The Saskatoon Region Association of Realtors recently reported February 2010 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 236 properties across all of these property types, at an average selling price of $291,056. 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 pushed higher on a month-over-month basis reaching 152 units, a gain of thirty-seven sales compared to the previous month, and topping last year’s rather lackluster performance by just five units. To nobody’s surprise, active listings also grew over the course of the month. Through February, Saskatoon house inventory had grown by eighty-three units to finish at 469, well below the 761 houses available at the same time last year. In spite of inventory growth, increased unit sales caused the “total months” of available inventory to drop to 3.1, down from 3.4 at the close of January.

Stronger demand and less selection added up to a swing in favour of local sellers as houses recorded gains which were frankly, stronger than I had anticipated. The average selling price of a Saskatoon house came in five percent higher than the previous month at $315,000, still a fair bit off of the peak, but higher than the same month last year when houses brought an average of $305,130. The median soared to $312,500 to record a gain of nearly thirty thousand dollars compared to January and thirty-three thousand dollars higher than February 2009. The three-month average selling price grew by six thousand dollars in a month to record a gain of twenty-two thousand dollars over the same month last year.

The average price per square foot paid for a Saskatoon house also grew, though not as sharply as the other measures. Saskatoon home buyers paid $255 per foot in February, up seven dollars from the month before, and just three dollars more than the average in February 2009.

Sales of Saskatoon condominiums showed greater strength through February as seventy-one firm sales were reported to the multiple listing service, up from fifty-eight the month before and eighteen more than the same month in 2009. Inventory grew by fifty-three properties over the month to 305, twenty-five percent lower than the 412 units that were available a year ago. The increase in both supply and demand pretty much balanced out and total supply of available inventory remained steady at 4.3 months.

Even though the inventory situation was far more stable for condos than houses, prices headed towards record territory as the average selling price of a Saskatoon condo spiked nearly thirty-three thousand dollars on the month to gain more than twenty thousand dollars year-over-year. The median price moved about the same amount to close the month at $245,000 and gaining about nineteen thousand dollars over February 2009. The three-month average was far less spectacular with gains of just fifteen hundred dollars for the month and growth of three thousand dollars compared to the same month last year.

The average price paid per square foot for a Saskatoon condominium was also higher than last month by nine dollars reaching $236 for a gain of thirteen dollars from the previous February.

In a nutshell, unit sales are weaker than expected given the pending mortgage rule changes that take effect on April 19. Saskatoon real estate prices, especially condos are showing more strength than I had anticipated. Considering that most people wouldn’t touch a condo with a ten foot pole at this time last year it’s a mystery to me how we could be talking about year-over-year gains of nearly nine percent today.

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.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is 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

The Saskatoon Region Association of Realtors recently reported January 2010 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 179 properties across all of these property types, at an average selling price of $270,191. 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 fell flat in Saskatoon during the month of January, finishing with just one hundred and fifteen firm sales, lower than December by nearly two-dozen units and well off of the one hundred and sixty-four properties sold in January of 2009. The inventory of available houses edged higher by thirty-one units from the previous month to three hundred and eighty-six homes. Lower sales and a larger inventory pushed the absorption rate (months of inventory) up nearly a full month to 3.4 and while remaining on the low side of “normal” reached its highest level since April of 2009. Active listings remained well below levels seen last year when buyers had six hundred and eighty-eight single-family homes to choose from.

After a strong finish to 2009 house prices moderated on a month-over-month basis by all three measurements that we tracked, but continued to show gains year-over-year. The average selling price of a house tumbled nearly thirty thousand dollars from last month, falling below $300,000 for the first time since March of last year but maintaining annual gains of just over six thousand dollars. The median selling price was down seventeen thousand dollars on the month to $283,000, not quite six thousand dollars higher than it was at the close of the same month last year. The three-month average inched lower by four thousand dollars to reach $308,633 and recorded a gain of over seventeen thousand dollars on a year-over-year basis.

The average price per square foot paid for a Saskatoon house also fell, though not as sharply as the other measures. Saskatoon home buyers paid $248 per foot in January, down five dollars from the month before, and just two dollars more than the average in January 2009.

Sales of Saskatoon condominiums also slipped from the month before but managed to eek out some modest year-over-year gains as a total of fifty-eight units traded, just four fewer than December, and fourteen properties higher than the same month in 2009. Active listings finished lower by just three units when compared to the previous month with just two hundred and fifty-two available homes, down from three hundred and sixty-three a year ago. Months of inventory remained steady from one month to the next, and year-over-year at 4.3.

The price of Saskatoon condos slipped lower in all three categories. The average sale price came in at $214,072 losing more than fourteen thousand dollars from the previous month, and down a little better than six thousand dollars from January 2009. The median price slid nine thousand from last month to $213,700 to show a loss of roughly $6K from a year earlier. The weakest month for condos prices last year was October, and as that month fell out of the three-month average calculation this measure managed an upward push to $229,423 to show a gain of nearly five thousand dollars from last month and an increase of just under two thousand dollars on the year.

The average price paid per square foot for a Saskatoon condominium was higher than last month by three dollars reaching $227, a gain of fourteen dollars from the previous January.

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.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is 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

The Saskatoon Region Association of Realtors recently reported December 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 211 properties across all of these property types, at an average selling price of $291,554. 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 homes (houses) continued on a seasonal downward trend following the same path as last year. Unit sales totaled 137, a hefty drop from the previous month when Saskatoon real estate agents reported 168 houses sales, but well ahead of last December’s sales of just 109. Active house listings declined even faster falling from 503 at the end of November to just 355 by year-end, nearly fifty percent fewer than were available at the close of December of 2008. The drop in inventory levels is even more pronounced when viewed as “months of inventory” available, falling from 6.2 at the end of 2008 to just 2.6 by the close of 2009.

