A closer look at the Saskatoon real estate statistics for July 2010

The Saskatoon Region Association of Realtors recently reported July 2010 results for the entire residential category of Saskatoon real estate including single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 357 across all of these property types for a decline of roughly eighteen percent compared to the previous July when a record 438 residential property sales were completed. The average selling price came in at $289,715 last month for a gain of roughly six thousand dollars (two percent) when compared to July of 2009. Let’s have a look at how single-family detached homes (houses) and condominiums did in comparison to the entire residential category.

House sales trailed off slightly on a month-over-month basis, but fell quite significantly when compared against last July. The month closed with a total of 228 houses changing hands, down just four from June, but nearly twenty-three percent lower than the 294 sales recorded in July of 2009.

Active listings in the house category dropped at a faster pace than sales. At the close of July, there were 733 detached houses available for a total supply of 3.3 months. That number represents a drop of 0.4 months compared to June, but it’s well above the 2.5 month supply that existed at the same time last year.

The average selling price of a Saskatoon house inched lower losing nearly three thousand dollars compared to June, but remained higher on a year-over-year basis by four thousand dollars. The median selling price of a house slipped even further, falling ten thousand dollars over the month to finish at $301,000, just two thousand dollars higher than it was at this time last year. The three-month average selling price remained towards the peak price for the year at $321,060, down thirty-six hundred from June and up about eleven thousand from July 2009.

Saskatoon condo sales also took a dip, though not nearly as seriously as houses. July closed with 113 firm deals, down seven sales from June and below last year’s numbers by sixteen units.

The number of Saskatoon condos for sale slid slightly for the second month in a row. July closed with inventory totaling 463 units. However, softer sales pushed the total months of supply higher by 0.2 months to close July with a 4.1 supply, roughly thirty percent higher than it was at this time last year when just a 3 month supply of condos existed.

The average price of a Saskatoon condo took a big hit in July after reaching its annual peak in June. It slid more than eleven thousand dollars over the month to settle at $239K, nearly nineteen thousand dollars higher than it was last year during the same month. The median price slid nearly six thousand dollars on the month to $223,000 but managed to maintain year-over-year gains of nearly thirteen thousand dollars. The three-month average selling price inched up on a month-over-month basis to hit its highest number this year, $244,582 and record an annual gain of roughly twenty-nine thousand dollars.

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Norm Fisher
Royal LePage Vidorra