A closer look at the Saskatoon real estate statistics for October 2009

The Saskatoon Region Association of Realtors recently reported October 2009 results for the entire residential category of Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 311 properties across all of these property types, at an average selling price of $274,759. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Saskatoon single-family home sales remained strong through the month of October posting an impressive one hundred and ninety-six sales, down from two hundred and thirty-six last month but ahead of last October by thirty-four properties. On average, Saskatoon houses took thirty-nine days to sell, the same time as last month, and on par with the same month last year. The inventory of single-family homes showing an active status at month end was five hundred and fifty-six, down forty-four properties from last month, and far below inventory levels at this time last year when nine hundred and ninety Saskatoon houses were available. In spite of a month-over-month drop in active listings, the total supply of available houses increased from 2.5 months in September to 2.8 months by the end of October.

The average sale price of a house in Saskatoon gained some traction and climbed nearly ten thousand dollars month-over-month to reach $312,938 and trumping the average price from October of last year by roughly two thousand dollars. The median selling price finished up one thousand dollars from September and six thousand dollars higher than last year at $296,000. The three-month average price for a Saskatoon house dipped nearly two thousand dollars from last month to $307,106 or about four thousand dollars lower than the same month in 2008.

The average price per square foot of a Saskatoon house gained five dollars over last month to finish at two hundred and fifty one dollars, just below this year’s peak of two hundred and fifty-two dollars in February and slightly higher than last October’s figure of two hundred and forty-seven dollars per square foot.

Once again, Saskatoon condominium sales were exceeding all expectations as lower prices pushed unit sales higher to one hundred and three units, a gain of six properties from September, and up a whopping one hundred and fifty percent from October 2008 when just forty condos traded. Active condo listings continued to decline falling to three hundred and twenty units, down thirty-one from last month and about forty percent lower than last year when five hundred and thirty Saskatoon condos were available. The total supply of condo inventory actually fell from 3.6 months in September to 3.1 months by the close of October. The average days on the market remained steady at forty-one.

The average selling price of a Saskatoon condominium fell again, but more sharply in October than it did in September. Lower prices were fueled by ten area four sales that sold at less than $100,000. The average price finished at $209,614, down nearly sixteen thousand dollars from last month, and fifteen thousand dollars below last October’s figure of $224,919. The median price slid even further dropping nineteen thousand dollars from last month to $198,000 and closed the month twelve grand below last year’s median of $210,000. The three-month average fell three thousand dollars month-over-month to $222,485 and finished lower than last October by about eight thousand dollars.

Changes to the average cost per square foot for a Saskatoon condo were far less dramatic as it dropped just two dollars compared to September and finished the month at $217, fourteen dollars lower than the same month 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.

Map displaying the boundaries of Saskatoon real estate “areas”
Data collection and calculation for our statistical reports

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 Saskatoon Real Estate

Tagged as: monthly statistics, prices, real estate, saskatoon