A closer look at the Saskatoon real estate stats for May 2008
Residential unit sales in Saskatoon fell again in May for the third consecutive month, losing 163 sales (-34%) in the “home” category, and finishing the month at 339 units, compared to 502 in May 2007. The average selling price of a Saskatoon home (houses and condos only) fell marginally and finished the month at $305,148, compared to $306,033 the month before. In May of 2007, the average was just $233,013.
Earlier this month, the Saskatoon Region Association of Realtors reported a drop in the average selling price to $301,527 in May from $306,268 in April. Our “closer look” reveals that properties outside of the “condo and house” categories were impacted most. The average in the remaining classifications (duplex, semi-detached, vacant lots, mobiles) fell to $259,698 in May, from $304,516 the month before, skewing the overall averages down. In fact, Saskatoon home buyers paid $276 per square foot for their homes in May, compared to $272 per square foot, the month before. Basically, they settled for a little less home, for a little less money.
Once again, houses took the biggest hit when examining the decrease in unit sales. 241 units changed hands this May compared to 383 during May of 2007. Average selling prices increased from $240,089 last May, to settle at $327,392, about $1,400 less than the average in April. Again, prices per square foot were up $4 from April to $280 per square foot.
Condominium unit sales fell for the first time, but to a lesser degree than single-family homes, moving from 119 units in May of 2007, to 98 units in May of 2008. Average selling prices finished the month at $250,447, sharply higher than $210,236 recorded last year, but down a pretty good bump from April when an average of $259,975 was recorded. The price paid per square foot was up a smidge, month over month from $261 in April to $262 in May.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports
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Norm Fisher
Royal LePage Saskatoon Real Estate
3 comments so far. We'd love to hear your thoughts.
May 8th, 2009 at 1:28 PM
So by excluding duplexes and trailers the average price in May was down less??? Come on. That’s just not fair. You can’t drop the scum from the market and pretend the average is higher.
Looked at some houses today. About half seem reduced. A lot have saskhouses.com sign in garage, some told me didn’t get ANY offers so switched to MLS, and then reduced… it’s awesome. There is so much choice. I can’t see prices not dropping the next few months (unless of course you exclude all houses under 2,000 sq ft and some how the average doubles) with so many places. Really not a lot to distinguish most of them. As much as everyone bashes Stonebridge, actually nice newer houses instead of decaying older ones.
May 8th, 2009 at 1:28 PM
Dan, it’s all about skew and hasty optimism when it comes to real estate.
Why would anyone buy a resale home with all the greed going around? Oh well, Canadians are waking up from their morally blind slumber…Maybe then we can return to being a rational and social country.
When trickle-down, non-interventionist economic theory is finally dead (where it belongs), things like house prices may get a chance to offer a fair and equitable opportunity for all.
Of course, don’t expect to avoid the usual incredulity and mainstay defenses from those bleeding our country into debt and poverty.
May 8th, 2009 at 1:29 PM
Dan,
Take a look around and you’ll note that every single one of my statistical reports from the “week in review” to the “the closer look” are always based on single-family homes and condominiums. As long as this blog has been in operation, that’s what I’ve reported on. It’s because I’m in the business of “homes” and not investment property. There are at least 17 monthly reports that compare houses, condo, and both categories, and approximately 65 weekly reports based on the same categories. No spin here. Just comparing apples to apples. I also publish the SRAR monthly stats which showed the decrease across all residential categories. The “Closer Look” is a follow up to those monthly stats, meant to take a look at the numbers from the single-family home and condo perspective. For your information, the “scum” that I don’t include in these reports usually drives the averages higher. It did just that in five of the last six months. Not the case this month. Nothing to cry about really, just happens to be the way that it is this time.