Saskatoon house sales bucked normal seasonal trends and took a big gain on a month-over month basis, climbing by twenty-seven units from October to 208 sales. House sales gained even more on a year-over-year basis with an additional 40 homes trading compared to last November for a gain of nearly twenty-five percent.

Listing inventory took a big slide over the month falling from 697 to 575. The combined effect of higher sales and declining listings pushed total months of available inventory sharply lower from October by 1.1 months to just a 2.8-month supply, below even last year’s number by 0.2 months. Still, the total number of house listings on the Saskatoon multiple listing service stood higher than last November’s 500 units.

The average selling price of a Saskatoon house came in at $326,191 for a gain of nearly nine thousand dollars compared to October, and up more than twenty-six thousand dollars when compared against the same month last year. The median price edged higher gaining $6900 on the month to $306,900. It picked up nearly twenty-five thousand dollars from the same month a year ago. The three-month average edged lower from last month to $328,000 for an annual gain of about twenty-three thousand dollars.

Saskatoon condo sales continued to decline slipping six units from the previous month to finish November at just sixty-one sales, well off of the seventy-six units that sold in November of 2009.

The total inventory of active condo listings fell by ten percent, just as it did in October. At the close of the month there were still 362 units available for sale, roughly twenty percent higher than it was at this time last year. Total months of inventory remained steady at 5.9 compared to October, but was up substantially compared against November of 2009 when the supply had dropped to 3.8 months.

Some strong sales activity at the upper end of the Saskatoon condo market, including three sales that accounted for more than two million dollars in volume, pushed prices to records levels. The average selling price closed November at nearly $280,000 to record a monthly gain of twenty-eight thousand dollars and an annual gain of more than thirty thousand. The median price moved up seventeen thousand dollars from the month before to reach its peak for the year, $257,000. That’s thirty-three thousand dollars higher than last November. The three-month average grew to $255,582 picking up nearly ten thousand dollars on the month for a year-over-year gain exceeding thirty thousand dollars.

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

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

After four consecutive months of slow declines, Saskatoon house sale numbers inched up slightly on a month over month basis, finishing just two sales ahead of August at 206. Year-over-year declines continued as sales fell by thirty units, or fourteen percent when compared against the same month last year. Once again, sales of houses below $350,000 took a real beating falling from 178 in September of last year to 130 a year later. At the same time, sales of houses in the $351,000 and higher range increased from 58 units a year ago to 75 sales this September.

The inventory of available homes in the single-family category declined marginally over the past month falling from 773 at the close of August to finish September at 766. Combined with more stable unit sales, the small decline had the effect of lowering “months of inventory” which fell to 3.7, down by just 0.1 months. Compared to September of 2009, total months of inventory grew substantially from a low 2.5 month supply.

For the second month in a row the shifting in the price ranges of houses that sold wreaked havoc on the average selling price of a Saskatoon house, pushing it to its highest point ever, $339,692 to eclipse its previous record set in June of 2008 by just $114. That number is up roughly twelve percent from September 2009. Naturally, the median price remained high at $323,000 gaining $1,000 on the month and $28,000 on a year-over-year basis. The three-month average selling price picked up $6,000 over August numbers to finish the month at $331,822 up from $308,882 in September of last year. The average price per square foot paid for a Saskatoon house also saw a jump of about eight percent on a year-over-year basis, climbing from $246 last year to $266.

Saskatoon condo sales slipped low again for the third consecutive month, sliding from 95 in August to 90 in September. At the same time, condo sales dropped just seven units from the same month last year, a decline of seven percent, roughly half of the drop than we saw in single-family homes. We see a similar shift in the price range of condos that are selling as unit sales below $250,000 drop from 71 in September of last year to 54. Sales of Saskatoon condos from $251,000 and higher experience an increase from 26 units a year ago to 36 units this year.

Condo inventory closed the month of September sharply lower on a month-over-month basis falling a little more than ten percent to 437 units, still a fair bit higher than it was at the close of the same month last year when just 351units showed an active status on the Saskatoon MLS system. Total months of inventory slipped slightly lower over the month to finish just below the five-month mark, up from 3.6 months a year ago.

The average selling price of a Saskatoon condo approached record levels hitting numbers that seem to defy all logic. The average for the month was $250,917, up from $241,440 in August and higher than the $226,271 recorded in September of 2009. The median selling price remained stable when compared to the previous month coming in at $234,000 to record a gain of $17,000 over the same month last year. The three-month average showed a small decline on the month slipping to $243,378 to maintain a gain of roughly $17,700 over the same month in 2009. The average price paid per square foot of Saskatoon condo was up to $251 in September, up from $219 a year ago.

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

House sales continued to decline, slipping 20 units compared to July to settle at 204, roughly twenty-four percent behind last August when 268 Saskatoon houses changed hands. After showing a decline in July, active house listings moved higher again in August gaining 40 listings to finish the month at 773. Last year at this time, single-family inventory sat at 651 so the additional 122 properties produce a gain of nearly nineteen percent over last year. The total months of supply of houses grew to 3.8 months, up .5 months from July, and .4 months ahead of where it was last year at this time.

The average selling price of a Saskatoon house surged higher reaching a near record level of $337,614 to mark a gain of more than $18,000 on the month and finish ten percent higher than it was at the close of the same month last year. The median price jumped even more, moving $21,000 compared to July and $30,000 year-over-year. The three-month average selling price gained nearly $5,000 from last month and finished more than $17,000 higher than it was at this time last year.

I wrote a bit in this post about a skewing of the average numbers that occurred in August because of a significant decline in the number of sales below the $300,000 mark and a small increase in the number of homes that sold in price ranges above $300,000. I believe that at least some of the gains we’ve seen in this month’s average are artificial (not reflective of actual value changes), caused primarily by a change in what types of houses have been selling. The price per square foot (PPSF) numbers seem to support that. The PPSF of a Saskatoon house fell to $242 from $252 last August. Last month’s PPSF is the lowest recorded for any month this year, and well off of the $270-$275 that it has been running at since April. Some of the decline can be explained by the fact that larger homes traded this August (PPSF generally declines as house size increases) but regardless of how you chose to view things, it would be difficult to make a strong argument that prices are actually up ten percent when the PPSF is down by nearly as much. It simply doesn’t add up.

Saskatoon condo sales also took a slide falling to 95 units from 113 the month before, and 112 in August of last year. As demand softened, the supply of active condominium listing available through the multiple listing service edged up 26 units to finish the month at 489, roughly twenty-four percent higher than it was at the same time last year when condo inventory had fallen to 381. The total months of supply based on recent sales took a huge leap gaining a whole month compared to July and 1.7 months compared with the close of August 2009. It currently sits at 5.1 months, its highest point since March of 2009 when it reached 7 months.

