The Saskatoon Region Association of Realtors recently reported January results for 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 213 properties across all of these property types, and an average sale price of $278,545. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.
Following four consecutive months of declines, single-family home inventory showed an increase of four units, month-over month, closing January with a total of 688 properties available for purchase. While the active inventory of “houses” for sale is four times higher than it was last January when it fell towards record lows and reached just 169 units, some chatter can be heard within the industry that there just isn’t much to show, especially if a buyer isn’t interested in buying new.
Single-family homes sales were strong through the month of January finishing at 164 properties, up from 109 in December, and nine units higher than the 155 unit sales recorded in January of 2008.
Condominium inventory continued to decline through January, falling modestly to 363 units, from 381 the month before, but substantially higher than the 142 units which were available for purchase at the close of January 2008. There were no complaints heard from agents about any shortage of available product. ☺
Sales of Saskatoon condos showed marginal declines over December 2008 falling four units to 40 properties. If that doesn’t seem too bad to you, have a look back to January 2008 when 123 condos traded hands and you’ll get some appreciation for how much the condo market has changed. In hindsight, my recent thoughts that the “condo market is showing promising signs” may have been ahead of their time.
Following an amazing plunge in December when the average selling price of a Saskatoon house reached its low for the year at $274,521, prices rebounded nearly $19,000 to finish January at $293,079. Year-over-year, the average remained slightly higher by just over $3,000. In spite of a strong monthly average, the three-month average sale price continued to slide for the seventh consecutive month reaching $291,222, down approximately $4,000 compared to last month, but remaining about $21,000 higher than it was during the same month last year. The median price pushed higher to $277,450, up from $264,000 in December, and sharply higher than $255,900 in January 2008.
All but one of the five major trading areas experienced an increase in the average price per square foot through January. Area 3 saw the largest jump rising to $251 from $221 in December, and up $14 from the same month last year. Area 5 was the only area to record a decline. The average price per square foot came in at $237, down from $239 the month before. Across all five areas, the average price per square foot was up to $246 from $231 in December, and $10 higher than January 2008 when it reached $236.
In the Saskatoon condo market, the average selling price moved in the opposite direction falling over $16,000 from $236,986 in December, and reaching $220,406 over the first month of 2009. That number is up just $1,200 from the average recorded in January 2008. The three-month average slid to $227,590, down from $229,082 in December, and $229,056 last year. The median price for a Saskatoon condo remained stable month-over-month at $219,500, which represents a decline of $4,500 compared to January 2008 when it was $224,000.
The price per square foot number for Saskatoon condominiums continued on its downward trend reaching $213, down $6 from December and $9 from last January. Area 1 showed an increase month-over-month rising to $215 from $201 the month before, but down from $225 in January 2008. Area 3 showed the sharpest decline falling a whopping $36 to $223. You may recall that there were a couple of Spadina Crescent condo sales in December that pushed the average higher by $53 over the previous month. Still, year-over-year averages were down sharply in area 3, falling from $250 to $223. Area 2 showed the bleakest year-over-year numbers as the average price per square foot fell to $221 from $270.
The gap between the price of a Saskatoon house and a condo widened significantly through January. At times over the past two years, these numbers have gotten too close so it’s encouraging to see that gap widen some.
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