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

On October 1, the Saskatoon Region Association of Realtors reported September 2010 resultsfor 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 304 across all of these property types, a decline of roughly 13.5 percent compared to the previous September when 351 residential property sales were completed. The average selling price came in at $312,582 last month, a gain of roughly $33,125 (eleven percent) when compared to September of 2009. This post will provide a closer look at how single-family detached homes (houses) and condominiums did in comparison to the entire residential category.


After four consecutive months of slow declines, Saskatoon house sale numbers inched up slightly on a month over month basis, finishing just two sales ahead of August at 206. Year-over-year declines continued as sales fell by thirty units, or fourteen percent when compared against the same month last year. Once again, sales of houses below $350,000 took a real beating falling from 178 in September of last year to 130 a year later. At the same time, sales of houses in the $351,000 and higher range increased from 58 units a year ago to 75 sales this September.


The inventory of available homes in the single-family category declined marginally over the past month falling from 773 at the close of August to finish September at 766. Combined with more stable unit sales, the small decline had the effect of lowering “months of inventory” which fell to 3.7, down by just 0.1 months. Compared to September of 2009, total months of inventory grew substantially from a low 2.5 month supply.



For the second month in a row the shifting in the price ranges of houses that sold wreaked havoc on the average selling price of a Saskatoon house, pushing it to its highest point ever, $339,692 to eclipse its previous record set in June of 2008by just $114. That number is up roughly twelve percent from September 2009. Naturally, the median price remained high at $323,000 gaining $1,000 on the month and $28,000 on a year-over-year basis. The three-month average selling price picked up $6,000 over August numbers to finish the month at $331,822 up from $308,882 in September of last year. The average price per square foot paid for a Saskatoon house also saw a jump of about eight percent on a year-over-year basis, climbing from $246 last year to $266.



Saskatoon condo sales slipped low again for the third consecutive month, sliding from 95 in August to 90 in September. At the same time, condo sales dropped just seven units from the same month last year, a decline of seven percent, roughly half of the drop than we saw in single-family homes. We see a similar shift in the price range of condos that are selling as unit sales below $250,000 drop from 71 in September of last year to 54. Sales of Saskatoon condos from $251,000 and higher experience an increase from 26 units a year ago to 36 units this year.


Condo inventory closed the month of September sharply lower on a month-over-month basis falling a little more than ten percent to 437 units, still a fair bit higher than it was at the close of the same month last year when just 351units showed an active status on the Saskatoon MLS system. Total months of inventory slipped slightly lower over the month to finish just below the five-month mark, up from 3.6 months a year ago.



The average selling price of a Saskatoon condo approached record levels hitting numbers that seem to defy all logic. The average for the month was $250,917, up from $241,440 in August and higher than the $226,271 recorded in September of 2009. The median selling price remained stable when compared to the previous month coming in at $234,000 to record a gain of $17,000 over the same month last year. The three-month average showed a small decline on the month slipping to $243,378 to maintain a gain of roughly $17,700 over the same month in 2009. The average price paid per square foot of Saskatoon condo was up to $251 in September, up from $219 a year ago.



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

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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