Saskatoon real estate agents reported just 50 sales of single-family homes and condominiums to the multiple listing service® over the course of the week. That marks a week-over-week decline of five units bringing one of just a handful of weeks, in recent months, where sales fell short on annual basis. During the same week last yeara total of 68 sales were recorded for those two housing types.
New listings followed, trailing lower and falling 10 on a weekly basis to just 73 homes. However, that was still enough to beat activity for the same week last year when just 66 Saskatoon homes were offered for sale.
The inventory of active listings in the residential category of the Saskatoon MLS® continued to hug last year’s trend line as the week closed showing 1149 properties for sale, down 25 from the close of the previous week, and up just 14 units from where it stood at the same time last year. The inventory bubble that formed in the back half of 2008 seems to be ancient history as far as Saskatoon home buyers and sellers are concerned. I expect that the inventory levels seen through 2010 and 2011 represent the new “normal” for this real estate market. Sales, by the way, appear quite “normal” as well. Sure, we are seeing some impressive numbers compared to last year, but 2010 saw sales fall below the five-year average by close to ten percent. Total residential sales for 2011, so far, put us just 2.5 percent ahead of the five-year average. Most agents that I’m speaking to on a daily basis feel that the market is balanced and that prices are fairly stable, even though the average has been climbing lately.
Turning to more specific housing categories, today’s inventory contains 686 detached single-family homes (houses) and 397 condominiums shosing an active status on the Saskatoon MLS®. Houses are up just 17 units on a year-over-year basis, while condos are down by just six.
Click the image for a larger version of the graph.
Cancelled and withdrawn listings remained steady at 36 homes with 20 of those returning to the system on the very same day for another go at the market. An additional 46 Saskatoon home sellers adjusted their asking price in hopes of wrapping up a deal before the holidays begin. Another 18 MLS® listings reached the end of their term and expired from the system without a sale.
Compared to recent weeks, a lack of sales at the high end of the market brought a lower average sale price by almost ten percent on a weekly basis. That number came in at $295,386 to make its first appearance below the $300K mark since late July. At the same time, the median price for the week inched up and gained almost 5K from the week before. The six-week average price slipped lower by about five grand compared to the previous week and closed at $325,432 for a year-over-year gain of about $17,000. The four-week median price took a slide falling 10K from the previous week to reach $300,000 for an annual gain of just $10,000.
Overbid sales came in a three but buyers resisted any urge they may have felt to pay wildly more than list price. The average overbid on those three sales was just $133. Another three sellers accepted offers at their full asking price while 44 of 50 sales completed required a little back and forth resulting in a deal that closed $10,238 below the asking price, on average.
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