Saskatoon real estate week in review: August 15-19, 2011

Saskatoon real estate week in review: August 15-19, 2011

Saskatoon real estate sales continued to cook last week as local agents reported ninety-seven firm house and condo deals to the multiple listing service®. That total places the week’s volume among the top five sales weeks this year for an increase of seventeen units compared to the previous week and a gain of thirty-three when compared against the same week last year. New listings showed a slight decline on a weekly basis falling for the third consecutive week. Saskatoon real estate agents brought in one hundred and one new listings to the Saskatoon MLS®, seven fewer than the previous week and forty fewer than were listed during the same week in 2010. Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings in the residential category finally took a dip of some significance as totals slid by forty-two units over the course of the week to reach 1368, its lowest point since early May. For the first time since early June, year-over-year listing numbers are showing a decline, however modest. At the same date last year there were 1387 residential listings available on the Saskatoon MLS®. As of this morning, buyers can find 810 single-family homes and 475 condos showing an active status on the system. Last year at this time those two categories stood at 827 and 488 respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings slid lower with just twenty-nine listings being removed from the system. Nineteen of those homes made a same day return with a new MLS® number and “days on the market” reset to zero.  An additional forty-seven price changes were processed throughout the course of the week. The median sale price of a Saskatoon home showed some growth after last week’s sharp fall. It finished up nearly five thousand dollars at $292,500. The average sale price moved higher by about six thousand dollars to $306,604. The six-week average price inched up about a thousand dollars this week to just over $306K, up from $297,291 for the smallest year-over-year gain we’ve seen since mid April. The four-week average went against the tide this week and dropped by fifteen hundred dollars to $300,000 to finish the week with a year-over-year gain topping sixteen thousand dollars. Click the image for a larger version of the graph. Overbid sales were nearly non-existent with just two sellers reporting a price above the list price. Both of those deals closed at just $100 higher than the seller was asking. Another thirteen sales closed at the full asking price. Eighty-two of the ninety-seven sales closed this week reported a price that was below the list price by an average on $10,153. 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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