A closer look at the Saskatoon real estate statistics for October 2010
On November 1, the Saskatoon Region Association of Realtors reported October 2010 results for the entire residential category of Saskatoon real estate including single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 262 across all of these property types, a decline of roughly thirteen percent compared to the same month last year when 309 residential property sales were completed. The average selling price came in at $293,929 last month for a year-over year gain of $19,050 (seven percent). This post will provide a closer look at how single-family detached homes (houses) and condominiums did in comparison to the entire residential category.
After showing a modest month-over-month increase in September, sales of houses returned to a more typical seasonal downward trend. The total units sold in October came in at 181, down from 206 the month before and lower than the 196 sold in October of 2009.
Listing inventory also eased, sliding lower from 766 in September to fall below 700 for the first time since March and closing October with 697 Saskatoon houses displaying an active status. Still, total months of inventory increased by .2 months when compared to September to finish the first month of the final quarter of 2010 with a 3.9 month supply, up from 2.8 months at this time last year.
House sale numbers in all price categories above $200,000 managed to hold their own on a year-over-year basis. All of the declines in unit sales of single-family homes could be counted in the $200,000 or lower price ranges. In spite of this change, which likely skews prices higher, the average selling price of a Saskatoon house fell lower on a month-over-month basis, slipping to $317,544 from nearly $340,000 the month before, but managed to maintain very small gains over October of 2009 when the average sale price was $312,938. The median sale price tumbled to $300,000 from $323,000 the month before to finish just four thousand dollars ahead of last October’s number. The three-month average inched up over the one-month period to $332,855 maintaining big gains on the same month in 2009 when it was just $307,106.
Saskatoon condo sales took a pretty nasty turn in October falling to just 67 units, a decline of 23 from the previous month and down from 103 units in October of 2009 to record a 35% year-over-year drop. The average number of days to sell those units increased 50% compared to last October at 62.
The total inventory of active condo listings slid nearly ten percent from the previous month to close October at 393. The corresponding decline in unit sales pushed months of available inventory substantially higher to 5.9. That’s a full month higher than it was at the close of the previous month and nearly double what it was at the close of October 2009 when there was a 3.1-month supply.
Similar trends that were discussed earlier in the overview of the decline in house sales are at play with condos. Year-over-year, thirty-one of the thirty-six-unit drop came out of the “up to $200,000” ranges. When a third of the sales are lost and nearly all of them are at the low end, prices will naturally be skewed higher. The average selling price of a Saskatoon condo slipped almost five thousand dollars from September to $246,275 by the end of October. On a year-over-year basis it managed to register a huge (17.5%) gain, up from $209,614 for the same month last year. The near absence of condo sales below $100,000 mark caused the median sale price to spike higher, gaining more than 20% on the year to close at $240,000. The three-month average also pushed higher by five thousand dollars on the month, picking up almost $24K on a year-over-year basis.
A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is 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.
Norm Fisher
Royal LePage Saskatoon Real Estate
1 comment so far. We'd love to hear your thoughts.
November 5th, 2010 at 10:38 PM
Here is some info on saskatchewan wages, jobs and population growth that doesn’t seem too gloomy. It may explain why some people are still buying.
“Saskatchewan workers continue to benefit from wage growth that significantly exceeds cost of living increases.
In August 2010, Saskatchewan workers saw, on average, a 6 per cent year-over-year increase in weekly earnings. That increase compares to a 0.8 per cent increase in the province’s Consumer Price Index over the same time period. As a result, workers saw a 5.2 per cent jump in “real earnings.”
“In yesterday’s Speech from the Throne, we heard that Saskatchewan is on a road ‘marked by strong and continued growth…growth that marks the way to a better quality of life for Saskatchewan residents,” Advanced Education, Employment and Immigration Minister Rob Norris said. “The numbers today offer a clear indication that we are seeing the benefits of continued growth in population, employment and earnings.”
Saskatchewan’s average weekly earnings of $852.99 are an all-time record for the province and the third highest in Canada after Alberta and Ontario.
Norris also said that prospects for Saskatchewan workers remain positive, noting that the province just saw a nation-leading 9.6 per cent increase in the Conference Board of Canada’s September Help Wanted Index.
“With more than 7,200 jobs currently available on http://www.saskjobs.ca, Saskatchewan’s economy has created opportunities in every corner of the province,” Norris said.