Saskatoon real estate week in review: January 10-14, 2011

The Saskatoon real estate market bounced out of the holiday slowdown this week to begin its march towards spring. Local agents reported a total of forty-two house and condo sales to the Saskatoon MLS® system, a gain of eighteen over the previous week, and ahead of the same week in 2010by just two units.

Even though new listingsfell by ten units compared to the previous week they continued to move into the system at a fairly rapid pace finishing well ahead of the same period last year. Agents listed one hundred and thirteen single-family homes and condominiums to trump the numbers recorded in 2010 by twenty-six homes.

Click the image for a larger version of the graph.

The inventory of active residential listing on the Saskatoon MLS® system moved higher for the second consecutive week cracking the 900 mark again after sinking below it for just two weeks. Today, there are 905 active residential listings on the MLS®, a gain of fifty-two over last week and roughly thirty percent higher that they were at this time last year when just 695 properties displayed an active status on the system. One a weekly basis, single-family detached homes moved up by twenty-five to 492 and condo inventory gained twenty-two units to 363. Last year at this time those numbers stood at 388 and 259 respectively, so active house listings are up roughly twenty-seven percent while condominiums are ahead of last year by forty percent.

Click the image for a larger version of the graph.

Listing cancellations and withdrawals came in at just fifteen units this week. Twelve of those returned to the system with a new MLS® number. Just fifteen price adjustments were processed over the course of the week.

Entry-level sales that were missed last week made their comeback as the weekly median price dropped $25,000 to $289,900. The average selling price of a Saskatoon home followed in the same direction but lost less as it slipped from $306,893 last week to $297,526. The six-week average price slipped nearly two thousand dollars on the week to $303,047 maintaining a year-over-year gain of nearly twenty thousand dollars. The four-week median price inched higher from last week to finish up by just five hundred dollars at $295,000 to claim a stunning forty-two thousand dollars gain when compared against sales during the same week last year. The four-week median did dip to some of the lowest levels seen over the past few years in January of 2010 before it began to rebound. Conversely, at this time, it’s sitting within a couple of percentage points of its all time highs.

Click the image for a larger version of the graph.

Some small amount of heat could be seen at the negotiating table this week as about fifteen percent of Saskatoon’s successful home sellers managed a sale price at, or above the asking price. Two sellers saw their homes overbid by an average of $6,100. Thirty-six of forty-two buyers bagged themselves a discount averaging $10,100 or roughly 3.3 percent of the asking price.

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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