Saskatoon real estate week in review: February 20-25, 2011

Saskatoon real estate week in review: February 20-25, 2011
Sales of Saskatoon houses and condos slipped again for the second week in a row, falling sixteen units from last weekto fifty-six, still enough to finish ahead of sales for the same week last year when just forty-eight homes traded on the MLS® system.

New listings also came in lower on a week over week basis. Saskatoon real estate agents placed 106 houses and condos on to the MLS® system over the course of the week. That’s down twenty-three properties from last week but higher than the ninety-seven homes listed during the same period in 2010.

Click the image for a larger version of the graph.

The inventory of Saskatoon homes listed on the Multiple Listing Service® continued to climb as it always does at this time of year. Total active listings grew by thirty-four units since the close of business last week to finish a 1075, roughly 240 units higher than it was at the same time last year. Today, the MLS® system shows 597 single-family homes, up thirty homes from last week and ahead of last year by 117 properties. There are also 418 condos for sale, for a gain of just four compared to last week, but up 104 units, or thirty percent, from the same time a year ago.

Click the image for a larger version of the graph.

Listing cancellations and withdrawals softened significantly with just sixteen homes being pulled from the system. Six of those returned immediately flagged as a new listing, most with a new price. Another thirty-two Saskatoon home sellers adjusted the price on their existing listing this week.

Significantly more activity at the lower end of the market pushed the median sale price for the week lower by roughly ten percent to just $270,500. The average selling price followed slipping by more than thirty thousand dollars to $288,482. Both of the longer term measures that we track reached their lowest point so far for 2011. The six-week average selling price dropped about two thousand dollars on a week-over-week basis to finish at $298,995. That’s up about nine thousand dollars from the same week last year. The four-week median slipped thirty four hundred dollars from last week to $286,500 for a year-over-year loss of two thousand dollars. That’s the first time either of the long term prices have come in lower than the previous year since August of 2010.

Click the image for a larger version of the graph.

While I heard several agents talking about competing offers on hot properties this week, overbid sales continued to be the very rare with just four sellers bagging a deal above their asking price. Those that did find the luck picked up an extra sixteen hundred dollar, on average. An additional three sellers got all that they were asking while forty-nine of fifty-six deals that closed were reported as having sold below the asking price by an average of $7,774. That’s an average discount of roughly 2.6%.

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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