Following a five percent slide in the average selling price of a Saskatoon condo through July, prices bounced back a bit as the average gained nearly $2,500 over the previous month to close August at $241,440 and record a year-over-year gain of about $9,500. The median price climbed $11,000 over the month to hit $234,000 and finish $9,000 higher than it was at this time last year. The three-month average remained solid at $244,236, up $22,000 from the close of August 2009.

The average PPSF paid for a Saskatoon condo grew by just two dollars over the month to finish August at $235 and record a gain of about seven percent compared to this time last year when it was at $219. The gain is somewhat smaller than we see in the three-month average selling price, which has grown by ten percent in the same period. Unlike single-family homes, which saw a substantial change in the size of the product that traded, the average size of the condos that sold in August were pretty comparable to last year at 1,025 square feet.

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

House sales trailed off slightly on a month-over-month basis, but fell quite significantly when compared against last July. The month closed with a total of 228 houses changing hands, down just four from June, but nearly twenty-three percent lower than the 294 sales recorded in July of 2009.

Active listings in the house category dropped at a faster pace than sales. At the close of July, there were 733 detached houses available for a total supply of 3.3 months. That number represents a drop of 0.4 months compared to June, but it’s well above the 2.5 month supply that existed at the same time last year.

The average selling price of a Saskatoon house inched lower losing nearly three thousand dollars compared to June, but remained higher on a year-over-year basis by four thousand dollars. The median selling price of a house slipped even further, falling ten thousand dollars over the month to finish at $301,000, just two thousand dollars higher than it was at this time last year. The three-month average selling price remained towards the peak price for the year at $321,060, down thirty-six hundred from June and up about eleven thousand from July 2009.

Saskatoon condo sales also took a dip, though not nearly as seriously as houses. July closed with 113 firm deals, down seven sales from June and below last year’s numbers by sixteen units.

The number of Saskatoon condos for sale slid slightly for the second month in a row. July closed with inventory totaling 463 units. However, softer sales pushed the total months of supply higher by 0.2 months to close July with a 4.1 supply, roughly thirty percent higher than it was at this time last year when just a 3 month supply of condos existed.

The average price of a Saskatoon condo took a big hit in July after reaching its annual peak in June. It slid more than eleven thousand dollars over the month to settle at $239K, nearly nineteen thousand dollars higher than it was last year during the same month. The median price slid nearly six thousand dollars on the month to $223,000 but managed to maintain year-over-year gains of nearly thirteen thousand dollars. The three-month average selling price inched up on a month-over-month basis to hit its highest number this year, $244,582 and record an annual gain of roughly twenty-nine thousand dollars.

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.

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

Single-family detached home sales remained steady compared to the previous month with 232 reported sales, down sharply from June of last year when 298 houses changed hands. The average number of days to sell rose from 26 to 34 on a month-over-month basis, still well below the average selling time of 42 days during June of 2009.

The inventory of active house listings edged up slightly gaining fourteen units compared to the previous month to close June with 836 available properties, up from 818 at the end of the same month in 2009. The lower number of unit sales pushed the total months of available supply marginally higher to 3.7 months.

The average selling price of a Saskatoon house advanced by just a thousand dollars compared to the previous month but gained over $19,000 over the previous year to finish the month at $322,275. The median price paid for a single-family home actually fell $4,000 from May to $311,000 to record a gain of $16,000 compared to June of last year. The three-month average moved higher to $324,671 for a year-over-year gain of nearly $20,000. On a month-over-month basis, the average cost per square foot stayed fairly level but it increased about eight percent on a year-over-year basis from $249 to $270.

While house sales continued to cool for the second consecutive month Saskatoon condominium sales remained strong and stable. 120 units changed hands during the month, up from 117 in the month of May and just slightly lower than the 123 units that sold in June of 2009.

After showing a substantial increase during the month of May, condo inventory declined by 33 units to finish the month at 470 units, nearly 15% higher than it was in June of last year when 411 condos were available. Strong sales and modest inventory declines moved “months of inventory” in the opposite direction of single-family homes. The total months of supply declined by 0.4 to finish at 3.9.

Saskatoon condo prices took another step higher for the third consecutive month reaching $251,376, the highest average selling price since it last peaked in April of 2008. The median price followed climbing roughly $23,000 from June of last year to reach $238,750 while the three-month average grew $27,000 to close the month at $242,102.

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.

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

Single-family detached home sales softened through the month of May falling to 232 units, down nineteen from April to fall short of last May’s numbers by fifteen homes. Those that did sell moved far quicker (twenty-eight days) than they did during the same month last year when houses took an average on forty days to sell.

The inventory of active house listings continued to push higher but still fell short of last year’s highs. At the close of the month 822 single-family homes were showing an active status on the Saskatoon multiple listing service. That number represents a gain of one hundred units over the month and a decline of sixty-nine on a year-over-year basis. Still, housing inventory took a big step into more of a “balanced market” territory as the “months of supply” expanded from 2.9 months at the end of April to 3.5 months by the end of May.

Average house prices inched lower to $321,263 dropping by about $8,600 when compared to April. The average selling price of a Saskatoon house was up just under ten thousand dollars when compared with May of 2009. The median slipped lower by three thousand dollars on a month-over-month basis falling to $315,000 and recording a gain of twenty thousand dollars on the year. The three-month average pushed up slightly to $320,946 and also finished up by roughly twenty thousand over the past twelve months. Only eight single-family home sales were recorded above the $500,000 mark in May whereas April produced twenty sales in that range. April’s price numbers were certainly skewed higher by this unusually larger number of sales at the market’s high end.

While house sales began to cool off Saskatoon condominium sales remained strong. 117 units changed hands during the month, up from 104 in the month of April and just slightly higher than the 111 units that sold in May of 2009.

Condominium inventory spiked higher through May reaching 503 by the end of the month to bring us the first year-over-year inventory gain that we’ve seen in nearly twelve months. Total condo inventory moved up from 444 at the close of April to finish May above last year’s number of 480. Still, increased demand kept the “months of inventory” from swelling further. It remained steady at a 4.3-month supply following a big jump in April when it moved to up from just 3.2 months in March.

Saskatoon condo prices surged forward again with the average selling price reaching $242,998, up nearly thirteen thousand dollars from last month. The year-over-year gain was substantial moving more than fifteen percent from $210,544 last May. The median selling price showed similar gains climbing $26,000 over the past year to $235,000. The three-month average moved up less gaining just one thousand dollars from April and seventeen thousand dollars 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.

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

Single-family detached home sales pushed slightly higher on a month-over-month basis reaching 251 units, a gain of just seventeen sales compared to last month. Typically, we expect to see a larger ramping up of sales as we move into April but that bump is absent this year. Still, April single-family home sales did exceed those recorded during the same month last year when just 235 houses changed hands.

