Residential unit sales in Saskatoon fell again in May for the third consecutive month, losing 163 sales (-34%) in the “home” category, and finishing the month at 339 units, compared to 502 in May 2007. The average selling price of a Saskatoon home (houses and condos only) fell marginally and finished the month at $305,148, compared to $306,033 the month before. In May of 2007, the average was just $233,013.
Earlier this month, the Saskatoon Region Association of Realtors reported a drop in the average selling price to $301,527 in May from $306,268 in April. Our “closer look” reveals that properties outside of the “condo and house” categories were impacted most. The average in the remaining classifications (duplex, semi-detached, vacant lots, mobiles) fell to $259,698 in May, from $304,516 the month before, skewing the overall averages down. In fact, Saskatoon home buyers paid $276 per square foot for their homes in May, compared to $272 per square foot, the month before. Basically, they settled for a little less home, for a little less money.
Once again, houses took the biggest hit when examining the decrease in unit sales. 241 units changed hands this May compared to 383 during May of 2007. Average selling prices increased from $240,089 last May, to settle at $327,392, about $1,400 less than the average in April. Again, prices per square foot were up $4 from April to $280 per square foot.
Condominium unit sales fell for the first time, but to a lesser degree than single-family homes, moving from 119 units in May of 2007, to 98 units in May of 2008. Average selling prices finished the month at $250,447, sharply higher than $210,236 recorded last year, but down a pretty good bump from April when an average of $259,975 was recorded. The price paid per square foot was up a smidge, month over month from $261 in April to $262 in May.
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Royal LePage Vidorra