As inventory found its way lower, prices moved higher. The average selling price of a Saskatoon house recovered from a pretty good dip in November and increased from $300,153 to $328,083 over the month, nearly twenty percent higher then it was for December of last year. It’s important to note that the average size of the homes, which sold also increased by ten percent on a year-over-year basis so a good portion of that increase can be accounted for in that factor. Still, the three-month average moved up by more than seven thousand dollars from one month to the next and the median moved nearly seventeen thousand dollars from last month.

The average price per square foot paid for a Saskatoon house also moved back to October levels after dipping in November. The average came in at $253 per square foot, up eight dollars from the previous month and twenty-two dollars higher than the same month in 2008.

Sales of Saskatoon condominiums fell to sixty-two units, down fourteen from the previous month but ahead of 2008 when forty-four properties traded hands. Active inventory dipped from 292 at the close of November to 255 by the end of the year, a decline of roughly thirty-three percent from the year before when 381 condo sported a for sale sign. “Months of inventory” for Saskatoon condominiums fell more than fifty percent over the past twelve months from 8.7 months last December to 4.1 months today.

While larger single-family homes were popular in December, smaller condos won more sales this year. Condo prices moved lower on the month, and on the year, in spite of a significantly improved inventory situation. The average selling price of a Saskatoon condo dropped about thirteen thousand dollars compared to November to reach $228,832, roughly eight thousand dollars lower than last December. The three-month average was stable from one month to the next at $224,593, but down forty-five hundred dollars from December of 2008, while the median selling price gained thirteen hundred dollars from a month ago and six thousand dollars on the year.

The average price paid per square foot for a Saskatoon condominium slid six dollars from November to finish at two hundred and twenty-four, up five dollars from December 2008, and higher on a year-over-year basis for the second month in a row.

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 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

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

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported September 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 351 properties across all of these property types, at an average selling price of $279,457. 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 continued to show remarkable strength gaining twenty-nine percent over the same month last year to finish September at two hundred and thirty-six units, twelve percent lower than August. Active house listings continued to slide, falling to just six hundred properties, eight percent lower than the close of August, thirty-three percent lower than this year’s peak of eight hundred and ninety, and forty-three percent lower than last September when 1,053 Saskatoon houses were for sale. Technically, while inventory continued to fall in real numbers, seasonally slower sales moved the months of inventory slightly higher from 2.4 months to 2.5 months.

The average sale price of a house slipped about thirty-four hundred dollars on a month-over-month basis to finish September at $303,028, more than sixteen thousand dollars lower than the same month last year and more than thirty-six thousand dollars off of the peak price of $339,548 which was reached in June of 2008. The median sale price recovered to $295,000, up nearly five thousand dollars from last month and matching last September’s number. The three-month average gained four hundred dollars over the previous month and finished just over eight thousand dollars lower than it was in September of 2008.

The average price per square foot of a Saskatoon house returned to July levels as it slid back to $246 after an August bump pushed it higher to its peak for 2009 of $252. That’s roughly eight percent lower than it was in September of last year, and about thirteen percent off of the peak of $280 that we saw in May of last year.

If house sales were “strong,” condo sales were through the roof. The number of Saskatoon condos that sold last month doubled over the same month last year reaching ninety-seven units, approximately thirteen percent below the month of August when one hundred and twelve condos traded hands. The inventory of condos fell eight percent from last month, finishing at three hundred and fifty-one properties, down thirty-two percent from the same time last year. “Months of inventory” grew slightly more in the condo category than single-family detached houses did, rising to 3.6 months from 3.4 months at the close of August.

The average selling price of a Saskatoon condominium lost some of its August gains falling roughly five thousand dollars to $226,271, sixteen thousand dollars lower than it was in September of last year. The median price fell eight thousand dollars from the month before to $217,000, twelve thousand dollars behind the same month last year. The three-month average actually took some gains to finish up about thirty-six hundred dollars from August at $225,597, about nine thousand dollars lower than it was last year at this time.

The average cost per square foot for a Saskatoon condo remained unchanged on a month-over-month basis at $219, roughly ten percent lower than September of 2008 when it sat at $240, and about sixteen percent below the peak in May of 2008 when it reached $262.

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported August 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 393 properties across all of these property types, at an average selling price of $281,871. 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 took a small dip in August falling to 268 units, down from 294 in July, but up significantly compared to the 150 properties that traded in August of 2008. The number of houses for sale within the city of Saskatoon also slid falling by ninety units compared to last month to finish August at six hundred and fifty-one, down nearly forty percent from the same month last year.

The average sale price of a house fell from $315,768 in July to $306,440 in August, which was just a few hundred dollars higher than it was in August of 2008. The median price took a similar slide falling to $290,250 from $299,000 the month before and finishing just $750 behind the median for last August. Following seven consecutive months of gains which moved the three-month average nearly twenty thousand dollars higher, this measure came in about $1400 lower on a month-over-month basis but lagged behind last year’s number by nearly sixteen grand.

Meanwhile, the average price per square foot for a Saskatoon house increased, climbing six dollars from last month to two hundred and fifty-two dollars, seventeen dollars less than the average for last August.

The number of Saskatoon condos that are currently for sale continued to fall, though far slower than the single-family home inventory has adjusted. At month end, three hundred and eighty-one condos showed an “active” status on the Saskatoon MLS system, down just twelve properties from July, but well off of the four hundred and ninety-nine condos available at this time last year. Unit sales showed some strength falling just seventeen units from July to finish at one hundred and twelve sales, nearly eighty-percent up on the same month in 2008 when just sixty-two Saskatoon condos sold.

The average selling price of a Saskatoon condominium rose for the third consecutive month, increasing nearly eleven thousand dollars from the month before to $231,042 and finishing up close to five thousand dollars compared to August 2008. The median took an even stronger jump increasing nearly fifteen thousand dollars to $224,950, up from $209,000 last year. The three-month average selling price finally moved ahead ending a year of declines and finishing at $221,965, sixteen thousand dollars lower than it was at this time last year. Condo prices were skewed higher by twenty-two sales above the $300,000 mark, including two that topped a half million dollars.

The average cost per square foot for a Saskatoon condo also made some gains climbing eight dollars from its near two-year low of $211 to $219, twenty-two dollars lower than it was in August 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.

