Note: The graphics in this post were updated on March 5, 2009 to reflect the final sale numbers as reported by agents for February 2008. 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.
The average selling price of a Saskatoon home (condos and single-family detached homes combined) for the month of February came in at $266,573, up from $252,763 in January and sharply higher than the average of $188,028 recorded in February of 2007. A strong and steady flow of new residential listings combined with strong demand led to an increase in unit sales to 339, up from 319 during the same month last year, and well above January’s number of 265.
Houses (single-family detached homes) continued to experience large prices gains with the overall average coming in at $310,533, up from $284,473 last month, and $194,360 a year ago.
The average sale price of a Saskatoon condo slipped for the third consecutive month to levels not seen since May of 2007. Lower averages can largely be attributed to a couple of conversion projects offering small units priced below $125,000. When we look to other projects which have a large number of recorded sales over several consecutive months we can see that condos are continuing to rise, though not nearly as sharply as houses. For instance, looking to the Pine Creek project in Lakewood, we can find sales ranging from $235-$245,000 in December, selling from $245-$260,000 through January, and as high as $270,000 in February. These numbers probably provide a more accurate picture of what’s happening in that market.
You may note that these monthly stats are different than those released by the Saskatoon Region Association of Realtors (SRAR) at the beginning of March. Just a quick reminder on why: SRAR reports on all residential property types, including semi-detached and duplexes while my “closer look” numbers focus specifically on houses and condos; units which we would consider homes as opposed to income properties. SRAR also bases their report on sales which firmed up during the stated period, where my numbers focus on contracts written during the period.
I’m always happy to answer your Saskatoon real estate questions.
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Royal LePage Vidorra