Saskatoon real estate week in review: December 5-9, 2011

Saskatoon real estate week in review: December 5-9, 2011
Saskatoon real estate sales and new listing activity both fell back in line with historical norms this week. Agents reported a total of 56 house and condo sales to the multiple listing service®, a decline of 20 units when compared to the previous weekbut on par with sales reported for the same week last year.

Coming off of the strongest week for new listings in two months time, numbers fell sharply by 44 units compared to last week but finished five units lower than the new listing total for the same time period in 2010.

Click the image for a larger version of the graph.

Total active listings in the residential category slipped lower again, but they’re moving lower at a slower pace than is typical at this time of year. The numbers slipped by just 13 from last week to 1062 and finished higher on a year-over-year basis for the fourth consecutive week, this week logging the largest annual gain of 66 properties. Today’s active inventory shows 602 single-family homes and 396 condominiums. Last year at this time, those two categories stood at 544 and 395 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings continued to decline as just twenty-four properties were pulled for the market. Eleven of those reappeared the same day as a new listing. An additional 32 sellers adjusted their price hoping for an early Christmas gift in the form of a sold sign. Another 17 listings came off of the market when they expired at the end of their term without a sale.

Weekly prices slipped lower again as the average sale price of a Saskatoon home fell more than fifteen thousand dollars from last week to $303,521. The median price slid even more dropping almost thirty thousand dollars from last week to close at just $275,100. Still, the six-week average sale price managed to increase by two thousand dollars to $317,007 for an annual gain of over seven thousand dollars. The four-week median price slipped two thousand dollars from last week to $297,850 and finished marginally lower on an annual basis for the second week in a row.

Click the image for a larger version of the graph.

For the first week in almost a year, there were no overbid sales reported. Eleven sellers did manage to close a sale at their full asking price while 45 of 56 sales required some pencil sharpening to close. In those instances, buyers managed an average discount of $10,659.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.

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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