Saskatoon real estate week in review: August 1-5, 2011

Saskatoon real estate week in review: August 1-5, 2011

Sales of Saskatoon homes (single-family homes and condominiums) fell off rather sharply this week as local real estate agents reported just sixty-one firm deals for a weekly decline of forty units. Interestingly, sales took a similar path during the same week of 2010 when they dipped a little more to just fifty-three homes. New listings remained on par with the previous week, slipping just two units to one hundred and eleven. That’s nineteen fewer listings than were offered for sale on the Saskatoon multiple listing service® during the same week last year. Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings continued to decline slowly as numbers slipped by just eighteen units compared to last week and closed below the 1400 mark for the first time in a month. There are currently 1395 active listings in the residential category, which includes houses, condos, duplexes, semi-detached, mobiles and vacant lots. That puts us higher than we were at this time in 2010 by forty-five units. As of this morning, there are 821 single-family homes and 495 condominiums for sale on our MLS® within the city of Saskatoon. Last year at this time, those numbers stood at 802 and 477 respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings doubled from the previous week as forty-five Saskatoon home sellers pulled the pin on their MLS® listing. All but eleven of those found their way back onto the system, most at a lower price. An additional fifty-five sellers adjusted the asking price on their existing listing. The median sale price of a Saskatoon home moved higher for the fifth consecutive week gaining eight thousand dollars and reaching $318,000.  The weekly average selling price jumped by thirteen thousand to reach its highest point since early June at $321,573. The six-week average moved up for the third week in a row gaining about fifteen hundred dollars compared to last week, and reaching $307,380 for an annual gain of fourteen thousand dollars. The four-week median sale price edged up thirty-three hundred dollars from last week to close at $303,200 and claimed an annual gain of more than twenty thousand dollars. Click the image for a larger version of the graph.

For the first time in many months there were no overbid sales reported, except for three new homes that clearly included additional improvements not include in the asking price. Just six Saskatoon home sellers managed to find a buyer willing to pay their full asking price. Fifty-five of sixty-one deals closed at a price that was below the asking price by an average of $8,600. 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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