Saskatoon real estate week in review: February 7-11, 2011

Saskatoon real estate sales activity finally caught up with the hype on the street as unit sales blasted higher this week. Local agents reported eighty-three firm house and condo sales for a weekly gain of thirty-two properties and trumped sales recorded during the same week last year by nineteen.

New listings increased by four units compared to last weekwith 130 new offerings finding their way to the Saskatoon MLS® system to record a year-over-year gain of thirty-two properties.

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The total inventory of residential listings on the multiple listing service® continued to push higher, once again breaking into four digit territory and closing the week with precisely 1,000 properties showing an active status. This week’s close represents a gain of twenty-eight homes from last week and an increase of 234 compared to what was available at this time in 2010. Today the system shows 550 active single-family home listings and 403 condominiums. At this time last year, those totals stood at 413 and 307 respectively.

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Listing cancellations and withdrawals came in at just eighteen properties. Only three of those were immediately returned for another run at the market. Thirty-six Saskatoon home sellers adjusted their asking price this week.

Prices slipped across the board as activity increased in Saskatoon’s more affordable west end neighbourhood’s this week. The median price for the week slipped nearly thirty-eight thousand dollars to just $280,000. The average sale price for the week was $280,560. That’s the lowest figure we’ve seen since the first week of December. The six-week average slipped nearly six thousand dollars from last week to $299,574 recording it’s first close below $300,000 since the last week of August, but it still managed to maintain annual gains of more than twenty thousand dollars. The four-week average selling price slid eight thousand dollars from last week to $288,000 for a gain of less than twelve thousand dollars over the same week in 2010.

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The percentage of overbid sales slipped slightly from last week as just six Saskatoon home sellers found a buyer willing to pay more than full price. The average overbid edged slightly higher to $11,419. Two more lucky sellers got their full asking price. Seventy-five of eighty-three deals closed at a price that was less than asking while the average underbid shrank to just $7,695, a discount of roughly 2.6%.

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Norm Fisher
Royal LePage Vidorra