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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported July 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 440 properties across all of these property types, at an average selling price of $283,619. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon remained fairly steady through July, ending just four units short of June’s numbers at 294 properties, but sharply higher than July 2008 sales when 228 houses changed hands. In July of 2007 when sales were at their peak, 315 houses were reported sold. Active listings in the single-family home category slid to their lowest level since January reaching 741 units, down from 818 last month. At this time last year the inventory of Saskatoon houses for sale sat at 976.

The average sale price of a house rose on a month-over-month basis climbing more than $11,000 to $315,768, but remained down when compared to last July when it slid from its peak to $322,715. The median price grew marginally to $299,000, down just $1,000 from the same month last year. The three-month average saw similar growth rising about $4,500 from June to finish at $309,871, still nearly $20,000 lower than last July’s three-month average of $329,610.

Interestingly, the average price per square foot for a Saskatoon house declined slightly in July, on both a month-over-month basis, and year-over-year. This measure came in at $246, just three dollars below June’s average, but a full twenty dollars lower than July of 2008.

Saskatoon condo sales also picked up a bit of traction but not to the same degree as houses. Unit sales climbed six compared to June to finish the month at 129, up eighteen from 111 in July of 2008. Active listings also declined in the condo category, but just marginally. At the end of July, 393 condos were displaying an active status on the Saskatoon MLS system, down eighteen properties when compared to last month and twenty-five fewer than the same month last year.

Condo prices showed less movement through July but the average selling price still managed to climb about $5,000 from June to settle at $220,363, approximately $16,000 behind last July’s average. The median sale price increased one thousand dollars from last month to reach $210,000, but remained down year-over-year by $10,000. The three-month average price remained steady from one month to the next at $215,672 but showed losses of nearly twelve percent compared to last year when it hit $244,634.

The average cost per square foot for a Saskatoon condo lost all of the gains that it made in June sliding six dollars to $211, roughly fifteen percent lower than last July when it hit $248 and at its lowest point in more than two years.

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

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

The Saskatoon Region Association of Realtors recently reported June 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 442 properties across all of these property types, at an average selling price of $276,867. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon increased from 247 properties last month, to 298 in June, and posted a solid gain over the previous June when just 212 houses changed hands. Active listings took a downward turn through the month of June, falling to 818 from 890 properties in May, and down approximately twelve percent from the close of last June when 931 single-family homes displayed an active status on the Saskatoon MLS system.

In spite of brisk market activity and surprisingly strong demand, the average selling price of a Saskatoon house managed to decline marginally for the second month in a row, sliding to $303,999 from $311,016 last month, and down a whopping $35,000 from June of 2008 when it reached $339,548. The median price held steady at $295,000 for the third month in a row, but fell $24,000 compared to last June when it hit $319,000. The three-month average managed a bit of a bounce, showing gains for the fifth consecutive month, rising nearly $5,000 from May to finish at $305,303, down from $331,630 last year.

A closer look at house prices by area indicates that this month’s averages aren’t likely telling the whole story. The average price of a single-family home in area one was bolstered by a near million dollar sale and a number of sales above $600,000 keeping it within four percent of last year’s number. However, the other four major Saskatoon real estate areas showed year-over-year declines in house prices ranging from a low of twelve percent (area 5) to a high of eighteen percent (area 3).  The average price of a single-family home in areas 2 and 4 dropped fourteen and sixteen percent respectively.

The average price per square foot for single-homes showed a little more steadiness on a month-over-month basis, remaining flat at two hundred and forty-nine dollars when compared to the previous month, but sliding approximately ten percent from June of 2008 when it reached two hundred and seventy-seven dollars.

Active listings of Saskatoon condos took a sharper decline on a month-over-month basis falling from 480 units in May to 411 by the close of June. The condo inventory remains up just slightly compared to last June when 408 units were available. Saskatoon condo sales saw their strongest month since April of 2008 as units sales climbed to 123, up 12 from the previous month, and 26 units higher than last June when 87 condos sold.

The average selling price of a Saskatoon condo saw a slight increase compared to May moving from $210,599 to $215,380 in a month’s time, but finished well below last June’s average of $248,681. The median sale price held steady at $209,000 on a month-over-month basis, down $16,000 from June 2008. The three-month average also stayed steady compared to May but showed year-over-year declines of nearly $40,000. In June of 2008, the three-month average price of a Saskatoon condo reached its peak of $253,577.

The average cost per square foot for a Saskatoon condo bounced slightly higher compared to May, rising from two hundred and eleven dollars to two hundred and seventeen. Still, that’s roughly fourteen percent lower than it was last June when it sat at two hundred and fifty-three dollars.

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.

Next week, the second quarter Royal LePage House Price Survey will be released. It examines specific residential property types in fairly specific locations through out the city of Saskatoon, and compares prices to the same quarter last year. I think that this report will provide our most accurate look at how Saskatoon house prices have changed over the course of a year. The report is scheduled for release on July 7. Please drop in to check out the details.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported May 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 372 properties across all of these property types, at an average selling price of $276,091. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Following a slight decline during the month of April, total active listings of singe-family detached houses grew from eight hundred forty-seven to eight hundred and ninety by the end of the month, up from seven hundred and thirty-six in May of 2008. Unit sales showed some strength rising from two hundred and thirty-five last month to two hundred and forty-seven in May, finishing just six units higher than the same month last year. Absorption rates remained stable compared to the previous month at 3.6 months of inventory, but sat higher than last year when it was slightly higher than a three-month supply.

House prices remained remarkably stable given the buzz about improving market conditions. The average selling price of a Saskatoon house took a slight downturn from $312,565 in April to finish the month at $311,016, some $16,000 lower than it was in May of 2008. The median remained steady month-over-month at $295,000, but again, finished $16,000 below last year’s number of $301,000. The three-month average selling price gained about $3,600 over last month to close just above $300,000, well off of the number attained last May when it came close to $328,000.

