Following three consecutive weeks of declining sales, the Saskatoon real estate market rebounded this week to show 76 units sold (detached houses and condominiums) for an overall gain of 12 sales compared to last week. The weekly total finished well ahead of the same week last year when just 56 Saskatoon homes were reported sold to the local MLS®. New listings in the same housing categories moved in the opposite direction and finished four units behind last week at 94. That total is higher than the number recorded during the same week last year by nine listings. Click the image for a larger version of the graph. The total inventory of active MLS® listings in the residential category continued to follow last year’s trend line and declined by just ten units over the course of the week to finish at 1215, about even with the number of properties available at the same point in time last year. As of this morning, there are 747 single-family homes and 394 condos displaying an active status on the multiple listing service® for areas located within municipal boundaries. Last year at this time, those numbers stood at 734 and 414 respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings came in on par with last week at 33 units with 18 of those immediately returning to the system, pretending to be a new listing, most at a new and improved price. An additional 57 Saskatoon home sellers adjusted the asking price on their home in hopes of finding a buyer before winter. Another 11 properties slipped out of the system when they failed to sell during the original listing period. Following a series of increases that brought the average selling price of a Saskatoon home to its annual peak for three consecutive weeks, the average fell more than $30,000 from last week to $320,549. The six-week average price continued to ride the momentum created by a number of high-end sales in recent weeks and reached its highest point this year for the third consecutive week, gaining just under a thousand dollars to close the week at $326,584. That gives it an annual gain of close to $25,000. The four-week median price crept up even more picking up almost $2,000 this week to finish at $309,950. That number is creeping on previous highs for the year and sits nearly $30,000 above where it was at this point in 2010. Click the image for a larger version of the graph. Overbid sales were low again at just two, with one seller managing a contract more than $10,000 above the asking price. An additional six sellers got all that they were asking. The majority of this week’s sales (68 of 76) were completed at a price that was below the asking price by an average of $11,626. Click the image for a larger version of the chart.

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 Vidorra

Saskatoon home sales declined again for the third consecutive week as local real estate agents reported 64 detached house and condo sales to the local MLS®, down just two units from last week, for a year-over-year decline of five. The number of new listings bounced up from last week’s remarkably low numbers, reaching 98 units, for a gain of 33 compared to last week. New listings were also higher on a year-over-year basis this week. During the same week of 2010 there were just 85 houses and condos offered up for sale on the multiple listing service®. Click the image for a larger version of the graph. Active listing inventory continued to follow a fairly typical seasonal trend by slipping lower again by just nine units compared to last week. As of this morning, there are 1225 residential properties showing an active status on the MLS® system. That’s precisely how much inventory was available to buyers at the close of the same week last year. Today, we have 746 single-family homes and 411 condominiums for sale within the city of Saskatoon. At this time last year, those two categories of housing stood at 739 and 721 respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings fell off substantially from last week to just 33 units. Of those, 17 made a same day return to the MLS® system, most at a lower price. An additional 35 price changes were processed this week. A total of 18 listings reached the end it their term and expired without a sale. The average sale price of a Saskatoon pushed higher for the fourth consecutive week breaking the record high for the year three weeks in a row as it rose just above $360K. The median sale price followed suit and gained about $13,000 from the previous week as it climbed to $321,450. The six-week average selling price followed along reaching annual record highs for the second week in a row. It finished at $325,922, which is roughly $3,500 above last week’s high. That’s about $24,000 higher than it was at this time last year. The four-week median price edged up $5,000 over the course of the week to $308,000 and finished $18,000 higher than it was exactly one year ago. Click the image for a larger version of the graph. Overbid sales slipped lower to just two with an average overbid of $3,600. An additional nine sellers closed a deal at their full asking price while 53 of 64 sellers had to sweeten the pot to complete a deal. On average, those buyers negotiated a discount of $13,437. Click the image for a larger version of the chart. 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 Vidorra

Following a huge spike in new listings last week, new MLS® listing activity softened this week to its lowest level for 2011 as Saskatoon real estate agents brought just 65 house and condo listings to the multiple listing service®. That’s almost 80 units fewer than the number of homes listed the week before and behind numbers produced during the same week last year by 12. Unit sales slipped again, falling just two from the previous week to 66 homes but still managed to trump numbers from the same week a year ago by 16 units. Click the image for a larger version of the graph. On the heels of a week that produced one of this year’s sharpest jumps to the total number of MLS® listings available in Saskatoon, numbers softened again declining 32 units on a week-over-week basis and finished just twelve properties below last year’s levels at 1234. This morning, there are 744 single-family homes and 416 condominiums in the mix. The inventory of Saskatoon houses and condos available for sale are each lower than they were last year at this time by nineteen units. Click the image for a larger version of the graph. Cancelled and withdrawn listings more than doubled over the previous week as 72 sellers pulled their active listings. Thirty-nine of those sellers did an immediate re-list, most at a lower price. An additional 46 Saskatoon home sellers adjusted their asking price. This week, 12 listings reached the end of their term and expired without a sale. The average sale price of a Saskatoon home made its third consecutive weekly gain and reached its annual peak for the second time in as many weeks closing at $339,930. Once again, there were some heavy-duty numbers at the top end of the market including two sales that collectively accounted for more than $2 million in volume. The weekly median took another big jump climbing almost 13K to $308,750. The longer-term measures each took an upward bump with the six-week average gaining about four thousand dollars over the week before to finish at $321,319. That represents an annual gain of roughly thirteen thousand dollars. The four-week median climbed three thousand dollars compared to last week to $303,000 for an annual gain of seventeen thousand dollars. Click the image for a larger version of the graph. Overbid sales increased to four units with an average overbid of $2,550. An additional three sellers got their full asking price while 55 of 66 Saskatoon sharpened their pencils to make a deal and finished below their asking price by $13,489 on average. Click the image for a larger version of the chart. 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 Vidorra

