Saskatoon real estate week in review: August 29-September 2, 2011

Saskatoon real estate week in review: August 29-September 2, 2011

It was another brisk week for Saskatoon real estate sales, the second highest volume week of the year, in fact. Local agents reported one hundred and three sales of single-family homes and condominiums to the Saskatoon MLS®, up twelve from last week and significantly higher than the sixty-eight home sales reported for the same period last year. New listings barely exceeded sales for the third consecutive week as one hundred and four new listings were added to the inventory of the multiple listing service®. That’s twelve more than last week but twenty-seven fewer than were listed during the same period last year. Click the image for a larger version of the graph.

The total inventory of residential listings available on the Saskatoon multiple listing service® took a fairly good dip this week falling seventy-seven units since the close of the previous week to finish at 1277, its lowest point since early April and well off of the 1338 properties that were available at this time last year. Today, there are 768 single-family homes and 454 condominiums showing an active status on the system. At this time last year, those categories stood at 782 and 476 respectively. Higher than expected unit sales and softer listing activity caused the total supply of homes to drop by .3 months over the month of August. Supply now sits at just 3.2 months. Click the image for a larger version of the graph.

Cancelled and withdrawn listings pushed higher again as fifty-one Saskatoon home sellers either cancelled or withdrew their listing from the MLS®. Thirty-one of those sellers did an immediate relist, most at a new price. Additional sixty-nine sellers adjusted the asking price on their listings in hopes of attracting a buyer. The median sale price fell back nearly thirteen thousand dollars this week to $287,500 as more entry-level sales were recorded. The average sale price followed suit and dropped more than twenty thousand dollars from last week to just $308,637. The six-week average price inched up for the third consecutive week, gaining just over two thousand dollars on the week, to close at $312,397 for an annual gain of just eight thousand dollars. The four-week median price slipped lower by more than four thousand dollars compared to last week. For just the second time this year, the four-week median price finished lower than it had during the same week a year ago, this time by three thousand dollars. Click the image for a larger version of the graph.

Stronger sales and weaker listing activity may be responsible for an uptick in the number of overbid sales this week. Five lucky sellers struck a deal for more than they were asking, by an average of $4,450. Another eight got their full asking price. Ninety of one hundred and three sales closed below the asking price with an average underbid of $10,771. 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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