The first week of 2011 produced weak sales in the Saskatoon real estate market, as expected. Generally, this week’s completed sales would be a reflection of homes that went under contract during the final week of December when few buyers are actually out making purchase decisions. Over the course of the week twenty-four firm sales were reported to the MLS®, a drop from thirty the week before and just one less than we saw during the same week last year.
New listingscame back with a vengeance following a flood of expired listings at the end of December. Hoping to get a jump on the spring market, 123 Saskatoon home sellers offered a house or a condominium for sale on the multiple listing service®, up from twenty-one last week and considerably higher than the seventy-five homes listed during the first week of 2010.
The inventory of active residential listing on the Saskatoon MLS® pushed higher by seventy units this week to reach 858, a gain of seventy properties for the week. Inventory levels start the year up nearly 200 units, or close to thirty percent on a year-over-year basis. As of this morning, there are 467 single-family homes and 341 condominiums showing an active status on the MLS®, up from 388 and 235 respectively from the same point in 2010.
Listing cancellation and withdrawal activity started to increase again as fifteen Saskatoon homes sellers removed their property from the system. Twelve immediately returned sporting a new MLS® number. An additional ten sellers offered a price adjustment on their property.
A good deal of this week’s activity occurred at the upper end of the market so the weekly median spiked higher by roughly thirty-five thousand dollars to reach $315K. The average selling price of a Saskatoon home moved up to $306,983 but the low number of sales included in the average didn’t prevent the six-week average from turning lower. It finished the week at $304,994 losing roughly two thousand dollars compared to last week and gaining just twelve thousand dollars compared to the same week a year ago. The four-week median bounced back to $294,500 to pick up nearly $15K on the week and more than $24K on a year-over-year basis.
Another soft week on the sales front brought us the first week in a long time without a single overbid sale. One Saskatoon seller managed to get their full asking price while twenty-three of twenty-four sales came in with a sale price below the published list price, by an average of $13,362 or a roughly 3.7% discount off of the asking price.
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Royal LePage Vidorra