A closer look at the Saskatoon real estate statistics for January 2007

The first month of 2007 showed signs that the Saskatoon real estate market will likely continue to feel pressure resulting from unusually high demand and a sadly low supply of good homes for sale. 233 houses and condos changed hands, up from just 134 units in December. In spite of the hectic activity, the average selling price of a Saskatoon home (condos and single-family detached houses combined) actually declined slightly from $186,389 to $183,971.

All of the declines in Saskatoon’s average selling price can be attributed to the category of single-family detached houses which dipped to $190,652 in January from their peak of $199,255 in December. The decline doesn’t really serve as an indicator that prices are going down, rather an absence of a few larger high-end sales which were present in the December stats.

Condos, on the other hand, took a massive jump forward on the price scale leaping from an average of $144,363 in December to $161,279 in January. This particular market is showing some real strength. It seems that consumers are feeling strongly that prices will rise and they’re willing to pay a hefty price in the condo market for what still feels like an affordable home. These units also appear to be a target of out of province investors looking to place money in Saskatchewan.

I’m always happy to answer your Saskatoon real estate questions. 

Norm Fisher Royal LePage Vidorra

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