The total inventory of active MLS® listings in the residential category continued on a downward trend and fell below 1,000 units for the first time since totals moved above that number in early February. As of this morning, there are 953 residential listings showing an active status on the system for a weekly decline of 55 units, but up when compared against the close of the same week last year by 31 properties. There are currently 540 single-family homes (detached houses) and 354 condominiums for sale in Saskatoon. At the close of the same week last year, those housing categories stood at 506 and 363, respectively.

Cancelled and withdrawn listings slipped lower to just 18 homes with eight of those immediately returning for another go at the market, most bearing a new price. Price changes were nearly non-existent at just three. Over the course of the week, 19 listings expired having reached the end of their term without finding a willing buyer.

The average selling price of a Saskatoon home inched up, ever so slightly, gaining just a few hundred dollars on last week to finish at $319,111. The weekly median sale price grew by $19,000 to close at $324,000. The six-week average dropped about fifteen hundred dollars to $314,274 to claim an annual gain of just over three thousand dollars, while the four-week median pushed higher by roughly two thousand dollars on the week, closing at $304,000.  That brings an annual gain of $15,000, the largest in several weeks.

Overbidding was once again out of fashion. Just one lucky Saskatoon home seller finished a deal for more than the asking price. That overbid sale came in $1,100 above the asking price. Another seven sellers found a buyer willing to pay them their full asking price while 55 of 63 completed deals required some back and forth at the negotiating table for an average discount of $10,467.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Norm Fisher
Royal LePage Vidorra

New listings came in lower than sales this week as would be sellers delayed their entrance to the market until after the holidays pass. Total house and condo listings came in at 52, a drop of seven from the previous weekto finish roughly on par with new listings for the same period a year ago.

Click the image for a larger version of the graph.

Total MLS® listings in the residential category took a fairly good drop but still finished the week at levels above last year’s. As of this morning, there where 1,008 residential listings showing an active status for a weekly decline of 54 properties and an annual gain of 41. Today, buyers will find 571 single-family homes and 373 condominiums available for purchase. Last year at this time, those categories stood at 527 and 382, respectively. You may recall that over the past couple of years, single-family home inventory has rarely been up on a year-over-year basis. It currently sits eight percent higher than it was at this time last year.

Still, these numbers strike me as fairly healthy, assuming that sales in the first quarter of next year are able to match the five-year average for this area, which I expect will be the case. By contrast, look to Regina’s inventory that currently sits at only 421 residential units including 334 single-family homes and just 63 condominiums. Unless those numbers see a sharp increase in the early next year, we could see some sharp price increases there in early 2012. Looking back about ten years, Saskatoon home prices where at about a twenty percent premium compared to Regina. This year, we’ll wrap the year up with a difference of around eight percent. I expect that we’ll see that gap close even more by spring of next year.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings pushed a bit higher this week at 30 units. In a rare twist, surely related to the holidays, fewer than half of those returned to the market as a new listing. An additional 17 Saskatoon home sellers adjusted the asking price on their home. Meanwhile, 27 MLS® listings came to the end of their term and expired without a sale.

Following a fairly sharp decline last week, the average selling price of a Saskatoon home bounced back to $318,716. The weekly median sale price also bounced back in a big way picking up about $30K to finish in the more normal range of $305,000. The six-week median price slipped a little more than a thousand dollars from last week to $315,874 for an annual gain of just four thousand dollars. The four-week median gained about as much on a weekly basis to finish at $301,888 claiming an annual gain of just under five thousand dollars. Prices appear to be wrapping up the year very close to where they were at the close of 2010.

Click the image for a larger version of the graph.

One lucky Saskatoon home seller managed to complete a deal for $5,000 more than their asking price on the first day that the home was offered for sale. An additional seven found a buyer who was willing to offer the full asking price. The remaining 55 sellers sharpened their pencils to wrap up a firm sale at an average discount of $10,230.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

Norm Fisher
Royal LePage Vidorra

Coming off of the strongest week for new listings in two months time, numbers fell sharply by 44 units compared to last week but finished five units lower than the new listing total for the same time period in 2010.

Click the image for a larger version of the graph.

Total active listings in the residential category slipped lower again, but they’re moving lower at a slower pace than is typical at this time of year. The numbers slipped by just 13 from last week to 1062 and finished higher on a year-over-year basis for the fourth consecutive week, this week logging the largest annual gain of 66 properties. Today’s active inventory shows 602 single-family homes and 396 condominiums. Last year at this time, those two categories stood at 544 and 395 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings continued to decline as just twenty-four properties were pulled for the market. Eleven of those reappeared the same day as a new listing. An additional 32 sellers adjusted their price hoping for an early Christmas gift in the form of a sold sign. Another 17 listings came off of the market when they expired at the end of their term without a sale.

Weekly prices slipped lower again as the average sale price of a Saskatoon home fell more than fifteen thousand dollars from last week to $303,521. The median price slid even more dropping almost thirty thousand dollars from last week to close at just $275,100. Still, the six-week average sale price managed to increase by two thousand dollars to $317,007 for an annual gain of over seven thousand dollars. The four-week median price slipped two thousand dollars from last week to $297,850 and finished marginally lower on an annual basis for the second week in a row.

Click the image for a larger version of the graph.

For the first week in almost a year, there were no overbid sales reported. Eleven sellers did manage to close a sale at their full asking price while 45 of 56 sales required some pencil sharpening to close. In those instances, buyers managed an average discount of $10,659.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

Norm Fisher
Royal LePage Vidorra