Saskatoon real estate week in review: July 25-29, 2011

Saskatoon real estate sales slipped lower again compared to last week but remained fairly strong for the last week of July. Local agents reported one hundred and one firm house and condo sales to the local MLS, five fewer than last week but ahead of the same week last yearby sixteen units. New MLS® listings spiked higher gaining twenty units from last week to one hundred and thirteen. That trumped new listings during the same period last year by a dozen units. Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS listings slid slightly lower, declining just five units from the close of the previous week to 1417 for a year over year gain of roughly five percent. As of this morning, there are 818 single-family homes and 508 condominiums located within city limits, which are displaying an active status on our system. That compares with 803 and 468 respectively at the close of the same week in 2010. Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell twenty-one. Seventeen of those immediately returned to the system, offered up with a new MLS number, and in most cases a new price. An additional forty-six Saskatoon sellers adjusted their asking price. The median sale price of a Saskatoon home pushed higher again for the fourth consecutive week and finished above the $300K ($310,000) mark for the first time during that climb. The average sale price of a Saskatoon home bounced back and finished the week at $308,616. The six-week average broke an eight-week losing streak to claim a small gain over the previous week finishing at $305,919. That’s ahead of last year’s number by a little more than fourteen thousand dollars, one of the smaller year-over-year gains that we’ve seen in some time. The four-week average followed all of the other price measures and finished up nearly four thousand dollars on the week at $299,900 for an annual gain of nearly twenty thousand dollars. Click the image for a larger version of the graph. Eighty-five of this week’s one hundred and one sales recorded a sale price that was below the asking price, by an average of $8,471. Another thirteen Saskatoon home buyers came to the table with everything the seller was asking. Three stepped up and overbid to get the home they wanted. On average, they offered up an additional $2,400 to seal their deal. Click the image for a larger version of the chart.

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