Average sale prices of house in Saskatoon for May 2009

The average price per square foot for single-homes showed the same kind of steadiness on a month-over-month basis, increasing just slightly from $248 to $249 but showed deeper losses compared to the same month last year, falling about eleven percent from $280 per square foot in May of 2008.

Active listings of Saskatoon condos saw a smaller increase than houses over the past thirty days, but a much higher increase compared to last year. May came to a close with four hundred and eighty condominiums showing an active status, up just five units from April, but one hundred and fifty-seven listings higher than last May when three hundred and twenty-three units were available. Sales also increased, just one unit compared to last month, but up about thirteen percent compared to last year. One hundred and eleven condos changed hands during the month of May, which made for the strongest month for Saskatoon condo sales in a year. Still, an additional month of condominium inventory is available this year, when compared to last as the absorption rate climbed from 3.3 months to 4.3 months.

Condo prices continued to display a downward trend as the average selling price for the month lost about nine thousand dollars compared to April and finished at $210,599, down roughly sixteen percent from May 2008 when it sat just above $250,000. The median selling price fell $6,500 compared to the previous month, down just $16,000 from May 2008 when it was $225,000. The three-month average fell $4,800 from last month to $215,099 and finished significantly lower than May 2008 when it reached $242,472.

The average cost per square foot for a Saskatoon condo appeared to be slightly more stable on a month-over month basis falling just $2 from April to finish at $211, but was roughly nineteen percent lower than it was when it peaked in May of 2008 at $262.

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

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

The Saskatoon Region Association of Realtors recently reported April 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 353 properties across all of these property types, and an average sale price of $275,455. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

The total inventory of Saskatoon homes for sale (houses and condos) dipped ever so slightly over the month of April falling to 1,322 units from 1,328 at the end of March.

Total active listings of detached houses fell by 20 units over the previous month to finish at 847, significantly higher than the 470 single-family homes available at the close of April 2008, but still, a rather reasonable supply for this time of year. Unit sales in the same category grew to 235, up from 193 last month, and about ten percent lower than April 2008 when 261 detached houses traded hands.

The inventory of Saskatoon condos increased again, rising to 475 from 461 the month before, and reached levels nearly twice as high as the same month last year when 241 properties were showing an active status on the Saskatoon MLS. However, unit sales took a fairly sharp increase rising from 66 units last month to 110 in April, the highest number of condo sales recorded for any month since July 2008.

Increased unit sales brought the absorption rate (months of inventory) down for both houses and condos. There is currently a 3.6-month supply of detached houses (down from 4.5 last month and at their lowest level since July 2008) and a 4.3-month supply of condos (down from 7 months in March and at their lowest level since May 2008).

The average selling price of a detached house increased fairly significantly from $286,634 last month, to $312,565, falling short of last April’s average of $329,101. The median selling price gained $20,000 on a month-over-month basis rising to $295,000, down $15,500 from last April when it reached $310,500. The three-month average selling price rose by just $3,000 to $296,933, about $25,000 lower than last April’s figure of $321,124.

The average price per square foot for single-homes also came up in April gaining ten dollars on the previous month to settle at $248, roughly ten percent lower than it was last year at this time.

Condo prices also rose over the previous month, though not as substantially as single-family homes. The average selling price for the month was $219,733, about $4,500 higher than it was in March, but down from a whopping $259,467 for the same month last year. The median price gained $5,550 over last month rising to $215,500, but down nearly $30,000 from April of 2008. The three-month average was stable, month-over-month at $219,927, just $8,500 lower than last April’s number of $228,470.

The average cost per square foot for a Saskatoon condo slid just one-dollar to $213, off nearly eighteen percent on a year-over-year basis from its near peak of $261. That said, price per square foot for condos is certainly looking more stable in recent months and the steep losses experienced through the last three quarters of 2008 seem to have stopped.

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

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

The Saskatoon Region Association of Realtors recently reported February 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 211 properties across all of these property types, and an average sale price of $281,681. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

After leveling off in January, active listing inventories took an upward turn through the month as February. The stock of available single-family homes (detached houses) grew to 761 units by month’s end, up about 10 percent from January, and sharply higher compared to February 2008 when a dismal 204 Saskatoon houses were offered for sale. Condo inventory took a similar turn growing to 412 units, up from 363 last month. At the close of February last year just 127 condominiums were available on the Saskatoon MLS system.

Following a remarkably strong month for single-family home sales in January, unit sales weakened some in February sliding to 147 units, down from 164 the month before, and off 45 units (-25%) compared to the same month last year. Condominium sales showed an increase of thirteen units over the previous month, but fell substantially on a year-over-year basis to just 53 units, down from 147 units (-64%) during the same month last year.

In spite of weaker sales volumes, single-family homes saw a month-over-month price bounce using all four value measures during the month of February. The average sale price for the month was sharply higher for the second consecutive month rising from $293,073 in January to $305,130 in February but gained just $1,500 compared to the same month last year. The median sale price inched up to $280,000 from $277,450 the month before, but lost some ground over February of 2008 when it reached $287,000. The three-month average increased $1,500 over the previous month, and finished roughly $4,000 ahead of last February’s number of $288,677.

The average price per square foot that buyers paid for single-homes also edged up but the gain over the previous month was smaller (2.5%) than the gain in the average sale price (4%). The cost per square foot increased just one-dollar in area one, compared to 8-dollars in area two, while it fell in areas three through five. Heavier volume on Saskatoon’s east side was enough to push the city wide average to $252 per square foot, up six-dollars from the previous month, and down just one-dollar compared to the same month last year.

Given that the demand for Saskatoon condos was off by 64% on a year-over-year basis you may have expected that prices would have taken a serious hit. Instead, they actually appear to have experienced some real gains on a month-over-month basis. The average sale price increased nearly $6,000 from $220,408 to $226,148, and finished nearly $16,000 higher compared to February of 2008 when the average price of a condo was just $209,507. I will point out that the average size of the condos that sold was also substantially higher at 1,014 square feet this year, compared to just 865 square feet last year. That is distorting the year-over-year numbers. The median price slid to $212,500 from $219,500 the month before, but again, it finished sharply higher than the $192,900 median recorded in February of last year. Note that last year the median price experienced one of those more extreme movements on the graph, due mostly to the size of the homes that sold.

