241,537 as compared to $258,508 in August. Part of the adjustment can be attributed to fewer upper end sales ($600,000 and higher) and a larger percentage of more affordable west end sales, but there’s little question that higher levels of inventory, combined with decreasing demand played a role in giving active buyers a little more clout at the bargaining table. Total units sold fell to 266 from 361 in August, a fairly typical decrease moving into the fall months.

Average selling price of Saskatoon homes in September, 2007

Prices of Saskatoon houses saw the largest decline falling to $241,401, well below the averages for the previous three months and not much higher than the number recorded back in May at $240,089. The previous high of $270,726 was recorded just a month earlier.

Average price of a Saskatoon house in September, 2007

Oddly, the average selling price of a Saskatoon condo increased again to $241,956 from $230,260 the month before. This is the first time that I can recall the average selling price of a condo being higher than that of a house.

Average selling price of a Saskatoon condo in September, 2007

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

Average selling price of Saskatoon homes down in September 2007

The average selling price of a Saskatoon home dropped to $242,091 in September, a decline of 4.3% from the all time high monthly high of $253,240 recorded in August. Depending on how you want to view it, this figure represents the lowest average selling price since May of 2007, or, a whopping 49% increase when compared to September of 2006.


Are prices actually dropping?


It’s interesting to note that there were some subtle differences in the activity which occurred in September when compared to August. Certainly, some of the decline can be explained by a close examination of the numbers.


In August, there were six residential sales recorded above the $600,000 mark for a total volume of $4,594,175. In September, there were only three sales above 600K for a total volume of $2,115,000. Those three missing sales essentially skew the average price down by almost $7,800.


I also note that in August, 69% of all residential sales recorded were in Areas 1, 2 and 3. In September, that number dropped to 60%, which obviously means there were a higher percentage of sales occurring in the more affordable west end areas.


I have my doubts that buyers actually paid less for the home they bought in September than they might have paid in August. Averages are always much more telling over a longer period of time and the numbers from the coming months are sure to paint a clearer picture.


What does it all mean?


There should be no question that things have changed.


Buyers can take some comfort in the fact that the steam has definitely come off of what could only be described as an overheated market. Active Saskatoon real estate listings reached their month end high for 2007 at 619 units. Most months this year, we’ve operated with fewer than half that number. The percentage of homes selling above the asking price is way down, and those that do sell above list price are averaging much smaller overbids. Home inspections and mortgage conditions are back on the table. In a nutshell, you have more options and more time to make prudent decisions which will presumably include a reasonable amount of due diligence.


Sellers need to be thinking more about the details. Three months ago, you could just slap up a price, and wait to see what would happen. It was almost certain that some desperate soul would come along and meet your price and terms, throwing caution to the wind, and hoping all was well when the dust settled. That little party is over, at least for now. There are many decent homes which have lingered on the market for weeks. Buyers are clearly saying, “Enough is enough.” You need to get your mind back on the “fair market value” system and put a little thought into properly pricing the home for sale. Preparation is also a factor because you now have some competition. Tidy the place up, maybe a little fresh paint. 🙂 Cleaning, de-cluttering and painting are the cheapest and most profitable improvements you can make to prepare your home for sale. Buyers are still willing to pay a fair dollar for a home which is presented well, but they’re a little reluctant to overpay for a property which needs attention.

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 August 2007

Note: The graphics in this post were updated on September 13, 2008 to reflect the final sale numbers as reported by agents for August, 2007. The graphics show the final figures while the commentary reflects the statistics as they had been reported as of the date of the original post.

The average selling price of a Saskatoon home took a substantial jump in August, recovering all which appeared to be lost in July, and then some. The average selling price of houses and condos combined climbed to $258,508 from $245,893 in July. Total unit sales dropped to 361 from 411 the previous month.

Average selling price of Saskatoon houses and condos in August, 2007

Prices of Saskatoon houses saw the larger increase when compared to condos with the average rising to $270,726 from $253,446 in July. The total number of houses sold dropped to 252 from 315 the previous month.

Average selling price of a Saskatoon house in August, 2007

The average selling price of a Saskatoon condo also increased from $221,495 last month, to a new high of 230,260. The number of units sold increased to 109 from 96 in July.

Average selling price of a Saskatoon condo for August, 2007

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 July 2007

The average selling price of a Saskatoon home fell marginally in July to $245,893 from $251,120 in June. The total number of single family homes and condominiums traded dropped to 411 units as compared to 452 in June, but still remained higher than the 308 units reported as sold last July.

Saskatoon house and condo sales for July, 2007

Prices of Saskatoon houses took the greater hit falling from $262,145 in June to $253,446 in July and further narrowing the already small gap between the price of a Saskatoon house and a condo.

Saskatoon house sales for July, 2007

The average selling price of a Saskatoon condo decreased slightly from $221,958 in June to $221,495 in July.

Saskatoon condo sales for July, 2007

It certainly feels good to begin to see prices stabilize some after many months of consecutive growth. It remains to be seen if this is temporary or if we can expect this trend to continue.

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 June 2007

The average selling price of Saskatoon homes took another substantial jump during the month of June passing the quarter million dollar mark for the first time ever. A total of 452 single-family homes and condominiums changed hands in June at an average of $251,120.

328 single family homes (houses) were sold by Saskatoon real estate agents at an average of $262,145, up from $243,006 in May.

124 condos were sold in Saskatoon at an average selling price of $221,958, an increase of over $12,000 compared to those sold during the month of May.

Note: My research shows that in May only three houses which were larger than 2,500 square feet were sold in Saskatoon. There were seven such homes sold in June. These additional sales added almost 2.5 million dollars to the total sales volume which does have an impact on average prices. For instance, if you took those 4 additional sales out of the equation you’d see average selling prices of $245,989 in the “houses and condos” category and an average of $254,523 for “houses.”


No matter how you look at it they’re still pretty big increases over a thirty day period. July and August typically bring some relief for buyers. Will the Saskatoon real estate market continue to see these dramatic increases over the summer months or are we nearing the end of this bull run? Please let me know what you’re thinking.

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