The inventory of active house listings continued to pick up some steam moving higher by 118 listings over the course of the month to reach 722. That’s still 125 units fewer than were available at this time last year but the large gap that has existing in year-over-year active listing inventory numbers is narrowing. From a “months of supply” perspective, the inventory of single-family homes grew by 0.3 months in April but remained just below three-months, a reasonable balance of inventory. Some supply issues remain for buyers of houses priced under $350,000 where the supply falls to less than two months creating ideal conditions for sellers.

Average house prices headed for higher ground in April moving nearly nineteen thousand dollars from the previous month to finish at $329,871. That represents a gain of nearly ten percent when compared with April of 2009 when the average selling price of a house in Saskatoon was $300,900 but it doesn’t tell the whole story. Sales of houses priced above $500,000 were sharply higher last month when comparing their performance against the first quarter of the year, and more than double what they were in April of last year. This past month saw twenty house sales above that mark, compared to nine during the same period last year, and just twenty-two for the entire first quarter of 2010. When the $500,000 and higher price category doubles its share of sales you naturally get this upward push even if prices had stayed relatively stable.

Saskatoon condominium sales showed similar struggles getting into the spring groove posting sale numbers that were lower month-over-month, and year-over-year. Saskatoon real estate agents reported just 104 firm condominium sales, seven fewer than we saw in March and down by six compared to April of last year. Given the heat in the condo market through the first quarter of the year, we probably shouldn’t be surprised. As of April 30, 343 condos had already been sold for the year, a gain of seventy-five over the same period last year.

Condominium inventory came on pretty strong growing by nearly twenty-five percent over the month to finish at 444 homes, not far below the 475 condos available at the same time in 2009. Weaker sales and lots of new listings caused a significant jump in the overall supply as total “months of inventory” swelled to 4.3 picking up a gain of over a month. The line on our condo listings graph appears to have some upward momentum and I’ll be surprised if we don’t start seeing numbers in this category exceed those of 2009 in the near future.

Condo prices moved in the same direction as houses posting gains on the month and the year. The average price of a Saskatoon condo came in at $230,394, up nearly nine thousand dollars from the previous month and roughly eleven thousand dollars higher than April 2009. Sales of condos above the $300,000 mark came in at the expected range with 17 units sold, just a few more than what traded in the same month last year so we’re not seeing the upward skewing of prices that occurred with single-family homes.

In summary, there does appear to be a softening of demand occurring in the Saskatoon real estate market. Typically, unit sales peak in May and then begin a slow descent through the balance of the year. The inventory of listings saw some pretty aggressive growth over the last week of March and the first three weeks of April, but since then there has been a noticeable softening in the overall numbers and it looks like active listings could also reach their peak in May as they did last year.

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

As one would expect at this time of year, single-family detached home sales pushed higher on a month-over-month basis reaching 234 units, a gain of eighty-two sales compared to last month and handily beat the 193 sales that occurred in this category last March.

The inventory of active house listings also saw substantial growth as it picked up an additional 134 units over the month to finish at 603, about thirty percent lower than it was at this time last year when 867 detached houses displayed a for sale sign. Increased demand trumped a greater number of listings causing the total “months of available inventory” to shrink by one half of a month to just 2.6 months, a clear seller’s market. Interestingly, that seller’s market is fairly clear to about the $400,000 mark where the tide turns quickly and aggressively to a buyer’s market with a supply of homes greater than seven months.

Surprisingly, house prices softened some and I expect that it was largely the type of homes that traded that made the difference. The average size of the homes that sold in March was smaller by about eighty square feet compared to those that sold the month before. The average price for March was $311,060; about four thousand dollars lower than February’s figure, but up roughly twenty-four thousand dollars from the same month last year. The median sale price also moved lower from the month before falling $7,500 to $305,000 to beat last year’s number of $275,000 by more than ten percent. The three-month average dropped five thousand dollars month-to-month to $309,605 and finished ahead of the $293,973 recorded last March.

Saskatoon condominium sales showed continued strength increasing more than fifty percent from the previous month to reach 111 units and recording a huge gain compared to March 2009 when just 66 properties traded.

Active listings also showed growth picking up 52 additional homes over last month to finish at 357, down about one hundred units from the same month last year. Total “months of available inventory” slid hard dropping 1.1 months to a 3.2-month supply. There’s no doubt that condos are once again the hot item as entry-level buyers scramble to enter the market. Inventory is at its lowest in the $200,000 to $250,000 range where just a 2.3 month supply exists. Once again, there’s nothing but selection when you move to the upper end of the market with a near fifteen-month supply of condos priced above $300,000. If you’ve got the budget to be in this price range you’re definitely bringing some clout to the bargaining table.

Condo prices took a downward slide in March thanks to the absence of upper end sales that skewed February’s numbers higher. Last month’s averages included both of the only over $500,000 condos to sell so far this year and that caused a spike that corrected itself this month. The average selling price of a Saskatoon condominium was $221,530; about six thousand dollars higher than it was in March of last year. The median slid twenty thousand from last month to $225,000, roughly ten thousand dollars higher than the same month last year. The three-month average finished lower than the previous month at $226,834 too record a gain of $6,600 compared to the same month last year.

In a nutshell, unit sales are reasonably strong in comparison to last year, but of course, last year was well below average. As noted in our recent post on SRAR’s media release for March, sales are just marginally above the five-year average. Of course, we’re dealing with far less selection than we’ve had over the past couple of springs, particularly in the $250,000-$350,000 range so that product is moving fairly quickly and commanding a strong dollar. As soon as you cross the $400,000 range ($300,000 in condos), price seems to be much more of an issue. Homes that are overpriced, even by small amounts, seem to be met with disinterest and fail to attract offers. In some cases they don’t really see much for showings.

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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Single-family detached home (houses) sales pushed higher on a month-over-month basis reaching 152 units, a gain of thirty-seven sales compared to the previous month, and topping last year’s rather lackluster performance by just five units. To nobody’s surprise, active listings also grew over the course of the month. Through February, Saskatoon house inventory had grown by eighty-three units to finish at 469, well below the 761 houses available at the same time last year. In spite of inventory growth, increased unit sales caused the “total months” of available inventory to drop to 3.1, down from 3.4 at the close of January.

Stronger demand and less selection added up to a swing in favour of local sellers as houses recorded gains which were frankly, stronger than I had anticipated. The average selling price of a Saskatoon house came in five percent higher than the previous month at $315,000, still a fair bit off of the peak, but higher than the same month last year when houses brought an average of $305,130. The median soared to $312,500 to record a gain of nearly thirty thousand dollars compared to January and thirty-three thousand dollars higher than February 2009. The three-month average selling price grew by six thousand dollars in a month to record a gain of twenty-two thousand dollars over the same month last year.

The average price per square foot paid for a Saskatoon house also grew, though not as sharply as the other measures. Saskatoon home buyers paid $255 per foot in February, up seven dollars from the month before, and just three dollars more than the average in February 2009.

