Saskatoon real estate week in review: August 23-27 2010

Saskatoon real estate week in review: August 23-27 2010
For the third consecutive week Saskatoon real estate sales picked up some steam as agents reported seventy-nine detached house and condominium sales to the multiple listing service, up eleven units compared to last week. It was the first week since early May that we actually saw sales grow on a year-over-year basis. Sixty-five Saskatoon homes changed hands during the same week in 2009.

New listings of the same two property types took a significant slide to just ninety homes, a drop of roughly forty percent from 141 last week and just below the ninety-one properties offered for sale on the Saskatoon multiple listing service for the same period last year.

Click the image for a larger version of the graph.

After a few weeks of growth, which is somewhat unusual for the final weeks of the summer season, the inventory of active MLS residential listings leveled off again, losing just one unit over the week to settle at 1386. Of course, at this time last year inventory was in steady decline and had already fallen from its annual peak of 1528 to just 1152 homes, so this year’s number is a little better than twenty percent above last year’s. Today, there are 818 single-family homes and 486 condos showing an active status on our system. Last year at this time there were 676 houses and 385 condominiums for sale in Saskatoon.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings were firm at thirty-nine properties for the third week in a row, and like last week, twenty-one of those made a near immediate repeat performance as a “new listing,” returning for another attempt, most offered at a lower price. Fifty-six Saskatoon home sellers adjusted their pricing strategy this week in hopes of luring a buyer before summer closes.

The average sale price of a Saskatoon home (houses and condos) came in more than thirteen thousand dollars lower than last week at $313,122. The six-week average managed to push slightly higher, gaining about fifteen hundred dollars on the previous week to reach $298,732, an increase of roughly seventeen thousand dollars over the same week in 2009. The four-week median spiked to its highest point this year to pick up a gain of more than ten thousand dollars compared to last week and increasing twice that on a year-over-year basis. Is the growing median a sign that entry-level buyers are putting the brakes on home purchases?

Click the image for a larger version of the graph.

Overbid sales were few, and those that did sell for more than the asking price were mostly new homes that almost certainly included additional improvements not factored into the list price. Six Saskatoon home sellers struck a deal at their price while sixty-nine of seventy-nine firm sales closed below list by an average of $10,152, or 3.2% below the asking price.

Click the image for a larger version of the chart.

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Norm Fisher
Royal LePage Vidorra

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