Average price per square foot numbers probably paint a slightly more accurate picture of Saskatoon condo prices. Again, they saw a rather impressive bump from $213 in January to $223 in February, but finished down on a year-over-year basis falling twenty-one dollars from $242 last year. Areas two and three saw large gains while area one remained stable. Area four failed to record a single condo sale for the eighth consecutive month. I’m predicting a fairly serious dip in the purple line on that graph if we ever do sell another. ☺

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported January 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 213 properties across all of these property types, and an average sale price of $278,545. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Following four consecutive months of declines, single-family home inventory showed an increase of four units, month-over month, closing January with a total of 688 properties available for purchase. While the active inventory of “houses” for sale is four times higher than it was last January when it fell towards record lows and reached just 169 units, some chatter can be heard within the industry that there just isn’t much to show, especially if a buyer isn’t interested in buying new.

Single-family homes sales were strong through the month of January finishing at 164 properties, up from 109 in December, and nine units higher than the 155 unit sales recorded in January of 2008.

Condominium inventory continued to decline through January, falling modestly to 363 units, from 381 the month before, but substantially higher than the 142 units which were available for purchase at the close of January 2008. There were no complaints heard from agents about any shortage of available product. ☺

Sales of Saskatoon condos showed marginal declines over December 2008 falling four units to 40 properties. If that doesn’t seem too bad to you, have a look back to January 2008 when 123 condos traded hands and you’ll get some appreciation for how much the condo market has changed. In hindsight, my recent thoughts that the “condo market is showing promising signs” may have been ahead of their time.

Following an amazing plunge in December when the average selling price of a Saskatoon house reached its low for the year at $274,521, prices rebounded nearly $19,000 to finish January at $293,079. Year-over-year, the average remained slightly higher by just over $3,000. In spite of a strong monthly average, the three-month average sale price continued to slide for the seventh consecutive month reaching $291,222, down approximately $4,000 compared to last month, but remaining about $21,000 higher than it was during the same month last year. The median price pushed higher to $277,450, up from $264,000 in December, and sharply higher than $255,900 in January 2008.

All but one of the five major trading areas experienced an increase in the average price per square foot through January. Area 3 saw the largest jump rising to $251 from $221 in December, and up $14 from the same month last year. Area 5 was the only area to record a decline. The average price per square foot came in at $237, down from $239 the month before. Across all five areas, the average price per square foot was up to $246 from $231 in December, and $10 higher than January 2008 when it reached $236.

In the Saskatoon condo market, the average selling price moved in the opposite direction falling over $16,000 from $236,986 in December, and reaching $220,406 over the first month of 2009. That number is up just $1,200 from the average recorded in January 2008. The three-month average slid to $227,590, down from $229,082 in December, and $229,056 last year. The median price for a Saskatoon condo remained stable month-over-month at $219,500, which represents a decline of $4,500 compared to January 2008 when it was $224,000.

The price per square foot number for Saskatoon condominiums continued on its downward trend reaching $213, down $6 from December and $9 from last January. Area 1 showed an increase month-over-month rising to $215 from $201 the month before, but down from $225 in January 2008. Area 3 showed the sharpest decline falling a whopping $36 to $223. You may recall that there were a couple of Spadina Crescent condo sales in December that pushed the average higher by $53 over the previous month. Still, year-over-year averages were down sharply in area 3, falling from $250 to $223. Area 2 showed the bleakest year-over-year numbers as the average price per square foot fell to $221 from $270.

The gap between the price of a Saskatoon house and a condo widened significantly through January. At times over the past two years, these numbers have gotten too close so it’s encouraging to see that gap widen some.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported December sales and prices for the entire residential category including single-family homes (houses), condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 162 properties across all of these property types, and an average sale price of $266,411. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Month end expired contracts pushed total active residential listings down at the end of December settling at 1,127 properties, and reaching their lowest levels since April of 2008. Still, the total inventory of Saskatoon homes was sharply higher than last December when available properties fell to just 346. Single-family homes took a sharp dive falling from 882 units at the end of November to close the year at 684. Available Saskatoon condos followed a similar trend falling from 493 to 381 in one month’s time.

House sales slowed as they always do in December losing 23 units compared to November, and falling short of December 2007 sales which topped 140 mark. 109 Saskatoon houses changed hands last month. Condos bucked the typical trend and showed an increase of 6 units from November with a total of 44 reported sales through the month of December, off 12 units from the previous December. If you’re looking for the silver lining, December sales of condos and houses did manage to exceed numbers recorded in all previous years. All things considered, this strikes me as a fairly remarkable change from our more recent months. It will be interesting to see if lower interest rates, and softer prices motivate buyers to enter the market as we move towards spring.

Indeed prices were softer in December as Saskatoon houses took a significant beating and showed losses in all four of the value measures we’ve been tracking over the past two years. The average sale price took the biggest thump losing well over $25,000 as it fell from $302,508 to just $274,521 and reaching it’s lowest level since December 2007 when the average house price was recorded at $267,342. The median sale price dropped $21,000 to $264,000 on a month-over-month basis and was actually slightly lower than last year’s number of $264,900. The three-month average fell close to $14K compared to last month landing at $295,956, down about $35,000 from it’s peak of $331,630 in June, but remaining up by almost as much when compared with the same month last year.

Click the image for a larger view.

It’s certainly worth mentioning that the houses sold in November were larger than those sold in December. In November, Saskatoon home buyers purchased an average of 1,252 square feet, compared to 1,186 square feet in December. Using our average price per square foot number for the month, about half of the massive slide in the average selling price could be attributed to this factor.  Two of the five major trading areas managed an increase in the price per square foot on houses that traded. On the heels of an unusually large slide in November, area 4 rose from $162 per square foot last month to $173 in December while area 1 saw a marginal increase from $254 to $257. Area 3 took the largest slide, losing about $23 per square foot to finish at $221. Across all Saskatoon real estate trading areas, the average price per square foot for a Saskatoon house dipped $11 from $242 in November to $231 in December.

