Saskatoon real estate: Week in review (December 1-5 2008)

Saskatoon real estate: Week in review (December 1-5 2008)

New listings in the Saskatoon real estate market fell to their lowest level since the week of December 31 – January 4 as a total of 70 properties made their way to the MLS system including 45 houses (single-family detached homes) and 17 condominiums. Additionally, just 13 of the 43 properties that were cancelled or withdrawn from the system this week found their way back on as a “new listing.” Total active residential listings took a huge slide falling nearly 8% in a single week to finish at 1,416 units, down from 1,534 the week before and reaching their lowest level since the third week of June. The current inventory includes 862 houses and 463 condos.

Unit sale numbers were fairly steady at 34 units, down 3 from the previous week, and off 14 units from the same week last year. Total unit sales consisted of 29 houses and 5 condominiums. Looking at the “Units Sold vs. Units Listed” graph, it’s somewhat encouraging to me that the right side of the graph looks an awful lot like the left side of the graph. Will we come out into January seeing numbers that are comparable to last year? Will new listings continue to trend closer to weekly sales, or will they spike higher like they did last year?

Over the course of the week 50 price changes were recorded on the Saskatoon MLS system. The average sale price for the week fell rather sharply to $270,226 from $293,424 the week before while the six-week average gave up just over $1,200 sliding from $285,086 to settle at $283,832. The median sale price for the week fell about $8,000 from the week before but the four-week median continued to display a stubborn attitude holding firm at $269,950 and remaining in the same general range as it has for the past three months.

Buyers continued to find motivated sellers, who were prepared to engage in an aggressive negotiation as the average underbid remained fairly steady at $15,319, up just slightly from the previous week, but still amongst the top five weeks this year. The percentage of buyers prepared to sign a deal within $10,000 of the asking price fell from 48% to 41%. The percentage of buyers who managed a discount in excess of $20,000 also came in lower falling to 18% from 24%. The $10,001-$15,000 category grew by 6%, and the $15,001-$20,000 category doubled from 6% last week to 12% this week.

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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