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.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
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Norm Fisher
Royal LePage Vidorra