Sales of Saskatoon condominiums showed greater strength through February as seventy-one firm sales were reported to the multiple listing service, up from fifty-eight the month before and eighteen more than the same month in 2009. Inventory grew by fifty-three properties over the month to 305, twenty-five percent lower than the 412 units that were available a year ago. The increase in both supply and demand pretty much balanced out and total supply of available inventory remained steady at 4.3 months.

Even though the inventory situation was far more stable for condos than houses, prices headed towards record territory as the average selling price of a Saskatoon condo spiked nearly thirty-three thousand dollars on the month to gain more than twenty thousand dollars year-over-year. The median price moved about the same amount to close the month at $245,000 and gaining about nineteen thousand dollars over February 2009. The three-month average was far less spectacular with gains of just fifteen hundred dollars for the month and growth of three thousand dollars compared to the same month last year.

The average price paid per square foot for a Saskatoon condominium was also higher than last month by nine dollars reaching $236 for a gain of thirteen dollars from the previous February.

In a nutshell, unit sales are weaker than expected given the pending mortgage rule changes that take effect on April 19. Saskatoon real estate prices, especially condos are showing more strength than I had anticipated. Considering that most people wouldn’t touch a condo with a ten foot pole at this time last year it’s a mystery to me how we could be talking about year-over-year gains of nearly nine percent today.

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.

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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Single-family detached home (houses) sales fell flat in Saskatoon during the month of January, finishing with just one hundred and fifteen firm sales, lower than December by nearly two-dozen units and well off of the one hundred and sixty-four properties sold in January of 2009. The inventory of available houses edged higher by thirty-one units from the previous month to three hundred and eighty-six homes. Lower sales and a larger inventory pushed the absorption rate (months of inventory) up nearly a full month to 3.4 and while remaining on the low side of “normal” reached its highest level since April of 2009. Active listings remained well below levels seen last year when buyers had six hundred and eighty-eight single-family homes to choose from.

After a strong finish to 2009 house prices moderated on a month-over-month basis by all three measurements that we tracked, but continued to show gains year-over-year. The average selling price of a house tumbled nearly thirty thousand dollars from last month, falling below $300,000 for the first time since March of last year but maintaining annual gains of just over six thousand dollars. The median selling price was down seventeen thousand dollars on the month to $283,000, not quite six thousand dollars higher than it was at the close of the same month last year. The three-month average inched lower by four thousand dollars to reach $308,633 and recorded a gain of over seventeen thousand dollars on a year-over-year basis.

The average price per square foot paid for a Saskatoon house also fell, though not as sharply as the other measures. Saskatoon home buyers paid $248 per foot in January, down five dollars from the month before, and just two dollars more than the average in January 2009.

Sales of Saskatoon condominiums also slipped from the month before but managed to eek out some modest year-over-year gains as a total of fifty-eight units traded, just four fewer than December, and fourteen properties higher than the same month in 2009. Active listings finished lower by just three units when compared to the previous month with just two hundred and fifty-two available homes, down from three hundred and sixty-three a year ago. Months of inventory remained steady from one month to the next, and year-over-year at 4.3.

The price of Saskatoon condos slipped lower in all three categories. The average sale price came in at $214,072 losing more than fourteen thousand dollars from the previous month, and down a little better than six thousand dollars from January 2009. The median price slid nine thousand from last month to $213,700 to show a loss of roughly $6K from a year earlier. The weakest month for condos prices last year was October, and as that month fell out of the three-month average calculation this measure managed an upward push to $229,423 to show a gain of nearly five thousand dollars from last month and an increase of just under two thousand dollars on the year.

The average price paid per square foot for a Saskatoon condominium was higher than last month by three dollars reaching $227, a gain of fourteen dollars from the previous January.

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.

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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Single-family detached homes (houses) continued on a seasonal downward trend following the same path as last year. Unit sales totaled 137, a hefty drop from the previous month when Saskatoon real estate agents reported 168 houses sales, but well ahead of last December’s sales of just 109. Active house listings declined even faster falling from 503 at the end of November to just 355 by year-end, nearly fifty percent fewer than were available at the close of December of 2008. The drop in inventory levels is even more pronounced when viewed as “months of inventory” available, falling from 6.2 at the end of 2008 to just 2.6 by the close of 2009.

As inventory found its way lower, prices moved higher. The average selling price of a Saskatoon house recovered from a pretty good dip in November and increased from $300,153 to $328,083 over the month, nearly twenty percent higher then it was for December of last year. It’s important to note that the average size of the homes, which sold also increased by ten percent on a year-over-year basis so a good portion of that increase can be accounted for in that factor. Still, the three-month average moved up by more than seven thousand dollars from one month to the next and the median moved nearly seventeen thousand dollars from last month.

The average price per square foot paid for a Saskatoon house also moved back to October levels after dipping in November. The average came in at $253 per square foot, up eight dollars from the previous month and twenty-two dollars higher than the same month in 2008.

Sales of Saskatoon condominiums fell to sixty-two units, down fourteen from the previous month but ahead of 2008 when forty-four properties traded hands. Active inventory dipped from 292 at the close of November to 255 by the end of the year, a decline of roughly thirty-three percent from the year before when 381 condo sported a for sale sign. “Months of inventory” for Saskatoon condominiums fell more than fifty percent over the past twelve months from 8.7 months last December to 4.1 months today.

While larger single-family homes were popular in December, smaller condos won more sales this year. Condo prices moved lower on the month, and on the year, in spite of a significantly improved inventory situation. The average selling price of a Saskatoon condo dropped about thirteen thousand dollars compared to November to reach $228,832, roughly eight thousand dollars lower than last December. The three-month average was stable from one month to the next at $224,593, but down forty-five hundred dollars from December of 2008, while the median selling price gained thirteen hundred dollars from a month ago and six thousand dollars on the year.

The average price paid per square foot for a Saskatoon condominium slid six dollars from November to finish at two hundred and twenty-four, up five dollars from December 2008, and higher on a year-over-year basis for the second month in a row.

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 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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Single-family detached home (houses) sales remained strong for the season slipping to one hundred and sixty-eight units, down from one hundred and ninety-six in October, but up from one hundred and thirty-two sales in November of 2008. The total number of houses available at the close of November was five hundred and three, a drop of fifty-three units compared to last month and well below the eight hundred and eighty-two homes that were in the inventory at the close of November 2008. The absorption rate (total months of inventory) for detached houses grew to three months over the past thirty days, an increase of 0.2 months. Last year at this time there was a near seven-month supply sitting on the market.

