Saskatoon real estate week in review: February 1-5 2010

Saskatoon real estate week in review: February 1-5 2010
Saskatoon real estate sales numbers continued to bring hope that spring is on its way as agents reported a total of sixty house and condo sales to the local MLS, a drop of just three properties from last week and a gain of eleven compared to the same week last year.

The new listings that were conspicuously absent for last week’s review made a comeback as one hundred and one homes made their way to the market, a welcome addition to what feels like a tight inventory, especially in the price ranges that are at or below the average selling price of a Saskatoon home. New listingswere much higher than last week’s number of fifty-eight homes but fell far short of the one hundred and forty-two properties offered for sale during the same period in 2009. Most years, we start to see pretty good upward spike in the number of new listings offered for sale right around this time, so hopefully, supply will increase in the weeks ahead.

This week, the inventory of active residential listings inched just slightly higher over the previous week moving from 734 to 749, to sit at roughly two-thirds of last year’s level, which reached 1,124 by this time. There are currently 411 single-family homes and 290 condominiums for sale.

The cancellation and re-list strategy was back in full swing this week as thirty-three Saskatoon home sellers put the kibosh on their MLS listing and twenty-three quickly resurfaced as a “new listing.” Nineteen sellers adjusted their asking price, all of them moving lower.

The average selling price of a Saskatoon home fell more than $10K on the week to $279,617. The six-week average saw its fifth consecutive weekly decline slipping more than three thousand dollars to $272,658 and reaching its lowest point for the year, roughly nine thousand dollars lower than it was at this time last year. The four-week median inched up a thousand dollars from the previous week to $260,000 and finished forty-five hundred dollars lower then it was for the same period in 2009.

Click the image for a larger version of the graph.

There was some notable change at the negotiation table as eight home sellers (13 percent) managed to complete a deal at a price greater than their asking price. The average overbid was $2,337. Seven of the eight overbid sales were from areas 1 and 2. The average asking price for these properties was $308,042. Four of the seven properties were town house condos priced at an average of $277,900. An additional three sellers got all they were asking and forty-nine went for less than the asking price by an average of $8,557. The average negotiated discount was just three percent, well below the 3.6% average from the week before.

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.

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Norm Fisher
Royal LePage Vidorra

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