There a few enough transactions in Warman to get much of a sense on a month-to month basis. I did a search of single-family homes sold in Warman over the first five months of 2008, and compared to sales over the first five of 2009. Here’s what the stats say.

2008 (to May 31)

Single-family unit sales: 46
Average sale price: $371,571 (wow!)
Average price paid per square foot: $282

2009 (to May 31)

Single-family unit sales: 72
Average sale price: $295,797
Average price paid per square foot: $236

I get similar results if I go to a single style of house. Over the same period in 2008, bungalows averaged $343,356 or $279 psf. In 2009, that was down to $268,672 and $233 respectively.

I was wondering what you could tell me about what’s occuring in the Warman market? How has this market been trending in 09 from a price perspective? Please advise. Thxs.

A Briarwood bi-level at 1,633 square feet, fully developed brought $595K or $364 per square foot. While a seller could have almost got that ppsf for a 1000 square foot Lawson Heights four-level split last year, there are really just a handful of others that claimed a 300+ number. They are certainly the exception today.

Yes, the average for the week did finish right around that $255K mark. Fifteen of twenty-one sales in area one are condos so the average in that area really pulled the overall average down. It’s just $241K in area one, and the median there was just $227K.

Rick,

While cost per square foot can make some unreliable moves (for instance, a preference towards two-storeys over bungalows in a given month could skew the average) I agree that over the long-term this measure may be more reliable for tracking price trends than the average sale price. Seems to me that as prices come down it’s just as likely (perhaps more likely) that a buyer will opt for more home, instead of a lower price. If they can afford a $320,000 home, and that home drops to $290,000, maybe they go for the $350,000 home that dropped to $320,000, thereby keeping the averages higher.

“Norm, Do you remember $345 per square foot in Area 3 last year?”

No, I don’t, but I have a short memory. That’s probably why I keep bumping my head.

Seriously though, the record high that I see for area 3 is $276 last August (SF home). Where are you getting $345?

Looks like the real action was in the condo market, I guess it should’nt really be that surprising, never the less the stats were stark.

Price per square foot really stumbled for houses and condos as well, it some ways average per square foot seems to provide more insight regarding price trends then average selling price.

Norm, Do you remember $345 per square foot in Area 3 last year?

If that holds, or even inches up only somewhat, that would put two of the last four weeks under $260k average price. We saw something like this at Christmas, but it was definitely an anomaly; the last time we saw it in a predictable pattern was February ‘08 — 15 months ago.

I wonder if we have retraced our local bubble back to then? Be curious to see how the rest of June plays out…

Jason, thank you for this Friday’s doom and gloom post “70 percent…suffereing”. Good to keep in mind.