Saskatoon real estate week in review: April 5-9 2010

Saskatoon real estate week in review: April 5-9 2010
The Saskatoon real estate market once again performed in a lackluster fashion as agents reported just sixty-seven house and condo sales for the week, ahead of last week by two, and beating the same week in 2009 by just three. Following a comparatively strong performance in March, sales for the first full month of spring are lagging behind those recorded last April, which you may recall was nothing to write home about. Mind you, lots of month remains and the tide can certainly change but popular opinion had predicted strong sales leading up to the April 19 deadlinewhen new mortgage rules take effect. That doesn’t seem to be happening.

While buyers may have taken a bit of a breather, sellers certainly didn’t. New listingsreached their highest level for any week this year at one hundred and sixty-six homes, up on the previous week by twenty-four and ahead of the same week last year by seventeen. Houses once again accounted for the bulk of the activity with one hundred and nineteen units listed while forty-seven condos were offered for sale.

Click the image for a larger version of the graph.

The inventory of active MLS listings in Saskatoon took its steepest step up this year gaining seventy-three properties on a week-over-week basis to close the week at 1127 units. Total residential inventory is still sitting well below last year’s number of 1451. Available single-family homes surged forward moving from 630 last week to 675 by the weekend. Condos picked up nearly two-dozen units compared to last week and finished with 397 properties offered for sale. At this time last year there were 890 detached houses and 475 condominiums showing an active status on the Saskatoon MLS system.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings came in at just twenty-five with a dozen of those returning to the inventory masquerading as a new listing. Forty-two sellers adjusted their asking price with all but two going lower. One seller, after 175 days on the market raised the asking price by roughly seven percent, an interesting approach to say the least.

A healthy share of home sales above the $500,000 mark pushed the average selling price of a Saskatoon home back towards the annual peak to reach $303,131 and recorded an increase on almost twenty thousand dollars from last week. The six-week average was up nearly four thousand to $286,172 and saw a gain of more than seventeen thousand dollars over the same week last year when it was close to its annual low. The four-week median also moved higher gaining roughly three thousand dollars from last week and nearly seventeen thousand dollars on a year-over-year basis to close at $276,750.

Click the image for a larger version of the graph.

Immediately on the heels of a week that produced the highest number of overbids this year, paying more than list price suddenly became un-cool and only two Saskatoon home sellers managed an over list sale price. The average overbid plummeted just as sharply falling from $7,743 last week to $1,132. Eight sellers managed to close a deal at the asking price while fifty-seven of the sixty-seven completed transactions finished below list price by an average of $7,565, a discount of roughly 2.5% off 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.

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Norm Fisher
Royal LePage Vidorra


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