Saskatoon real estate week in review: April 25-29, 2011

Saskatoon real estate week in review: April 25-29, 2011
House and condo sales accelerated again for the third consecutive week to usher in the highest volume sales week this year. Saskatoon real estate agents reported ninety-four firm sales to the MLS® system, up eleven from last week, and matching sales volume generated during the same week last year.

New listings also surged higher as one hundred and eighteen home sellers placed their property onto the multiple listing service®. That number is up twenty-four from last week but well short of the number of Saskatoon homes listed during the same period last year when one hundred and thirty-nine homes hit the market.

Click the image for a larger version of the graph.

After taking a bit of a break last week, active Saskatoon real estate listings edged higher. The total inventory of residential listings grew by just a dozen properties to 1,310 up from 1,225 at this same time in 2010 for an annual gain of just seven percent. Over the course of the week, the condo category grew by twenty units while the single-family home inventory actually declined by five. Today, there are 753 single-family homes and 489 condominiums for sale on the MLS® system. At this time last year, there were 722 houses and 444 condos for sale.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings were practically even with last week at just twenty-two. Seventeen of those made a same day return to the system flagged as a new listing, most bearing a new and lower price. An additional sixty-seven price adjustments were recorded through this week’s activity.

The median price for the week slipped slightly lower falling just over $10,000 to $307,500. At the same time, nine sales with prices above the $500,000 mark pushed the average selling price for the week higher as it gained nearly $16,000 from the week before to reach $330,740. The six-week average price followed suit and gained six thousand dollars to finish the week at $310,709 to show an annual gain of about $14,500. The four-week median held firm at $309,000 compared against last week but ended the week sharply higher than it did for the same week last year when it was just $285,000.

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Just five sellers had the good fortune of finding a buyer who was willing to pay more than list but the average overbid was substantially higher than it is most weeks at $10,680. It was skewed higher by one property in Nutana that drew a $42,000 overbid. Another fifteen sellers managed to close a deal at the full asking price while seventy-four of ninety-four sellers sharpened their pencil to close the deal giving up an average of $8,807 or about 2.6% of the asking price.

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

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