House prices, by all three of the measures we use showed declines, some more seriously than others. The average selling price of a Saskatoon home slid nearly thirteen thousand dollars over last month to $300,153, just slightly lower than the $302,508 figure recorded last November. The median sale price tumbled close to sixteen thousand dollars month-over-month to reach $282,250, just behind last November’s number of $285,000. The three-month average slipped just sixteen hundred dollars from October’s close to $305,513, about forty-five hundred dollars lower than it was in November of 2008.

The average price per square foot paid for a Saskatoon house also showed a downward dip during the month of November slipping six dollars to two hundred and forty-five but remained higher on a year-over-year basis for the second consecutive month. In November of 2008, the average price paid per square was two hundred and forty-two dollars.

Sales of Saskatoon condominiums showed some continued strength, but came off of some pretty lofty numbers recorded in October. Total condo sales came in at seventy-six, down from one hundred and three last month, but a full one hundred percent higher than November 2008 when just thirty-eight condos were reported sold by Saskatoon real estate agents. Inventory fell from three hundred and twenty units last month to two hundred and ninety-two by the close of November, down from four hundred and ninety-three at the same time last year. The absorption rate from condominiums took a pretty steep jump climbing 0.7 months to 3.8 months over the month but remained sharply lower than the near thirteen month supply that existed at this time last year.

Condo prices did a total about face and showed gains that dwarfed the apparent losses in the single-family home category. Without a doubt, much of the change can be explained away by high-end sales including three units that averaged almost $700,000 a piece. The average selling price of a Saskatoon condo jumped nearly thirty-two thousand dollars over the previous month to a whopping $241,620, more than twelve thousand dollars higher than the average during the same month last year. The median sale price was up nearly twenty-two thousand on the month, also up on a year-over-year basis by close to eight thousand dollars. The three month average rose just under two thousand dollars compared to last month and remained lower than last November by roughly six thousand dollars.

The average price paid per square foot for a Saskatoon condominium also increased rising to two hundred and thirty dollars, up from two hundred and seventeen dollars last month, coincidentally where it also sat during November of last year.

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 available 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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon single-family home sales remained strong through the month of October posting an impressive one hundred and ninety-six sales, down from two hundred and thirty-six last month but ahead of last October by thirty-four properties. On average, Saskatoon houses took thirty-nine days to sell, the same time as last month, and on par with the same month last year. The inventory of single-family homes showing an active status at month end was five hundred and fifty-six, down forty-four properties from last month, and far below inventory levels at this time last year when nine hundred and ninety Saskatoon houses were available. In spite of a month-over-month drop in active listings, the total supply of available houses increased from 2.5 months in September to 2.8 months by the end of October.

The average sale price of a house in Saskatoon gained some traction and climbed nearly ten thousand dollars month-over-month to reach $312,938 and trumping the average price from October of last year by roughly two thousand dollars. The median selling price finished up one thousand dollars from September and six thousand dollars higher than last year at $296,000. The three-month average price for a Saskatoon house dipped nearly two thousand dollars from last month to $307,106 or about four thousand dollars lower than the same month in 2008.

The average price per square foot of a Saskatoon house gained five dollars over last month to finish at two hundred and fifty one dollars, just below this year’s peak of two hundred and fifty-two dollars in February and slightly higher than last October’s figure of two hundred and forty-seven dollars per square foot.

Once again, Saskatoon condominium sales were exceeding all expectations as lower prices pushed unit sales higher to one hundred and three units, a gain of six properties from September, and up a whopping one hundred and fifty percent from October 2008 when just forty condos traded. Active condo listings continued to decline falling to three hundred and twenty units, down thirty-one from last month and about forty percent lower than last year when five hundred and thirty Saskatoon condos were available. The total supply of condo inventory actually fell from 3.6 months in September to 3.1 months by the close of October. The average days on the market remained steady at forty-one.

The average selling price of a Saskatoon condominium fell again, but more sharply in October than it did in September. Lower prices were fueled by ten area four sales that sold at less than $100,000. The average price finished at $209,614, down nearly sixteen thousand dollars from last month, and fifteen thousand dollars below last October’s figure of $224,919. The median price slid even further dropping nineteen thousand dollars from last month to $198,000 and closed the month twelve grand below last year’s median of $210,000. The three-month average fell three thousand dollars month-over-month to $222,485 and finished lower than last October by about eight thousand dollars.

Changes to the average cost per square foot for a Saskatoon condo were far less dramatic as it dropped just two dollars compared to September and finished the month at $217, fourteen dollars lower than the same month last year.

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.

Map displaying the boundaries of Saskatoon real estate “areas”
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 single-family home sales continued to show remarkable strength gaining twenty-nine percent over the same month last year to finish September at two hundred and thirty-six units, twelve percent lower than August. Active house listings continued to slide, falling to just six hundred properties, eight percent lower than the close of August, thirty-three percent lower than this year’s peak of eight hundred and ninety, and forty-three percent lower than last September when 1,053 Saskatoon houses were for sale. Technically, while inventory continued to fall in real numbers, seasonally slower sales moved the months of inventory slightly higher from 2.4 months to 2.5 months.

The average sale price of a house slipped about thirty-four hundred dollars on a month-over-month basis to finish September at $303,028, more than sixteen thousand dollars lower than the same month last year and more than thirty-six thousand dollars off of the peak price of $339,548 which was reached in June of 2008. The median sale price recovered to $295,000, up nearly five thousand dollars from last month and matching last September’s number. The three-month average gained four hundred dollars over the previous month and finished just over eight thousand dollars lower than it was in September of 2008.

The average price per square foot of a Saskatoon house returned to July levels as it slid back to $246 after an August bump pushed it higher to its peak for 2009 of $252. That’s roughly eight percent lower than it was in September of last year, and about thirteen percent off of the peak of $280 that we saw in May of last year.

If house sales were “strong,” condo sales were through the roof. The number of Saskatoon condos that sold last month doubled over the same month last year reaching ninety-seven units, approximately thirteen percent below the month of August when one hundred and twelve condos traded hands. The inventory of condos fell eight percent from last month, finishing at three hundred and fifty-one properties, down thirty-two percent from the same time last year. “Months of inventory” grew slightly more in the condo category than single-family detached houses did, rising to 3.6 months from 3.4 months at the close of August.

The average selling price of a Saskatoon condominium lost some of its August gains falling roughly five thousand dollars to $226,271, sixteen thousand dollars lower than it was in September of last year. The median price fell eight thousand dollars from the month before to $217,000, twelve thousand dollars behind the same month last year. The three-month average actually took some gains to finish up about thirty-six hundred dollars from August at $225,597, about nine thousand dollars lower than it was last year at this time.

The average cost per square foot for a Saskatoon condo remained unchanged on a month-over-month basis at $219, roughly ten percent lower than September of 2008 when it sat at $240, and about sixteen percent below the peak in May of 2008 when it reached $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.

