Note: The graphics in this post were updated on October 7, 2008 to reflect the final sale numbers as reported by agents for September, 2007. The graphics show the final figures while the commentary reflects the statistics as they had been reported as of the date of the original post. The average selling price of a Saskatoon home (houses and condos) took a pretty big hit in September dipping well below the quarter million dollar mark and settling at $241,537 as compared to $258,508 in August. Part of the adjustment can be attributed to fewer upper end sales ($600,000 and higher) and a larger percentage of more affordable west end sales, but there’s little question that higher levels of inventory, combined with decreasing demand played a role in giving active buyers a little more clout at the bargaining table. Total units sold fell to 266 from 361 in August, a fairly typical decrease moving into the fall months.
Prices of Saskatoon houses saw the largest decline falling to $241,401, well below the averages for the previous three months and not much higher than the number recorded back in May at $240,089. The previous high of $270,726 was recorded just a month earlier.
Oddly, the average selling price of a Saskatoon condo increased again to $241,956 from $230,260 the month before. This is the first time that I can recall the average selling price of a condo being higher than that of a house.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here Data collection and calculation for our statistical reports
I’m always happy to answer your Saskatoon real estate questions.
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Norm Fisher Royal LePage Vidorra