Click the image for a larger view.

Saskatoon condos produced surprises this month beyond stronger unit sales showing price gains in three of our four value measures. The average sale price increased $14,000 compared to the previous month and finished at $236,896, or about $2,600 higher than the same month last year. The median fell short of last year’s number finishing at $219,500, but was up about $5,500 from November. The three-month average slipped from $230,812 last month to settle at $229,082, or about $7,000 lower than it was in December of last year. A small handful of well appointed luxury type condos in areas 2 and 3 take at least some of the credit for the gains.

The price per square foot number for Saskatoon condominiums saw an overall increase of $2 over the previous month, rising to $219 in December. Still, it sits about $15 lower than it was in December 2007 and at its second lowest point since May of 2007.

The gap between the price of a Saskatoon house and a condo closed considerably through the month of December, at least on a price per square foot basis as house prices came down and condos edged slightly higher. Higher end sales pushed the average price per square foot in area 3 up by more than 25% to $259, and area 2 saw gains of about half as much rising from $217 last month to $243 in December. Area 1 continued to slide falling from $216 to $201. Area 4 remained stable as a result of no condo sales for the fifth consecutive month. Area 5 shows a large slide from a bizarre previous high of $255, falling through the floor to just $179. I should point out that area 5’s number is based on just two sales so a large change is not at all surprising.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported November 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 181 properties across all of these property types, and an average sale price of $278,495. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Residential listing inventory took a pretty good slide this month in both the house and condo categories. Total active listings of Saskatoon houses for sale fell to 882 from 990 at the close of October, and 1,053 the month before. Condo listings landed at 493 units, down from 530 the month before. Sales also weakened in both categories as house sales fell to just 132 units, down from 162 the month before and way off of the 223 properties sold in November 2007. Saskatoon condo sales slipped to 38 units, down just a smidge from October’s weak performance when 40 units traded, but off by 50% compared to November 2007 when 77 condos changed hands.

The price of a Saskatoon house saw marginal declines according to all four value indicators through the month of November. Average selling prices slid to $302,508 from $305,021 in October but remained significantly higher than the $257,491 recorded in November of 2007. The median house price slid $5,000 for the second month to settle at $285,000 and the three-month average showed it’s fifth consecutive monthly decline down by just $1,000 compared to the previous month.

All but one of the five major trading areas experienced a decline in the price per square foot on houses that traded. Area 5 managed a gain from $239 in October to $244 in November. Area 4 took the biggest dive falling from $196 in October to just $162 in November. On average, across all areas, the average price paid per square foot on houses declined from $247 last month to $242 this month. That’s just a 2% decline on a month-over-month basis but a 15.5% decline from its peak in May when the average price per square foot of a Saskatoon house was $280.

In the Saskatoon condo market, the numbers are not quite as simple but a close look does provide some clues. First, the average selling price inched down slightly, falling just over $2,000 from $224,970 in October to $222,834 in November. The median selling price shows a small gain from $210,000 to $214,000 and the three-month average is more or less level with the previous month at $230,812. On a month-over-month basis those don’t look like big changes, but year-over-year we see a pretty significant downward trend. In November 2007, the average selling price of a Saskatoon condo was 8% higher at a whopping $241,339.

The price per square foot number for Saskatoon condominiums provides a clearer picture of how condos have been affected over this period of correction. Again, area 5 manages to produce a gain on just three unit sales but the numbers tumble in areas 1 and 2. With average selling prices fairly stable, we can see that buyers are clearly buying larger units for roughly the same amount of money. Overall, the average selling price of a Saskatoon condo, on a price per square foot basis fell roughly 6% over the month from $231 in October to just $217 in November.

The gap between the price of a Saskatoon house and a condo continues to widen. We are finally seeing pretty substantial differences (30-35%) between the average price of these two types of properties and the cost per square foot measure has grown slightly larger as well. Last November, house prices were not quite 7% higher than a condo. Prices on a cost per square foot basis were actually higher for condos than houses at $234 and $225 respectively. This was just one of the strange imbalances that occurred in our real estate market through 2007 which has managed to sort itself out.

Condos are starting to look far more realistic at their current price point, perhaps even reasonable given the huge rents that they’re generating. I can’t help but wonder if future prices changes won’t be a little closer to what houses have been experiencing. Entry-level apartments that came close to $200,000 through the spring are now available in the $160,000 range and a decent townhouse can be had for as low as $210,000. I wonder how long it will be before renters facing constant increases start to look to these properties as a solid option. From a seller’s perspective, renting a condo is now an option that may be as good as selling it. I guess it all depends on where you think prices are headed and when this correction will end.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported October results for the entire residential category, which includes single-family homes (houses), condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 215 properties across all of these property types, and an average sale price of $285,310. Let’s have a look at how houses and condominiums faired.

Residential listing inventory declined modestly on a month-over-month basis reaching its lowest level since July of 2008. The stock of available Saskatoon houses dropped 63 units from 1,053 at the close of September to 990 by the time October had closed. However, all of the declines were in the single-family home category as condominium inventory still managed to creep up a bit from 519 to 530 units. Sales weakened in both categories with house sales falling to 162 units, down from 183 in September, and down 44 units from October of last year when 206 houses changed hands. Condo sales fell for the third consecutive month finishing the month at 40 units, compared to 48 in September and down from 55 last October.

Based on the average number of units sold over the last three months there is currently a 10.6-month supply of condos and a 6-month supply of single-family homes.

The price of a Saskatoon house took a hit according to all four of the price trend measures that we use to track values. The average selling price of a house fell to $305,021 from $319,596 in September while the median sale price took a softer blow falling just $5,000 from the month before. The three-month average continued its downward trend for the fourth consecutive month reaching $310,959, down over 6% from its peak of $331,630 in June of this year, while both the median and the average selling prices came in nearly 10% lower than their previous highs. All three of these measures continue to show gains when compared to October of 2007 with the average selling price of a Saskatoon house sitting 12.5% higher than it was last year at this time.