Map displaying the boundaries of Saskatoon real estate areas
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 single-family home sales took a small dip in August falling to 268 units, down from 294 in July, but up significantly compared to the 150 properties that traded in August of 2008. The number of houses for sale within the city of Saskatoon also slid falling by ninety units compared to last month to finish August at six hundred and fifty-one, down nearly forty percent from the same month last year.

The average sale price of a house fell from $315,768 in July to $306,440 in August, which was just a few hundred dollars higher than it was in August of 2008. The median price took a similar slide falling to $290,250 from $299,000 the month before and finishing just $750 behind the median for last August. Following seven consecutive months of gains which moved the three-month average nearly twenty thousand dollars higher, this measure came in about $1400 lower on a month-over-month basis but lagged behind last year’s number by nearly sixteen grand.

Meanwhile, the average price per square foot for a Saskatoon house increased, climbing six dollars from last month to two hundred and fifty-two dollars, seventeen dollars less than the average for last August.

The number of Saskatoon condos that are currently for sale continued to fall, though far slower than the single-family home inventory has adjusted. At month end, three hundred and eighty-one condos showed an “active” status on the Saskatoon MLS system, down just twelve properties from July, but well off of the four hundred and ninety-nine condos available at this time last year. Unit sales showed some strength falling just seventeen units from July to finish at one hundred and twelve sales, nearly eighty-percent up on the same month in 2008 when just sixty-two Saskatoon condos sold.

The average selling price of a Saskatoon condominium rose for the third consecutive month, increasing nearly eleven thousand dollars from the month before to $231,042 and finishing up close to five thousand dollars compared to August 2008. The median took an even stronger jump increasing nearly fifteen thousand dollars to $224,950, up from $209,000 last year. The three-month average selling price finally moved ahead ending a year of declines and finishing at $221,965, sixteen thousand dollars lower than it was at this time last year. Condo prices were skewed higher by twenty-two sales above the $300,000 mark, including two that topped a half million dollars.

The average cost per square foot for a Saskatoon condo also made some gains climbing eight dollars from its near two-year low of $211 to $219, twenty-two dollars lower than it was in August of last year.

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.

Map displaying the boundaries of Saskatoon real estate areas
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.

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

Sales of single-family homes in Saskatoon remained fairly steady through July, ending just four units short of June’s numbers at 294 properties, but sharply higher than July 2008 sales when 228 houses changed hands. In July of 2007 when sales were at their peak, 315 houses were reported sold. Active listings in the single-family home category slid to their lowest level since January reaching 741 units, down from 818 last month. At this time last year the inventory of Saskatoon houses for sale sat at 976.

The average sale price of a house rose on a month-over-month basis climbing more than $11,000 to $315,768, but remained down when compared to last July when it slid from its peak to $322,715. The median price grew marginally to $299,000, down just $1,000 from the same month last year. The three-month average saw similar growth rising about $4,500 from June to finish at $309,871, still nearly $20,000 lower than last July’s three-month average of $329,610.

Interestingly, the average price per square foot for a Saskatoon house declined slightly in July, on both a month-over-month basis, and year-over-year. This measure came in at $246, just three dollars below June’s average, but a full twenty dollars lower than July of 2008.

Saskatoon condo sales also picked up a bit of traction but not to the same degree as houses. Unit sales climbed six compared to June to finish the month at 129, up eighteen from 111 in July of 2008. Active listings also declined in the condo category, but just marginally. At the end of July, 393 condos were displaying an active status on the Saskatoon MLS system, down eighteen properties when compared to last month and twenty-five fewer than the same month last year.

Condo prices showed less movement through July but the average selling price still managed to climb about $5,000 from June to settle at $220,363, approximately $16,000 behind last July’s average. The median sale price increased one thousand dollars from last month to reach $210,000, but remained down year-over-year by $10,000. The three-month average price remained steady from one month to the next at $215,672 but showed losses of nearly twelve percent compared to last year when it hit $244,634.

The average cost per square foot for a Saskatoon condo lost all of the gains that it made in June sliding six dollars to $211, roughly fifteen percent lower than last July when it hit $248 and at its lowest point in more than two years.

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

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

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

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

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

The inventory of Saskatoon homes for sale continued on an upward path through March. Active listings of detached houses grew by just over 100 units on a month-over-month basis and settled at 867 by month’s end. That’s a fair bit higher compared to March of 2008 when just 470 houses were available for sale on the local MLS system. On the positive side, the number is up by less than 100% over the previous year for the first time in many months. Unit sales of single-family homes came in at 193 properties, down about seventeen percent from 233 sales in March of 2008 but still reached their highest level since July of last year when 228 houses were sold.

Available Saskatoon condominiums also came in higher on a month-over-month basis climbing from 412 units at the end of February to finish at 461 properties a month later. Sales picked up over the previous month to 66 units, just half the number that traded in March of last year.

Based on current sales and inventory, condo sellers are faced with a seven-month supply of inventory while single-family home owners have just four and one half months of supply to contend with. There are some bright spots on the inventory front though. Overall, we have about a five-month supply of residential real estate in Saskatoon, which is the lowest it has been since July of 2008. From August through December, the supply hovered between seven and eight months.

The average selling price of a detached house fell from a lofty $305,130 last month, and finished March at $286,634, about 12.5% lower than the average sale price of $326,633 from March of last year. The median price had a shorter fall on a month-over-month basis, down just $5,000 to $275,000, but about fourteen percent lower than last March’s number of $320,000. The three-month average managed a small gain over February and finished at $293,973, down just over six percent compared to the same month last year.

The average price per square foot for single-homes also edged down in March, falling to $238 from $252 the month before, and finishing about fifteen percent off of the near peak number of $279 that we saw last March. Areas four and five both managed a small month-over-month gain but all five Saskatoon real estate areas took a bath compared to last year with area three falling most sharply at twenty-one percent and area 2 fairing most favorably, down just twelve percent from last March.

At first glance condos seem to have performed somewhat better then single-family homes on a year over year basis, at least as far as averages and medians are concerned. The average selling price of a Saskatoon condo declined just over $10,000 from February and was down just $4,700 from the same month last year when it reached $219,975. The median price of a condo fell $13,000 from $212,500 in February to $199,450 in March, down just five percent from March of 2008. The three-month average fell nearly $8,000 from the month before but actually finished higher on a year-over-year basis at $220,182, up from $215,822 last year.

When you’re talking about just 66 sales, across all five real estate areas, some crazy stuff can start to happen, so let’s dig a little to see what’s really happening here.