A large number of month-end expired listings that quickly returned to the market caused the number of new listings to skyrocket this week. Saskatoon real estate agents brought 143 house and condominium listings to the MLS® system, a gain of 61 units compared to last week, and up 47 from the same week a year ago. Meanwhile, sales numbers moved in the opposite direction falling 21 units from the previous week to finish at 68 but still managed to exceed the numbers recorded during the same week of 2010 when just 61 Saskatoon homes changed hands. Click the image for a larger version of the graph. The large gap between sales and new listings caused total number of active listings available on the Saskatoon multiple listing service® to move higher. At the close of the week, there were 1266 residential listings showing an active status on the system. That represents a gain of nearly seventy units when compared against the close of the previous week and puts us right on par with listing numbers for the same time a year ago. On a weekly basis, the single-family inventory grew by 40 units to 763, while the condo category grew by 15 to 435. At he same point in 2010, those categories stood at 770 and 427, respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings declined to just 30 units this week, with 23 of those homes immediately returning to the system with a new MLS® number, most offering an improved price. An additional 58 Saskatoon home sellers adjusted their asking price this week. Just 16 listings reached the end of their term and expired without a sale. A couple of big sales at the upper end of the market pushed the average selling price of a Saskatoon home higher for the second week in a row, this time to its peak high for the year, $334,179. The weekly median price edged lower falling about $1500 to $295,745. Both of the longer-term measures that I look at on a weekly basis slipped lower. The six-week average price dropped just a few hundred dollars from last week to $317,416 for an annual gain of nearly $9,000. The four-week median price fell $4000 on a weekly basis to $300,000 and finished ahead of the same week last year by about $10,500. Click the image for a larger version of the graph. Overbid sales declined as just two sellers found a buyer who was willing to pay more than the asking price. Those overbids averaged just $100. Another 11 sellers closed a deal at their full asking price. 55 of this week’s 68 sales closed below the asking price with an average underbid of $11,401. Click the image for a larger version of the chart. 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 Vidorra

Saskatoon real estate sales edged higher again for the third consecutive week as local agents reported a total of 89 house and condominium sales to the Saskatoon MLS®. That total is four units higher than the previous week, and up 14 from the total sales reported during the same week last year. Meanwhile, new MLS® listings plummeted, falling 42 units from the previous week to just 82 houses and condos to finish lower than the same week a year ago by 17. This is the smallest number of new house and condo listings for any week this year. It’s also the only week in which sales actually exceeded the number of new listings that were added to the system. Click the image for a larger version of the graph.

Slowing listing activity and month end expired listings caused the total number of active residential listings of the Saskatoon multiple listing service® to decline. As of this morning, there are 1207 residential listings showing an active status. That’s down 84 units from the close of the previous week and 67 fewer homes than were available at the same point in 2010. Saskatoon home buyers can find 723 houses and 420 condominiums for sale within Saskatoon, down from 766 and 437 respectively at this time a year ago. While demand continues to be higher than might be expected for this time of year, inventory seems to be following a fairly typical path for the season. Inventory levels; particularly with single-family homes priced below $500,000 have started to slip into potential “seller’s market” territory. Still, buyers are not allowing themselves to by swept away into irrational behavior. Sellers who are priced too high, or are offering improperly staged listings are finding no love in today’s market.   Click the image for a larger version of the graph. Cancelled and withdrawn listings declined to just 42 units this week. All but 15 of those did a same day return to the MLS® system, most at a new price. An additional 59 Saskatoon home sellers adjusted the price on their existing listing. Another 66 listings came to the end of their term and expired without a sale.   The average selling price of a Saskatoon home bounced higher gaining more than $12,000 from last week to finish at $324,740. At least some portion of those gains can be attributed to high-end home sales. This week’s numbers include a sale above one million dollars, and a couple of others that were pretty close to that number. Still, the median sale price of a Saskatoon home slipped lower compared to last week. It finished at $297,200 for a weekly decline of nearly $8,000. Meanwhile, both of the longer-term price measures that I track continued to push higher. The six-week average price edged up by about $3,500 and reached $317,765 for an annual gain of about $6,000. It hasn’t been this high since early June and is close to peak levels for the year. The four-week median price gained a little more climbing from $300,000 last week to $304,000 for a year-over-year gain of $10,000.   Click the image for a larger version of the graph. Overbid sales took an upward turn as four sellers completed a deal for more than their asking price. The average overbid jumped way up to $9,600 thanks to one sale that went $26,000 over list. Another nine sellers bagged a full price offer while 76 of 89 closed deals required some give and take that left those sellers short of their list price by an average of $9,404.   Click the image for a larger version of the chart. 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 Vidorra