Saskatoon single-family home sales continued to show remarkable strength gaining twenty-nine percent over the same month last year to finish September at two hundred and thirty-six units, twelve percent lower than August. Active house listings continued to slide, falling to just six hundred properties, eight percent lower than the close of August, thirty-three percent lower than this year’s peakof eight hundred and ninety, and forty-three percent lower than last September when 1,053 Saskatoon houses were for sale. Technically, while inventory continued to fall in real numbers, seasonally slower sales moved the months of inventory slightly higher from 2.4 months to 2.5 months.
The average sale price of a house slipped about thirty-four hundred dollars on a month-over-month basis to finish September at $303,028, more than sixteen thousand dollars lower than the same month last year and more than thirty-six thousand dollars off of the peak price of $339,548 which was reached in June of 2008. The median sale price recovered to $295,000, up nearly five thousand dollars from last month and matching last September’s number. The three-month average gained four hundred dollars over the previous month and finished just over eight thousand dollars lower than it was in September of 2008.
The average price per square foot of a Saskatoon house returned to July levels as it slid back to $246 after an August bump pushed it higher to its peak for 2009 of $252. That’s roughly eight percent lower than it was in September of last year, and about thirteen percent off of the peak of $280 that we saw in May of last year.
If house sales were “strong,” condo sales were through the roof. The number of Saskatoon condos that sold last month doubled over the same month last year reaching ninety-seven units, approximately thirteen percent below the month of August when one hundred and twelve condos traded hands. The inventory of condos fell eight percent from last month, finishing at three hundred and fifty-one properties, down thirty-two percent from the same time last year. “Months of inventory” grew slightly more in the condo category than single-family detached houses did, rising to 3.6 months from 3.4 months at the close of August.
The average selling price of a Saskatoon condominium lost some of its August gains falling roughly five thousand dollars to $226,271, sixteen thousand dollars lower than it was in September of last year. The median price fell eight thousand dollars from the month before to $217,000, twelve thousand dollars behind the same month last year. The three-month average actually took some gains to finish up about thirty-six hundred dollars from August at $225,597, about nine thousand dollars lower than it was last year at this time.
The average cost per square foot for a Saskatoon condo remained unchanged on a month-over-month basis at $219, roughly ten percent lower than September of 2008 when it sat at $240, and about sixteen percent below the peak in May of 2008 when it reached $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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Royal LePage Vidorra