Saskatoon real estate week in review: January 24-28, 2011

Saskatoon real estate week in review: January 24-28, 2011
Following a two week slide, new listings on the Saskatoon multiple listing service® took an upward turn as agents brought 103 single-family homes and condominiums to the market to record a gain of five compared to the previous week, but up forty-five units when compared against the same week last year.

Units sales also headed higher with a total of fifty-six homes changing status from for sale to sold, eight more than last week, but down from the same week a year earlier when sixty-three Saskatoon homes were firmly sold.

Click the image for a larger version of the graph.

The total number of Saskatoon real estate listings on the MLS® system gained ground again moving to 966 units and threatening to break the one thousand unit mark by the close of next week. The total number of active listings grew by thirty-nine properties over the course of the week to finish 232 units, or thirty-two percent higher than the levels recorded at the same point in 2010. Today there are 527 single-family dwellings (houses) and 389 condominiums bearing a for sale sign. That’s a gain of twenty-six houses and thirteen condos when compared against the previous week. On a year-over-year basis, single-family homes are up twenty-eight percent while active condo listings have grown by thirty-eight percent in a year.

Click the image for a larger version of the graph.

Listing cancellations and withdrawal activity was quiet at just thirteen homes. Only five of those properties were returned to the system for another go on the same day they were removed. Twenty-six Saskatoon sellers adjusted their asking price with all but one headed lower.

The median price of a Saskatoon home slipped seven thousand dollars on a week-over-week basis but the average fell much harder losing close to twenty-four thousand dollars compared to the previous week. The six-week average slid lower, dropping more than six thousand dollars from last week to finish at $304,422 almost thirty thousand dollars higher than it was at this time last year. The four-week median also fell and finished the week at $294,750, down over three thousand dollars from last week, but up nearly thirty-six thousand dollars from levels seen a year ago.

Click the image for a larger version of the graph.

Overbid activity was tempered with just two sellers closing a deal above the asking price by an average of $5,300. Five sellers found a buyer willing to pay the entire asking price. Forty-nine of fifty-six deals closed at a price that was below the asking price by an average of $8,751 or about three percent below asking.

Full disclosure: This week’s sales showed an area five bi-level listed at $309,900 that sold for $389,900. I made unsuccessful efforts to reach the sellers agent and ultimately guessed that this sale report was incorrectly recorded. I counted it as an “at list” sale and backed the $80,000 overbid out of the averages for area five and the collective numbers for Saskatoon. Should I find that someone actually paid a twenty-five percent premium for this home I will let you know in the comment string below.

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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