New listingsfell a little harder than sales and may have even signaled that we have passed our peak listing weeks for 2010. Agents processed listings for eighty-four single-family detached houses and thirty-one condos on the Saskatoon multiple listing service® this week. The total of 115 homes represents a drop of twenty-five homes compared to last week and five fewer than were offered for sale during the same period last year.
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Single-family inventory grew by fourteen this week to 828 while the total number of available condos slipped lower by eight to 504. As this same week came to a close last year there were 908 houses and 493 condominiums showing an active status on the Saskatoon MLS®.
The inventory of residential properties listed for sale continued to maintain a fairly straight line for the third week in a row gaining just five units over the course of the week to finish at 1406, eighty-nine fewer than were for sale at the same time in 2009. Only time will tell if the black line will suddenly continue higher or take a downward curve but history suggests that the line doesn’t stay straight for long and once it heads lower it generally continues that downward trek through the balance of the year. The next couple of weeks should tell the story.
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Cancelled and withdrawn listings inched lower from forty-two to thirty-eight with just half of those making a return appearance with a new MLS® number and a new listing banner. An additional sixty-three sellers signed a price adjustment.
Prices cooled considerably compared to the lofty heights they reached last week but continued strength in the upper end market kept the average selling price pretty close to peak numbers for 2010 at $310,082. The six-week average crept higher by six hundred dollars compared to last week to finish at $300,689, nearly twenty-four thousand dollars higher than it was for the same period last year. The four-week median held steady at $289,000 to claim a year-over-year gain of almost twenty-two thousand dollars.
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Sixty-one of seventy-two reported sales occurred below the asking price by an average on $8,549, or 2.7% of the asking price. Eight buyers paid what the seller was asking and three area 2 home buyers paid more than list by an average of $7,983. One of the three sales reported a price that was $22,500 above list and accounted for the majority of this week’s overbid dollars. It was a new condo so the extra dollars were most likely paid for upgrades.
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Norm Fisher
Royal LePage Vidorra