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

The Saskatoon Region Association of Realtors recently reported June 2010 results for the entire residential categoryof Saskatoon real estate including single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 364 across all of these property types for a decline of roughly seventeen percent compared to the previous June. The average selling price of a residential property in Saskatoon came in at $295,963 for a gain of almost $20,000 (seven percent) when compared to June of 2009. Let’s have a look at how single-family detached homes (houses) and condominiums did in comparison to the entire residential category.

Single-family detached home sales remained steady compared to the previous month with 232 reported sales, down sharply from June of last yearwhen 298 houses changed hands. The average number of days to sell rose from 26 to 34 on a month-over-month basis, still well below the average selling time of 42 days during June of 2009.

The inventory of active house listings edged up slightly gaining fourteen units compared to the previous month to close June with 836 available properties, up from 818 at the end of the same month in 2009. The lower number of unit sales pushed the total months of available supply marginally higher to 3.7 months.

The average selling price of a Saskatoon house advanced by just a thousand dollars compared to the previous month but gained over $19,000 over the previous year to finish the month at $322,275. The median price paid for a single-family home actually fell $4,000 from May to $311,000 to record a gain of $16,000 compared to June of last year. The three-month average moved higher to $324,671 for a year-over-year gain of nearly $20,000. On a month-over-month basis, the average cost per square foot stayed fairly level but it increased about eight percent on a year-over-year basis from $249 to $270.

While house sales continued to cool for the second consecutive month Saskatoon condominium sales remained strong and stable. 120 units changed hands during the month, up from 117 in the month of May and just slightly lower than the 123 units that sold in June of 2009.

After showing a substantial increase during the month of May, condo inventory declined by 33 units to finish the month at 470 units, nearly 15% higher than it was in June of last year when 411 condos were available. Strong sales and modest inventory declines moved “months of inventory” in the opposite direction of single-family homes. The total months of supply declined by 0.4 to finish at 3.9.

Saskatoon condo prices took another step higher for the third consecutive month reaching $251,376, the highest average selling price since it last peaked in April of 2008. The median price followed climbing roughly $23,000 from June of last year to reach $238,750 while the three-month average grew $27,000 to close the month at $242,102.

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Norm Fisher
Royal LePage Vidorra