A closer look at the Saskatoon real estate statistics for August 2009

The Saskatoon Region Association of Realtors recently reported August 2009 resultsfor the entire residential category of Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 393 properties across all of these property types, at an average selling price of $281,871. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

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.

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Norm Fisher
Royal LePage Vidorra

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