A closer look at the Saskatoon real estate statistics for July 2009

The Saskatoon Region Association of Realtors recently reported July results for the entire residential categoryof Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 440 properties across all of these property types, at an average selling price of $283,619. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon remained fairly steady through July, ending just four units short of June’s numbers at 294 properties, but sharply higher than July 2008 sales when 228 houses changed hands. In July of 2007 when sales were at their peak, 315 houses were reported sold. Active listings in the single-family home category slid to their lowest level since Januaryreaching 741 units, down from 818 last month. At this time last year the inventory of Saskatoon houses for sale sat at 976.

The average sale price of a house rose on a month-over-month basis climbing more than $11,000 to $315,768, but remained down when compared to last July when it slid from its peak to $322,715. The median price grew marginally to $299,000, down just $1,000 from the same month last year. The three-month average saw similar growth rising about $4,500 from June to finish at $309,871, still nearly $20,000 lower than last July’s three-month average of $329,610.

Average and median house prices in Saskatoon for July 2009

Interestingly, the average price per square foot for a Saskatoon house declined slightly in July, on both a month-over-month basis, and year-over-year. This measure came in at $246, just three dollars below June’s average, but a full twenty dollars lower than July of 2008.

Saskatoon condo sales also picked up a bit of traction but not to the same degree as houses. Unit sales climbed six compared to June to finish the month at 129, up eighteen from 111 in July of 2008. Active listings also declined in the condo category, but just marginally. At the end of July, 393 condos were displaying an active status on the Saskatoon MLS system, down eighteen properties when compared to last month and twenty-five fewer than the same month last year.

Condo prices showed less movement through July but the average selling price still managed to climb about $5,000 from June to settle at $220,363, approximately $16,000 behind last July’s average. The median sale price increased one thousand dollars from last month to reach $210,000, but remained down year-over-year by $10,000. The three-month average price remained steady from one month to the next at $215,672 but showed losses of nearly twelve percent compared to last year when it hit $244,634.

The average cost per square foot for a Saskatoon condo lost all of the gains that it made in June sliding six dollars to $211, roughly fifteen percent lower than last July when it hit $248 and at its lowest point in more than two years.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Vidorra

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