Saskatoon real estate week in review: July 4-8, 2011

Saskatoon real estate week in review: July 4-8, 2011
Sales activity for Saskatoon homes continued at a spring like pace this week as local real estate agents reported ninety-four firm house and condo deals to the MLS system. That marks a gain of eight units compared against last week, and four more than we saw during the same week last year. New listings were also quite strong as many of the properties that expired at the close of June found their way back onto the system. Saskatoon Realtors listed one hundred and twenty-six houses and condominiums this week, twenty more than last week, but on par with the number listed during the same period in 2010. Click the image for a larger version of the graph. The active inventory of Saskatoon MLS® listings in the residential category took a sudden turn in an upward direction, growing by forty-one properties to 1431, to show some significant year-over-year gains for the first time in weeks. At the close of the same week last year, there were 1373 residential properties for sale in Saskatoon. Today, we see 819 single-family homes and 524 condos showing an active status on the multiple listing service®. At the close of the same week last year, totals in those two categories stood at 828 and 470 respectively, so all of the gains can be counted on the condominium side. Click the image for a larger version of the graph. This week, there were forty-three cancelled and withdrawn listings. Twenty-eight of those were relisted on the same day that they were cancelled, most with a lowered asking price. Asking prices on an additional seventy-four homes were adjusted over the course of the week. More activity at the entry-level of the market caused the median selling price of a Saskatoon home to slide lower for the third consecutive week. It slipped more than ten thousand dollars to $288,750 and reached its lowest level since late May. The average sale price fell just a bit more from last week but managed to stay above $300K, closing at $300,755. The six-week average sale price continued to trend lower for the sixth week in a row as it slipped just about a thousand dollars from last week to $310,937. It finished the week nearly thirteen thousand dollars higher than it was at this time last year, but roughly eight thousand dollars lower than its peak in late May. The four-week median price fell below the three hundred thousand dollar mark as it slid thirty-seven hundred dollars from the previous week to close about fifteen thousand dollars higher, on a year-over-year basis. Click the image for a larger version of the graph. Eighty-seven of ninety-four residential sales recorded a price below the asking price by an average of $8,946. Three lucky sellers managed to complete a deal averaging $2,433 more than they were asking as multiple buyers bid up the price. Another four received and accepted a full price offer. 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


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