Saskatoon real estate week in review: August 8-12, 2011

Saskatoon real estate week in review: August 8-12, 2011

Following the softest week for Saskatoon real estate sales since early April, local agents reported eighty firm house and condo sales to the MLS®. That number represents an increase of nineteen properties compared to the previous week and a gain of fourteen homes when compared against the same week a year ago. New listings of houses and condos inched lower on a week-over-week basis falling just three units to one hundred and eight, just five fewer than were offered for sale 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 refused to fall further and actually grew by fifteen units over the past week to find itself above the fourteen hundred mark again. Currently, there are 1410 active residential listings, approximately thirty-nine more than were available at this time last year. Amongst them, there are eight hundred and twenty single-family homes (detached houses) and five hundred and eight condominiums. Both of those categories are showing marginal year-over-year gains. At this time in 2010, there were eight hundred and ten single-family homes and four hundred and eighty-eight condos available to Saskatoon home buyers. Inventory is on a very similar trend to 2010, down slightly from the peak in June, but remaining pretty level for the time being. Click the image for a larger version of the graph. Cancelled and withdrawn listings remained fairly consistent on a week-over-week basis at thirty-nine. Twenty-seven of those homes made a quick return to the MLS® system masquerading as a new listing, most at a lowered price. An additional sixty-two home sellers adjusted the asking price on their existing listing hoping to take advantage of the final weeks of a pretty active summer market for Saskatoon homes. The median sale price of a Saskatoon home moved sharply lower compared to the previous week as it softened some thirty thousand dollars and reached its lowest point since late May at $287,750. The average sale price for the week moved in the same direction slipping about twenty-one thousand dollars to $300,119. The six-week average sale price inched down by roughly two thousand dollars to $305,334 to pick up a year-over-year gain of just over twelve thousand dollars. The four-week median followed the same path and lost seventeen hundred dollars on the week to finish at $301,500 claiming an annual gain of nearly thirty thousand dollars. Click the image for a larger version of the graph. Overbid sales remained weak with just two sellers reporting a sale price that exceeded the asking price. Both deals closed higher by just one hundred dollars. An additional twelve sellers found a buyer willing to cough up the full asking price. Sixty-six of this week’s eighty sales required some pencil sharpening. Those buyers saw discounts that ranged from next to nothing to as high as thirty-seven thousand dollars. The average underbid on the sales that went for less than the asking price was $11,745 or about 3.8 percent of the list 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.

Norm Fisher

Royal LePage Vidorra

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