On July 4, the Saskatoon Region Association of Realtors released their monthly statistics for the Saskatoon real estate market. Those statistics provide an overview of activity for all property types in the “residential” category. This “closer look” is intended to provide an overview of activity for single-family homes (houses) and condominiums that were sold in the Saskatoon area, to the exclusion of semi-detached, duplexes, vacant lots and mobile homes. My primary focus as a Realtor is Saskatoon homes, and it’s my objective, through this report to provide detailed data on properties that meet that criteria.
During the month of June 2008, 299 properties identified as single-family homes and condominiums were reported as firm sales on the Saskatoon MLS. Unit sales were down 34% from June of 2007 when 452 homes changed hands. The average sale price was up 2.6% from May of this year, and 24.7% when compared with June of 2007 when it passed the quarter million dollar mark for the first time. At the same time, the average cost per square foot fell $5.00 from $276 in May to $271 in June, an indication that Saskatoon home buyers got a bit more for their dollar this June, when compared to last. While the average selling price was greater in May than June, the average size of the homes which sold, was also slightly larger.
Of the 299 properties reported sold, 212 were single-family homes. Unit sales in this category decreased by 35% when compared to sales in June of last year. Average selling prices increased 3.7% over May of 2008 and 29.5% compared to the same month, one year ago. The average cost per square foot fell by $3.00 on average, with area 1 seeing the largest decline, dropping $29.00 per square foot compared to sales recorded in the previous month.
Saskatoon condos saw a decline in unit sales of 30% when compared to June 2007. Month over month, the average selling price saw a decline of .7% and a drop of $9.00 when examined on a cost per square foot basis, with area 2 experiencing the largest decline at $32.00 per square foot. Year over year, condos experienced the smallest increase in the average selling price at just 12%. During June of 2007, condos were selling at an average of $221,958, compared to $248,681 this June.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports
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Norm Fisher
Royal LePage Saskatoon Real Estate
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{ 4 comments… read them below or add one }
Good to see condos went down in price, if only by 0.7%, and also down $9 per square foot. The bigger drop in sales for condos and big increase in inventory, suggest condos are even more over valued than Saskatoon houses.
I think condo prices are going to go down the most.
Huge inventory, slowing sales. And potential low income earners who soon may no longer be able to qualify for mortgages.
Great info, thanks Norm.
That’s interesting! Your listing on Stillwater … I own a condo in there. The asking seems to have come down from last year, still pretty respectable though. I’m not planning on selling, but am curious nonetheless, are people still clamouring for units in this place? Gotta say the rental income has grown very nicely over the past year, but you can’t buy one of these to cash flow anymore, unless you you put 50% down, but no investor is going to do that….
You really have a great listing presentation Norm. I really recommend Norm to any sellers out there, he’s the best.
Callum,
Thanks for the kind feedback.
That unit would have run away at $199,900 back in January. With 400+ condos on the market we can expect longer market times. I believe this one is the best value out of several for sale there. Frankly, I’m a little surprised that it hasn’t been scooped up yet.