After two months of sluggish sales in the Saskatoon real estate market, demand picked up some in July. Total unit sales of condominiums and houses came in behind July 2007 numbers (411 units), but slightly higher than sales in 2005 (340) and 2006 (337), and up just over 10% compared to June, which closed with 299 sales. Average prices in this category didn’t fair as well, falling nearly $19,000 from their peak of $313,109 to settle at $294,306. Year-over-year, prices in this category were up nearly 20% from $245,306. Average days on the market increased from 21 days in June to 30 days in July.
Any loss to unit sales can be attributed to the “houses” category as record level prices curbed demand. Unit sales fell to 228, up from 212 in June, but down significantly from July 2007 when 315 houses traded hands. The average price of a Saskatoon house remained up about 27% over July 2007 when prices reached $253,446, but slid from nearly $340,000 in June to $322,715 in July. The average cost per square foot of a Saskatoon house dropped $9.00 through July when compared to last month.
Remarkably, condo sales for the month of July reached 111 units, up from 87 in June and actually beating July of 2007 when 96 condos traded. Prices took a fairly significant slide dropping to $235,952 from $248,681 last month, and up just 6.5% from $221,495 in July 2007. The average cost per square foot in the condo category increased $5.00 suggesting that the units that traded were smaller on average than those that sold in June.
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Norm Fisher
Royal LePage Vidorra
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