Saskatoon real estate week in review-December 7-11 2009

Saskatoon real estate week in review-December 7-11 2009
Saskatoon real estate sales took an upward turn this week as local agents reported a total of fifty-eight house and condominium sales to the multiple listing service, an increase of twelve properties over last week and a gain of thirteen compared to the same week last year.

New listing activity moved in the same direction growing by eleven units over last week to finish at sixty-eight homes, trumping last year’s weekly listing number by thirteen. It’s been thirty-eight weeks since the Saskatoon MLS system last saw a year-over-year increase in the number of new listings for any week. I don’t imagine that there’s much significance to that little tid-bit but I always find it interesting when a longer-term trend meets its end.

Saskatoon MLS listings (all residential) declined again but failed to break the eight hundred mark in spite of my complete confidence that they would. Total active listings dropped to eight hundred and two properties, slipping by just twelve units compared to last week, but down by nearly six hundred properties from the same week in 2008 when thirteen hundred and eighty-eight residential properties were available for purchase. As of this morning, there are four hundred and sixty-two single-family detached homes available on the Saskatoon multiple listing service and two hundred and ninety-one condos. Last year at this time those numbers sat at eight hundred and fifty, and four hundred and forty-nine respectively.

Cancelled and withdrawn listings fell off to nearly nothing. The official total was just eleven homes, and only one of those properties made a return appearance as a new listing. Price reductions also fell to just fourteen. I suspect that sellers are feeling like there’s little point in changing their pricing strategy as historically, sales will come near to a stand still almost any day now and remain bleak through the balance of the year.

The average selling price of a Saskatoon home slipped a little less than five thousand dollars from last week to $298,457 and handily shattered the average for the same week last year of just $247,022. The six-week average moved forward by nearly ten thousand dollars on a week-over-week basis to $287,209 and fell just short of its peak for 2009 but recorded a gain of more than sixteen thousand dollars over the same week in 2008. The four-week median slid hard, falling fourteen thousand dollars from last week to $266,250 but managed to trump last year’s number by precisely ten thousand dollars bringing an end to another long-term trend for the Saskatoon real estate market. This was the first week since March 13during which all three price measures managed to beat those generated during the same week last year.

Click the image for a larger version of the graph.

The average underbid on the Saskatoon homes that sold for less than the asking price grew again, but just slightly, climbing to $11,371 from $11,049 the week before. Expressed as a percentage of the asking price, the average discount remained steady compared to last week at 3.6 percent. Overbid sales managed to make a bit of a comeback rising from nearly nothing last week to reach six units, nearly ten percent of sales with an average overbid of nearly eight thousand dollars.

I hope that you’re all managing to get the things done that need to get done for you to enjoy the holiday season with family and friends. Thanks again for reading, and thanks for your participation.

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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

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Norm Fisher
Royal LePage Vidorra

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