Following a slight decline during the month of April, total active listings of singe-family detached houses grew from eight hundred forty-seven to eight hundred and ninety by the end of the month, up from seven hundred and thirty-six in May of 2008. Unit sales showed some strength rising from two hundred and thirty-five last month to two hundred and forty-seven in May, finishing just six units higher than the same month last year. Absorption rates remained stable compared to the previous month at 3.6 months of inventory, but sat higher than last year when it was slightly higher than a three-month supply.
House prices remained remarkably stable given the buzz about improving market conditions. The average selling price of a Saskatoon house took a slight downturn from $312,565 in April to finish the month at $311,016, some $16,000 lower than it was in May of 2008. The median remained steady month-over-month at $295,000, but again, finished $16,000 below last year’s number of $301,000. The three-month average selling price gained about $3,600 over last month to close just above $300,000, well off of the number attained last May when it came close to $328,000.
The average price per square foot for single-homes showed the same kind of steadiness on a month-over-month basis, increasing just slightly from $248 to $249 but showed deeper losses compared to the same month last year, falling about eleven percent from $280 per square foot in May of 2008.
Active listings of Saskatoon condos saw a smaller increase than houses over the past thirty days, but a much higher increase compared to last year. May came to a close with four hundred and eighty condominiums showing an active status, up just five units from April, but one hundred and fifty-seven listings higher than last May when three hundred and twenty-three units were available. Sales also increased, just one unit compared to last month, but up about thirteen percent compared to last year. One hundred and eleven condos changed hands during the month of May, which made for the strongest month for Saskatoon condo sales in a year. Still, an additional month of condominium inventory is available this year, when compared to last as the absorption rate climbed from 3.3 months to 4.3 months.
Condo prices continued to display a downward trend as the average selling price for the month lost about nine thousand dollars compared to April and finished at $210,599, down roughly sixteen percent from May 2008 when it sat just above $250,000. The median selling price fell $6,500 compared to the previous month, down just $16,000 from May 2008 when it was $225,000. The three-month average fell $4,800 from last month to $215,099 and finished significantly lower than May 2008 when it reached $242,472.
The average cost per square foot for a Saskatoon condo appeared to be slightly more stable on a month-over month basis falling just $2 from April to finish at $211, but was roughly nineteen percent lower than it was when it peaked in May of 2008 at $262.
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.
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Norm Fisher
Royal LePage Vidorra