Saskatoon real estate week in review: December 19-23, 2011

Saskatoon real estate week in review: December 19-23, 2011
The Saskatoon real estate market continued to move at a faster pace than is typical for the final week leading up to Christmas. For the second consecutive week, local agents reported 63 house and condo sales to the multiple listing service® to top sales from the same week last year by 26. New listings also continued to move onto the system with a total of 41 additions in the same two categories, fewer than last week by 11 properties and up on a year-over-year basis by 13 homes.

The total inventory of active MLS® listings in the residential category continued on a downward trend and fell below 1,000 units for the first time since totals moved above that number in early February. As of this morning, there are 953 residential listings showing an active status on the system for a weekly decline of 55 units, but up when compared against the close of the same week last year by 31 properties. There are currently 540 single-family homes (detached houses) and 354 condominiums for sale in Saskatoon. At the close of the same week last year, those housing categories stood at 506 and 363, respectively.

Cancelled and withdrawn listings slipped lower to just 18 homes with eight of those immediately returning for another go at the market, most bearing a new price. Price changes were nearly non-existent at just three. Over the course of the week, 19 listings expired having reached the end of their term without finding a willing buyer.

The average selling price of a Saskatoon home inched up, ever so slightly, gaining just a few hundred dollars on last week to finish at $319,111. The weekly median sale price grew by $19,000 to close at $324,000. The six-week average dropped about fifteen hundred dollars to $314,274 to claim an annual gain of just over three thousand dollars, while the four-week median pushed higher by roughly two thousand dollars on the week, closing at $304,000.  That brings an annual gain of $15,000, the largest in several weeks.

Overbidding was once again out of fashion. Just one lucky Saskatoon home seller finished a deal for more than the asking price. That overbid sale came in $1,100 above the asking price. Another seven sellers found a buyer willing to pay them their full asking price while 55 of 63 completed deals required some back and forth at the negotiating table for an average discount of $10,467.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Norm Fisher
Royal LePage Vidorra

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