Note: The graphics in this post were updated on January 6, 2008 to reflect the final sale numbers as reported by agents for December, 2007. The graphics show the final figures while the commentary reflects the statistics as they had been reported as of the date of the original post.
On average, it took an additional 4 days to find a buyer in December but as the supply of Saskatoon real estate listings dwindled towards year end, prices inched higher. The average selling price of a home in our city increased about $4,000 from $257,915 in November to $261,707 in December (condos and single-family detached homes). Unit sales saw a large decline to 193 units compared to 281 in November, but were still well ahead of December, 2006 when just 128 condos and houses sold in Saskatoon, at an average price of $186,389.
Interestingly, Saskatoon houses took a significantly larger jump from last month to an average selling price of $272,791 from $261,233. While total inventory levels were up when compared to December of 2006, at least half of the available homes were condominiums so we actually had fewer single-family homes as active listings than we did last December.
A bit of a surplus in the condominium category gave buyers more options and more leverage to negotiate a better deal. Average selling times increased to 33 days, compared to 28 in November and average selling prices came down substantially to just $236,533 from $247,721 in November. I think this is a trend we can expect to continue because, as I’ve said before, condo price increases have been too far ahead of the rest of the market. They’re up 64% over December of 2006, when the average selling price of a Saskatoon condo was just $144,363.
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 Vidorra