The price per square foot measure shows the greatest change to date as single-family homes traded at $241 per foot, down nearly 14% from the high of $280 which we saw in May.

Saskatoon condos took the larger hit as the average selling price fell to $224,970, down from $242,040 in September and more than 13% off of its peak high of $259,467 in April of this year. For the first time, were actually seeing two of the value indicators showing a drop over the previous year with the average selling price coming in about $5,000 lower than the previous October and the median falling $10,000 short of last year’s number.

On a price per square foot basis, condos traded at $231, down from $240 last month and about 13% off of their high of $262, which was reached in May of this year.

Clearly, the gap between the price of a Saskatoon condo and a single-family home has grown wider in recent months. This strikes me as a correction that was long overdue as the two categories were just too close to each other through much of the past two years.

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 @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon Region Association of Realtors recently reported September results for the entire residential category, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 246 properties across all of these property types, and an average sale price of $297,836. Let’s have a look at how houses and condominiums did.

Average sale prices for Saskatoon houses and condos both took a jump during the month of September following some pretty hefty declines during the months of July and August. It’s worth noting that the average size of the properties that traded in both categories also increased fairly substantially, so while buyers paid more on average, they also bought more real estate with their money.

The average price of a Saskatoon house came in at $319,596 for September, up from $306,095 in August, and $245,363 in September of 2007. The average size of the houses that traded was 1,224 square feet in September of 2008, 1,136 square feet in August and 1,107 square feet in September of 2007. Price per square foot declined to $261 in September of 2008, from $269 the previous month, but finished well ahead of the $221 per square foot recorded in September 2007. The average cost of a house on a per square foot basis peaked at $280 in May of 2008.

Unit sales in the “house” category climbed to 183 units in September from 150 units in August but finished the month 11% lower than September of 2007 when 206 houses traded in the Saskatoon real estate market.

This graph tracks both the average and median selling price for a Saskatoon house back to January of 2007. Click the image for a larger version of the graph.

Average prices in the Saskatoon condominium category also increased through September and settled at $242,040, up from $225,311 in August, and just a smidge higher than the average for September of 2007 when condos traded at $236,220. Again, the average size of the condos that sold took a significant leap to 1,008 square feet in September, up for 933 square feet in August. The average unit size sold in September 2007 was larger at 1,045 square feet. The price per square foot remained fairly stable on a month-over-month basis finishing at $240 compared to $241 in August, but still up from $226 in September 2007. The average cost of a condo on a per square foot basis also peaked in May of 2008 at $262.

Unit sales in the “condominium” category took a substantial beating declining to just 48 properties, down from 62 units in August, and down even further from 84 units in September 2007.

This graph tracks both the average and median selling price for a Saskatoon condo back to January of 2007. Click the image for a larger version of the graph.

Listing inventories continued to grow, though somewhat more modestly through September. This graph shows the total number of active listings at the end of each month for the house and condo categories versus the number of sales transacted during each month. Click the image for a larger version of the graph.

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 @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Residential unit sales in the single-family home and condominium categories took a solid tumble in August falling to just 212 units, down from 339 in July, and down further from 368 in August 2007. The average selling price dipped to $282,470 from $294,306 the previous month but settled in above the final numbers for August 2007 when the average price of a home reached $255,955. The average cost per square foot for a Saskatoon home was up $30 from last year to $263, about even with July 2008.

In the single-family home category, unit sales declined from 266 units last August to settle at 150. Average selling prices slid sharply from $322,715 in July to $306,095 in August but remained significantly higher than the $268,708 average reported in August of last year. The average cost per square foot managed to climb slightly from $268 in July to $269 in August, but the average size of the houses that traded was just 1,136 square feet compared to 1,204 the month before.

The average price of a Saskatoon condo continued to slide for the fourth consecutive month reaching $225,311, down from $239,952 in July and just slightly higher than the average in August 2007 when it reached $222,698. Still, the average cost per square foot came in at $241, compared to just $224 in August 2007, and $248 in July 2008.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

After two months of sluggish sales in the Saskatoon real estate market, demand picked up some in July. Total unit sales of condominiums and houses came in behind July 2007 numbers (411 units), but slightly higher than sales in 2005 (340) and 2006 (337), and up just over 10% compared to June, which closed with 299 sales. Average prices in this category didn’t fair as well, falling nearly $19,000 from their peak of $313,109 to settle at $294,306. Year-over-year, prices in this category were up nearly 20% from $245,306. Average days on the market increased from 21 days in June to 30 days in July.

Any loss to unit sales can be attributed to the “houses” category as record level prices curbed demand. Unit sales fell to 228, up from 212 in June, but down significantly from July 2007 when 315 houses traded hands. The average price of a Saskatoon house remained up about 27% over July 2007 when prices reached $253,446, but slid from nearly $340,000 in June to $322,715 in July. The average cost per square foot of a Saskatoon house dropped $9.00 through July when compared to last month.

Remarkably, condo sales for the month of July reached 111 units, up from 87 in June and actually beating July of 2007 when 96 condos traded. Prices took a fairly significant slide dropping to $235,952 from $248,681 last month, and up just 6.5% from $221,495 in July 2007. The average cost per square foot in the condo category increased $5.00 suggesting that the units that traded were smaller on average than those that sold in June.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

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

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 @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

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.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Residential unit sales in Saskatoon fell again in April for the second consecutive month, losing 51 sales in the “home” category, and finishing the month at 390 units, compared to 441 in April 2007. The average selling price of a Saskatoon home (houses and condos only) continued to increase and finished the month at $306,033, up sharply from $287,959 last month. In April of 2007, the average was just $207,436.

The entire drop in unit sales can be found in the single-family home category, which saw sales decline to 261 units, compared to 337 for the same month last year. Prices spiked 40% from $234,406 last April, to $328,798 this year, but there was little change over last month when Saskatoon single-family house sales averaged $326,633. While the average selling price was up a little more than $2,000, Saskatoon home buyers got a little more house for their dollar, paying $276 per square foot, compared to $279 per square foot in March.