First of all, the average size of condo that traded in March 2009 was 1,007 square feet compared to 908 square feet for condos selling during the same month last year. Some of strength in condo prices can be attributed to that. Larger units should fetch a higher price. Secondly, there is a real shift in the location of the units that are selling this year. Last year, 22 of 130 condo sales, or seventeen percent of sales, occurred on Saskatoon’s more affordable west end. This year, we see 2 of 66 units, or about three percent of condo sales occurring on the west end. If we compare apples to apples (at least as closely as we can) here’s what we find. The average price of an area 1 condo was $241,447 last March and fell to $207,293 this year. Area 2 came in at $288,721 during March of 2008 and fell to $229,733 this year. Area 3 took some huge year-over-year gains climbing to $240,488 from just $186,859 last year but the average size of the units traded also grew from 698 square feet to 1,057 square feet. Area 4 hasn’t seen a condo sale for darned near a year, and finally, area 5 fell from $189,670 last March to just $169,000 this March.

Once again, average price per square foot numbers probably paint a slightly more accurate picture of Saskatoon condo prices. After seeing a healthy upward bump in January, the average cost per square foot for a condo slid to $214 from $223 the month before, and down about twelve percent from March of 2008 when it hit $242. On a year-over-year basis the average cost per square foot fell fifteen percent in area 1, thirteen percent in area 2, sixteen percent in area 3, and just four percent in area 5.

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

After leveling off in January, active listing inventories took an upward turn through the month as February. The stock of available single-family homes (detached houses) grew to 761 units by month’s end, up about 10 percent from January, and sharply higher compared to February 2008 when a dismal 204 Saskatoon houses were offered for sale. Condo inventory took a similar turn growing to 412 units, up from 363 last month. At the close of February last year just 127 condominiums were available on the Saskatoon MLS system.

Following a remarkably strong month for single-family home sales in January, unit sales weakened some in February sliding to 147 units, down from 164 the month before, and off 45 units (-25%) compared to the same month last year. Condominium sales showed an increase of thirteen units over the previous month, but fell substantially on a year-over-year basis to just 53 units, down from 147 units (-64%) during the same month last year.

In spite of weaker sales volumes, single-family homes saw a month-over-month price bounce using all four value measures during the month of February. The average sale price for the month was sharply higher for the second consecutive month rising from $293,073 in January to $305,130 in February but gained just $1,500 compared to the same month last year. The median sale price inched up to $280,000 from $277,450 the month before, but lost some ground over February of 2008 when it reached $287,000. The three-month average increased $1,500 over the previous month, and finished roughly $4,000 ahead of last February’s number of $288,677.

The average price per square foot that buyers paid for single-homes also edged up but the gain over the previous month was smaller (2.5%) than the gain in the average sale price (4%). The cost per square foot increased just one-dollar in area one, compared to 8-dollars in area two, while it fell in areas three through five. Heavier volume on Saskatoon’s east side was enough to push the city wide average to $252 per square foot, up six-dollars from the previous month, and down just one-dollar compared to the same month last year.

Given that the demand for Saskatoon condos was off by 64% on a year-over-year basis you may have expected that prices would have taken a serious hit. Instead, they actually appear to have experienced some real gains on a month-over-month basis. The average sale price increased nearly $6,000 from $220,408 to $226,148, and finished nearly $16,000 higher compared to February of 2008 when the average price of a condo was just $209,507. I will point out that the average size of the condos that sold was also substantially higher at 1,014 square feet this year, compared to just 865 square feet last year. That is distorting the year-over-year numbers. The median price slid to $212,500 from $219,500 the month before, but again, it finished sharply higher than the $192,900 median recorded in February of last year. Note that last year the median price experienced one of those more extreme movements on the graph, due mostly to the size of the homes that sold.

Average price per square foot numbers probably paint a slightly more accurate picture of Saskatoon condo prices. Again, they saw a rather impressive bump from $213 in January to $223 in February, but finished down on a year-over-year basis falling twenty-one dollars from $242 last year. Areas two and three saw large gains while area one remained stable. Area four failed to record a single condo sale for the eighth consecutive month. I’m predicting a fairly serious dip in the purple line on that graph if we ever do sell another. ☺

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Following four consecutive months of declines, single-family home inventory showed an increase of four units, month-over month, closing January with a total of 688 properties available for purchase. While the active inventory of “houses” for sale is four times higher than it was last January when it fell towards record lows and reached just 169 units, some chatter can be heard within the industry that there just isn’t much to show, especially if a buyer isn’t interested in buying new.

Single-family homes sales were strong through the month of January finishing at 164 properties, up from 109 in December, and nine units higher than the 155 unit sales recorded in January of 2008.

Condominium inventory continued to decline through January, falling modestly to 363 units, from 381 the month before, but substantially higher than the 142 units which were available for purchase at the close of January 2008. There were no complaints heard from agents about any shortage of available product. ☺

Sales of Saskatoon condos showed marginal declines over December 2008 falling four units to 40 properties. If that doesn’t seem too bad to you, have a look back to January 2008 when 123 condos traded hands and you’ll get some appreciation for how much the condo market has changed. In hindsight, my recent thoughts that the “condo market is showing promising signs” may have been ahead of their time.

Following an amazing plunge in December when the average selling price of a Saskatoon house reached its low for the year at $274,521, prices rebounded nearly $19,000 to finish January at $293,079. Year-over-year, the average remained slightly higher by just over $3,000. In spite of a strong monthly average, the three-month average sale price continued to slide for the seventh consecutive month reaching $291,222, down approximately $4,000 compared to last month, but remaining about $21,000 higher than it was during the same month last year. The median price pushed higher to $277,450, up from $264,000 in December, and sharply higher than $255,900 in January 2008.

All but one of the five major trading areas experienced an increase in the average price per square foot through January. Area 3 saw the largest jump rising to $251 from $221 in December, and up $14 from the same month last year. Area 5 was the only area to record a decline. The average price per square foot came in at $237, down from $239 the month before. Across all five areas, the average price per square foot was up to $246 from $231 in December, and $10 higher than January 2008 when it reached $236.

In the Saskatoon condo market, the average selling price moved in the opposite direction falling over $16,000 from $236,986 in December, and reaching $220,406 over the first month of 2009. That number is up just $1,200 from the average recorded in January 2008. The three-month average slid to $227,590, down from $229,082 in December, and $229,056 last year. The median price for a Saskatoon condo remained stable month-over-month at $219,500, which represents a decline of $4,500 compared to January 2008 when it was $224,000.

The price per square foot number for Saskatoon condominiums continued on its downward trend reaching $213, down $6 from December and $9 from last January. Area 1 showed an increase month-over-month rising to $215 from $201 the month before, but down from $225 in January 2008. Area 3 showed the sharpest decline falling a whopping $36 to $223. You may recall that there were a couple of Spadina Crescent condo sales in December that pushed the average higher by $53 over the previous month. Still, year-over-year averages were down sharply in area 3, falling from $250 to $223. Area 2 showed the bleakest year-over-year numbers as the average price per square foot fell to $221 from $270.

