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A closer look at the Saskatoon real estate statistics for September 2008

The Saskatoon Region Association of Realtors recently reported September resultsfor the entire residential category, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 246 properties across all of these property types, and an average sale price of $297,836. Let’s have a look at how houses and condominiums did.


Average sale prices for Saskatoon houses and condos both took a jump during the month of September following some pretty hefty declines during the months of July and August. It’s worth noting that the average size of the properties that traded in both categories also increased fairly substantially, so while buyers paid more on average, they also bought more real estate with their money.


The average price of a Saskatoon house came in at $319,596 for September, up from $306,095 in August, and $245,363 in September of 2007. The average size of the houses that traded was 1,224 square feet in September of 2008, 1,136 square feet in August and 1,107 square feet in September of 2007. Price per square foot declined to $261 in September of 2008, from $269 the previous month, but finished well ahead of the $221 per square foot recorded in September 2007. The average cost of a house on a per square foot basis peaked at $280 in May of 2008.


Unit sales in the “house” category climbed to 183 units in September from 150 units in August but finished the month 11% lower than September of 2007 when 206 houses traded in the Saskatoon real estate market. A Closer Look at the Saskatoon Real Estate Statistics (houses) for September 2008


This graph tracks both the average and median selling price for a Saskatoon house back to January of 2007. Click the image for a larger version of the graph.


Average prices in the Saskatoon condominium category also increased through September and settled at $242,040, up from $225,311 in August, and just a smidge higher than the average for September of 2007 when condos traded at $236,220. Again, the average size of the condos that sold took a significant leap to 1,008 square feet in September, up for 933 square feet in August. The average unit size sold in September 2007 was larger at 1,045 square feet. The price per square foot remained fairly stable on a month-over-month basis finishing at $240 compared to $241 in August, but still up from $226 in September 2007. The average cost of a condo on a per square foot basis also peaked in May of 2008 at $262.


Unit sales in the “condominium” category took a substantial beating declining to just 48 properties, down from 62 units in August, and down even further from 84 units in September 2007.


This graph tracks both the average and median selling price for a Saskatoon condo back to January of 2007. Click the image for a larger version of the graph.




Listing inventories continued to grow, though somewhat more modestly through September. This graph shows the total number of active listings at the end of each month for the house and condo categories versus the number of sales transacted during each month. Click the image for a larger version of the graph.


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

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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