Condominium sales actually increased over last year with 129 units trading hands, compared to 104 during April 2007. Average prices took a huge jump when compared to March ($219,173) but experienced smaller year over year gains (compared to houses) of 34%. The average price per square foot increased to $261 in April from $242 in March.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

On April 15 when I posted my “Closer Look at the Saskatoon Real Estate Statistics for March, 2008,” I expressed some concern about the accuracy of the numbers and even included a disclaimer warning that there may be some accuracy issues. Indeed, there were. That post has been updated today and I can’t guarantee that it won’t require another update at some future point.

While most of our statistical reports use data based on the date that the sale was reported, our “Closer Look” dissects the sales based on the contract date. We’ve chosen the middle of the following month as our reporting date, but as we explain in our “Data Collection and Calculation” page, there is always a possibility that more sales conducted during that period could be reported late.

My initial report included data based on 306 units which were showing as sold at the time that I published that report. By this weekend, the number had increased to 364 units, a pretty substantial difference, so I thought I should call this edit to your attention. These latest monthly figures are more in line with the weekly sales that we’ve been reporting in the Week in Review. While we are still showing fewer units sales year over year, the difference is actually quite marginal, at least in comparison to what was initially reported.

In reviewing the sales from March 2008, we see a decline in total unit sales of 6%. The number of single-family homes sold dropped 21% while condominium sales increased by 41%. Prices reported in our initial post were nearly identical on the update.

So, I extend my apologies to the bears that frequent this blog for getting you all excited. I’m sorry to have led you to believe that the sky might be falling on the Saskatoon real estate market.

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 @SaskatoonHomes.

Norm Fisher

Royal LePage Saskatoon Real Estate

My mid-month “closer look” pretty much always follows SRAR’s month end stats, but then SRAR pretty much always releases month end stats at the end of the month. Due to issues that arise from the way that SRAR normally reports the numbers, combined with the quirks of a new MLS system, those numbers are still not available. SRAR’s reluctance to release their numbers leave me feeling somewhat concerned, but I’ve gone through the data pretty closely and I believe these numbers are probably reliable (yes, that’s a disclaimer, and I have already updated them once so tread carefully). In any case, I’m throwing caution to the wind and releasing my numbers because I know that some of you are seriously thirsty for some monthly stats. So drink it up folks.

Please note that I’ve added a new column to our charts that provide the average price per square foot in each category. Hopefully this figure adds another bit of perspective as to what’s happening over the long term.

Starting with the “house and condo” category, we can see that the average selling price of a Saskatoon home reached a new high of $287,959 for the month of March. This number is up from $266,573 in February, and represents a 40% increase from March 2007 when the average came in at $203,605. Unit sales saw a small decrease from 388 units last year to 364 units this year. Given that inventory has increased substantially over last year, we can really only conclude that demand is also starting to soften somewhat. This is a natural effect of rising prices. As prices rise, fewer buyers can afford to buy.

The drop in unit sales is significantly deeper when it comes to single-family homes (houses). 233 houses sold during March of 2008, compared to 295 in March of 2007, a drop of 21%. On the other hand, prices went through the roof rising to an average of $326,633, up a whopping 57% year over year. Houses averaged $208,123 in March of 2007, and had risen to $310,533 through February of this year.

Unit sales in the condo category showed remarkable strength due to a better affordability factor. Sales actually increased over March of 2007 from 93, to 131 sales, a gain of 41%. The average selling price showed a weakness that is equally remarkable when compared to the tremendous gains in house prices.

The average selling price of a condo was up just 16%, year over year, from $189,275 to $219,173. This relatively small increase can be attributed to a number of condo conversion projects that offered small, entry-level units priced at $125,000 or less. There were enough of these units sold early this year to skew the numbers down. When I look to a specific condo development and compare sales from March 2008 and March 2007, I see differences that are closer to 40%. For instance, three level town homes in Lakewood were trading at a high of $190,000 in March of 2007. Sales from March of 2008 show comparable units selling for $265,000. These numbers are probably more reflective of what’s been happening with condos.

In any case, year over year gains have been far stronger in the single-family category, and this seems fitting, given the fact that condos saw far greater increases than houses through 2007. The prices in the two categories had just become too close.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Note: The graphics in this post were updated on March 5, 2009 to reflect the final sale numbers as reported by agents for February 2008. The graphics show the final figures while the commentary reflects the statistics as they had been reported as of the date of the original post.

The average selling price of a Saskatoon home (condos and single-family detached homes combined) for the month of February came in at $266,573, up from $252,763 in January and sharply higher than the average of $188,028 recorded in February of 2007. A strong and steady flow of new residential listings combined with strong demand led to an increase in unit sales to 339, up from 319 during the same month last year, and well above January’s number of 265.

Houses (single-family detached homes) continued to experience large prices gains with the overall average coming in at $310,533, up from $284,473 last month, and $194,360 a year ago.

The average sale price of a Saskatoon condo slipped for the third consecutive month to levels not seen since May of 2007. Lower averages can largely be attributed to a couple of conversion projects offering small units priced below $125,000. When we look to other projects which have a large number of recorded sales over several consecutive months we can see that condos are continuing to rise, though not nearly as sharply as houses. For instance, looking to the Pine Creek project in Lakewood, we can find sales ranging from $235-$245,000 in December, selling from $245-$260,000 through January, and as high as $270,000 in February. These numbers probably provide a more accurate picture of what’s happening in that market.

You may note that these monthly stats are different than those released by the Saskatoon Region Association of Realtors (SRAR) at the beginning of March. Just a quick reminder on why: SRAR reports on all residential property types, including semi-detached and duplexes while my “closer look” numbers focus specifically on houses and condos; units which we would consider homes as opposed to income properties. SRAR also bases their report on sales which firmed up during the stated period, where my numbers focus on contracts written during the period.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate