Note: The graphics in this post were updated on February 7, 2009 to reflect the final sale numbers as reported by agents for January 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.
In contrast to the numbers released early this month by the Saskatoon Region Association of REALTORS® (SRAR), my research on January real estate sales shows a decrease in the average selling price of a home.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.
The average selling price of Saskatoon homes (condos and single-family detached homes combined) for the month of January came in at $252,763, down from $261,707 in December and up from $183,971 in January of 2007. The reduced month over month average can be explained by a doubling in the number of condos sold during December. Note also that nearly twice the number of transactions occurred in area 4 compared to the previous month.
Houses (single-family detached homes) continued to see fairly significant increases with the average settling at $284,473 by month end, compared to $272,791 in December. Year over year, houses increased by approximately 49%. The average selling price of a Saskatoon house in January, 2007 was $190,652.
The average sale price of Saskatoon condos took a large slide again during January. Yet, condo prices seem to have stabilized over the last 60 days, perhaps even crept up some. It’s apparent when one reviews sales from specific projects, like Pine Creek for instance, where units peaked in the low 260’s in the early summer, sold as low as $235,000 by November, and have traded most recently for as much as $265,000.
The downward trend in average condo prices can be explained by a large number of sales in the up to $120,000 price range. A conversion project in Meadowgreen reports approximately 20 sales. Up until January, these units were selling very slowly. A number of downtown bachelor suites have also been sold below $120K. Regardless, it appears that we are seeing single-family homes and condos building more of a spread in value which seems appropriate. At some points over last year, condo prices were coming in very close to house prices.
I’m always happy to answer your Saskatoon real estate questions.
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Norm Fisher Royal LePage Vidorra