Saskatoon real estate week in review: April 4-8, 2011

Saskatoon real estate week in review: April 4-8, 2011
Sales of Saskatoon houses and condos slipped again for the second consecutive week, shedding nine units compared to the previous week. Real estate agents reported just sixty-two firm sales to the local MLS®, down nine from last week and falling below sales recorded during the same week last yearby five properties.

Consistent with last year’s pattern, listing activity saw a strong surge and recorded the largest number of new MLS® listings for any week this year as 148 condominiums and single-family homes were introduced to the market. That’s an increase of thirteen compared with the week before but falls short of the number of homes listed during the sale week in 2010 by eighteen units.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings posted gains as it has every week since the year began. The total number of residential properties for sale in Saskatoon reached 1260, an increase of thirty-five compared against the close of last week for a twelve percent year-over-year gain. That’s the smallest year-over-year gain that we’ve seen in several months. As of this morning, there are 717 single-family homes available for sale and 469 condos. Those numbers are both up from last year when there were 675 houses and just 397 condominiums showing an active status on the Saskatoon MLS® system. Year-over-year percentage gains for those two housing types are six percent and eighteen percent, respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell substantially to just twenty-seven properties. As is usually the case, a large percentage of those homes (nineteen) immediately returned to the system posing as a “new listing.” An additional sixty-two Saskatoon home sellers adjusted their asking price hoping to improve their marketing position.

Sales activity at the lower end of the market picked up the pace as the weekly median sale price tumbled almost thirty-five thousand dollars from last week to $274,000. The average sale price of a Saskatoon home followed along slipping more than twenty-four thousand dollars on a week-over-week basis to finish at $297,186. The six-week average price managed to edge higher gaining almost two thousand dollars on the week to fall just short of $300K at $299,919. That’s up nearly fourteen thousand from the same week a year ago. At the same time, the four-week median sale price slipped 5K from last week to $287,000 but still managed to claim a year-over-year gain of about ten thousand dollars.

Click the image for a larger version of the graph.

Overbid activity nearly feel off the map with just one lucky seller reporting a sale price that was greater than the asking price, and only by one hundred dollars. Six sellers did manage to get exactly what they asked. The other fifty-five gave up a few bucks at the negotiating table with an average discount of roughly 2.7 percent, or $8,145.

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

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