The Saskatoon Region Association of Realtors recently reported November 2009 results for the entire residential category of Saskatoon real estate that includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 254 properties across all of these property types, at an average selling price of $278,885. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.
Single-family detached home (houses) sales remained strong for the season slipping to one hundred and sixty-eight units, down from one hundred and ninety-six in October, but up from one hundred and thirty-two sales in November of 2008. The total number of houses available at the close of November was five hundred and three, a drop of fifty-three units compared to last month and well below the eight hundred and eighty-two homes that were in the inventory at the close of November 2008. The absorption rate (total months of inventory) for detached houses grew to three months over the past thirty days, an increase of 0.2 months. Last year at this time there was a near seven-month supply sitting on the market.
House prices, by all three of the measures we use showed declines, some more seriously than others. The average selling price of a Saskatoon home slid nearly thirteen thousand dollars over last month to $300,153, just slightly lower than the $302,508 figure recorded last November. The median sale price tumbled close to sixteen thousand dollars month-over-month to reach $282,250, just behind last November’s number of $285,000. The three-month average slipped just sixteen hundred dollars from October’s close to $305,513, about forty-five hundred dollars lower than it was in November of 2008.
The average price per square foot paid for a Saskatoon house also showed a downward dip during the month of November slipping six dollars to two hundred and forty-five but remained higher on a year-over-year basis for the second consecutive month. In November of 2008, the average price paid per square was two hundred and forty-two dollars.
Sales of Saskatoon condominiums showed some continued strength, but came off of some pretty lofty numbers recorded in October. Total condo sales came in at seventy-six, down from one hundred and three last month, but a full one hundred percent higher than November 2008 when just thirty-eight condos were reported sold by Saskatoon real estate agents. Inventory fell from three hundred and twenty units last month to two hundred and ninety-two by the close of November, down from four hundred and ninety-three at the same time last year. The absorption rate from condominiums took a pretty steep jump climbing 0.7 months to 3.8 months over the month but remained sharply lower than the near thirteen month supply that existed at this time last year.
Condo prices did a total about face and showed gains that dwarfed the apparent losses in the single-family home category. Without a doubt, much of the change can be explained away by high-end sales including three units that averaged almost $700,000 a piece. The average selling price of a Saskatoon condo jumped nearly thirty-two thousand dollars over the previous month to a whopping $241,620, more than twelve thousand dollars higher than the average during the same month last year. The median sale price was up nearly twenty-two thousand on the month, also up on a year-over-year basis by close to eight thousand dollars. The three month average rose just under two thousand dollars compared to last month and remained lower than last November by roughly six thousand dollars.
The average price paid per square foot for a Saskatoon condominium also increased rising to two hundred and thirty dollars, up from two hundred and seventeen dollars last month, coincidentally where it also sat during November of last year.
Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here.
Data collection and calculation for our statistical reports available here.
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.
Follow our daily updates on Twitter @norm_fisher.
Norm Fisher
Royal LePage Saskatoon Real Estate
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{ 3 comments… read them below or add one }
Advice please!
We are a professional couple living downtown who have just been given notice, yet again, that we are having our rent increased.
We moved to the province in the summer of 2007 and nearly bought in the summer of 2008; however, ran into the over bidding madness, CMHC saying we were over paying on the house (which we were to be honest), and in the end we lost the house. The entire experience soured it immensely for my husband, but at this point we have had our rent raised so many times (with each lease end) that we either are going to buy or we need to leave the city because this is outrageous.
It kills me that there are no rent controls in this city. Why is that by the way?
We are currently paying $1400 for a big apartment with a killer view, with no underground parking (just covered), no washer and dryer and it hasn’t been reno’d … I’d say judging by our mustard yellow bathroom … ever, plus electricity. This was the building where we learned last year wasn’t up to code when it was on the cover of the newspaper – sure weren’t told about that when we moved in.
Can someone tell me how a first time home owner’s mortgage goes? I think it’s 5% down? How much are mortgage rates these days and how long until they take a big jump?
Thanks in advance.
Ginger, I feel your pain. Having recently moved from Calgary, I am not sure it is any cheaper to rent in Saskatoon than it was in Calgary. Over stated job prospects and earning potential added to over priced rent and no real great options have me wondering if I should’ve made the move in the first place. I am seriously considering moving back to Calgary in a year when my initial obligation ends.
Ginger,
Sorry to hear that you’ve been hit with another rent increase.
Five percent is a minimum down payment requirement and one would be wise to budget 1-1.5% for other closing costs (legal fees, inspection, etc.).
You can find current rates on any financial institution or mortgage brokerage website. TMG’s rates are here. http://mortgagegrp.com/site/SK/rates.asp
Nearly everyone seems to be in agreement that rates will rise. The question is when, and that’s all speculative. Of course, the Bank of Canada made a conditional commitment to kep them low through Q2 of 2010. I think they’ll probably start to rise after that. They should easily return to historical norms, perhaps higher. There are some pretty attractive longer term mortgages available now though. TMG’s five-year rate is below 4%.
A $250,000 mortgage at 3.9% will set you back about $1300 a month on a 25-year amortization. Of course taxes would be extra, and so would condo fees if you were to choose to continue living in an apartment.