The gap between the price of a Saskatoon house and a condo widened significantly through January. At times over the past two years, these numbers have gotten too close so it’s encouraging to see that gap widen some.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Month end expired contracts pushed total active residential listings down at the end of December settling at 1,127 properties, and reaching their lowest levels since April of 2008. Still, the total inventory of Saskatoon homes was sharply higher than last December when available properties fell to just 346. Single-family homes took a sharp dive falling from 882 units at the end of November to close the year at 684. Available Saskatoon condos followed a similar trend falling from 493 to 381 in one month’s time.

House sales slowed as they always do in December losing 23 units compared to November, and falling short of December 2007 sales which topped 140 mark. 109 Saskatoon houses changed hands last month. Condos bucked the typical trend and showed an increase of 6 units from November with a total of 44 reported sales through the month of December, off 12 units from the previous December. If you’re looking for the silver lining, December sales of condos and houses did manage to exceed numbers recorded in all previous years. All things considered, this strikes me as a fairly remarkable change from our more recent months. It will be interesting to see if lower interest rates, and softer prices motivate buyers to enter the market as we move towards spring.

Indeed prices were softer in December as Saskatoon houses took a significant beating and showed losses in all four of the value measures we’ve been tracking over the past two years. The average sale price took the biggest thump losing well over $25,000 as it fell from $302,508 to just $274,521 and reaching it’s lowest level since December 2007 when the average house price was recorded at $267,342. The median sale price dropped $21,000 to $264,000 on a month-over-month basis and was actually slightly lower than last year’s number of $264,900. The three-month average fell close to $14K compared to last month landing at $295,956, down about $35,000 from it’s peak of $331,630 in June, but remaining up by almost as much when compared with the same month last year.

Click the image for a larger view.

It’s certainly worth mentioning that the houses sold in November were larger than those sold in December. In November, Saskatoon home buyers purchased an average of 1,252 square feet, compared to 1,186 square feet in December. Using our average price per square foot number for the month, about half of the massive slide in the average selling price could be attributed to this factor.  Two of the five major trading areas managed an increase in the price per square foot on houses that traded. On the heels of an unusually large slide in November, area 4 rose from $162 per square foot last month to $173 in December while area 1 saw a marginal increase from $254 to $257. Area 3 took the largest slide, losing about $23 per square foot to finish at $221. Across all Saskatoon real estate trading areas, the average price per square foot for a Saskatoon house dipped $11 from $242 in November to $231 in December.

Click the image for a larger view.

Saskatoon condos produced surprises this month beyond stronger unit sales showing price gains in three of our four value measures. The average sale price increased $14,000 compared to the previous month and finished at $236,896, or about $2,600 higher than the same month last year. The median fell short of last year’s number finishing at $219,500, but was up about $5,500 from November. The three-month average slipped from $230,812 last month to settle at $229,082, or about $7,000 lower than it was in December of last year. A small handful of well appointed luxury type condos in areas 2 and 3 take at least some of the credit for the gains.

The price per square foot number for Saskatoon condominiums saw an overall increase of $2 over the previous month, rising to $219 in December. Still, it sits about $15 lower than it was in December 2007 and at its second lowest point since May of 2007.

The gap between the price of a Saskatoon house and a condo closed considerably through the month of December, at least on a price per square foot basis as house prices came down and condos edged slightly higher. Higher end sales pushed the average price per square foot in area 3 up by more than 25% to $259, and area 2 saw gains of about half as much rising from $217 last month to $243 in December. Area 1 continued to slide falling from $216 to $201. Area 4 remained stable as a result of no condo sales for the fifth consecutive month. Area 5 shows a large slide from a bizarre previous high of $255, falling through the floor to just $179. I should point out that area 5’s number is based on just two sales so a large change is not at all surprising.

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

Residential listing inventory took a pretty good slide this month in both the house and condo categories. Total active listings of Saskatoon houses for sale fell to 882 from 990 at the close of October, and 1,053 the month before. Condo listings landed at 493 units, down from 530 the month before. Sales also weakened in both categories as house sales fell to just 132 units, down from 162 the month before and way off of the 223 properties sold in November 2007. Saskatoon condo sales slipped to 38 units, down just a smidge from October’s weak performance when 40 units traded, but off by 50% compared to November 2007 when 77 condos changed hands.

The price of a Saskatoon house saw marginal declines according to all four value indicators through the month of November. Average selling prices slid to $302,508 from $305,021 in October but remained significantly higher than the $257,491 recorded in November of 2007. The median house price slid $5,000 for the second month to settle at $285,000 and the three-month average showed it’s fifth consecutive monthly decline down by just $1,000 compared to the previous month.

All but one of the five major trading areas experienced a decline in the price per square foot on houses that traded. Area 5 managed a gain from $239 in October to $244 in November. Area 4 took the biggest dive falling from $196 in October to just $162 in November. On average, across all areas, the average price paid per square foot on houses declined from $247 last month to $242 this month. That’s just a 2% decline on a month-over-month basis but a 15.5% decline from its peak in May when the average price per square foot of a Saskatoon house was $280.

In the Saskatoon condo market, the numbers are not quite as simple but a close look does provide some clues. First, the average selling price inched down slightly, falling just over $2,000 from $224,970 in October to $222,834 in November. The median selling price shows a small gain from $210,000 to $214,000 and the three-month average is more or less level with the previous month at $230,812. On a month-over-month basis those don’t look like big changes, but year-over-year we see a pretty significant downward trend. In November 2007, the average selling price of a Saskatoon condo was 8% higher at a whopping $241,339.

The price per square foot number for Saskatoon condominiums provides a clearer picture of how condos have been affected over this period of correction. Again, area 5 manages to produce a gain on just three unit sales but the numbers tumble in areas 1 and 2. With average selling prices fairly stable, we can see that buyers are clearly buying larger units for roughly the same amount of money. Overall, the average selling price of a Saskatoon condo, on a price per square foot basis fell roughly 6% over the month from $231 in October to just $217 in November.

The gap between the price of a Saskatoon house and a condo continues to widen. We are finally seeing pretty substantial differences (30-35%) between the average price of these two types of properties and the cost per square foot measure has grown slightly larger as well. Last November, house prices were not quite 7% higher than a condo. Prices on a cost per square foot basis were actually higher for condos than houses at $234 and $225 respectively. This was just one of the strange imbalances that occurred in our real estate market through 2007 which has managed to sort itself out.

Condos are starting to look far more realistic at their current price point, perhaps even reasonable given the huge rents that they’re generating. I can’t help but wonder if future prices changes won’t be a little closer to what houses have been experiencing. Entry-level apartments that came close to $200,000 through the spring are now available in the $160,000 range and a decent townhouse can be had for as low as $210,000. I wonder how long it will be before renters facing constant increases start to look to these properties as a solid option. From a seller’s perspective, renting a condo is now an option that may be as good as selling it. I guess it all depends on where you think prices are headed and when this correction will end.

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