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

On December 1, the Saskatoon Region Association of Realtors reported November 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 283 including all of these property types, an increase of twelve percent compared to the same month last yearwhen 253 residential properties changed hands. Driven by a surge in upper end sales, the average selling price of a Saskatoon home came in at record setting $312,893 last month for a year-over year gain of $35,000 (thirteen percent). This post will provide a closer look at how single-family detached homes (houses) and condominiums did in comparison to the entire residential category.

Saskatoon house sales bucked normal seasonal trends and took a big gain on a month-over month basis, climbing by twenty-seven units from October to 208 sales. House sales gained even more on a year-over-year basis with an additional 40 homes trading compared to last Novemberfor a gain of nearly twenty-five percent.

Listing inventory took a big slide over the month falling from 697 to 575. The combined effect of higher sales and declining listings pushed total months of available inventory sharply lower from October by 1.1 months to just a 2.8-month supply, below even last year’s number by 0.2 months. Still, the total number of house listings on the Saskatoon multiple listing service stood higher than last November’s 500 units.

The average selling price of a Saskatoon house came in at $326,191 for a gain of nearly nine thousand dollars compared to October, and up more than twenty-six thousand dollars when compared against the same month last year. The median price edged higher gaining $6900 on the month to $306,900. It picked up nearly twenty-five thousand dollars from the same month a year ago. The three-month average edged lower from last month to $328,000 for an annual gain of about twenty-three thousand dollars.

Saskatoon condo sales continued to decline slipping six units from the previous month to finish November at just sixty-one sales, well off of the seventy-six units that sold in November of 2009.

The total inventory of active condo listings fell by ten percent, just as it did in October. At the close of the month there were still 362 units available for sale, roughly twenty percent higher than it was at this time last year. Total months of inventory remained steady at 5.9 compared to October, but was up substantially compared against November of 2009 when the supply had dropped to 3.8 months.

Some strong sales activity at the upper end of the Saskatoon condo market, including three sales that accounted for more than two million dollars in volume, pushed prices to records levels. The average selling price closed November at nearly $280,000 to record a monthly gain of twenty-eight thousand dollars and an annual gain of more than thirty thousand. The median price moved up seventeen thousand dollars from the month before to reach its peak for the year, $257,000. That’s thirty-three thousand dollars higher than last November. The three-month average grew to $255,582 picking up nearly ten thousand dollars on the month for a year-over-year gain exceeding thirty thousand dollars.

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.

Norm Fisher
Royal LePage Vidorra