Saskatoon real estate week in review: July 5-9 2010

Saskatoon real estate week in review: July 5-9 2010
Following a soft sales week, largely precipitated by a short Canada Day work week, unit sales bounced back as Saskatoon real estate agents reported a total of ninety house and condo sales to the local MLS®. Compared to the previous week, unit sales moved higher by thirty-two but finished just below the ninety-one homes that traded during the same week last year.

New listings also came on strong with 126 home sellers offering a house or condo for sale on the Saskatoon MLS® system, a gain of forty units compared to last week and almost two dozen more than were listed during the same period in 2009.

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After tumbling fifty-five units as we entered the month of July to mark the first substantial weekly decline we had seen in 2010, the inventory of active residential MLS® listings snapped back to the near straight line that it had been following for the five weeks prior. Total inventory remained steady at 1373, a gain of just one on the previous week, but fifty units more than were available at the close of the same week one year ago. By this time last year active listings were in steady decline falling almost every week through the balance of the year. While inventory seems to be a bit more stubborn this year, active sellers may be somewhat encouraged that it’s lower now than it was six weeks ago, and that many of the listings that expired at the end of June may remain on the sidelines for now.

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Cancelled and withdrawn listings bounced higher to reach fifty-one units but as usual, roughly half of those were immediately re-listed to add to the active listings numbers once more. Most of them came back at a lower asking price. An additional seventy-six MLS® listings recorded a price change over the course of the week.

The average selling price of a Saskatoon home surged back this week, reaching $296,479 and continuing the erratic up and down bounce that has been going on for several weeks. The six-week average inched higher and continued near the peak range for the year growing by nearly three thousand dollars over the previous week. The new number of $298,616 represents a gain to the six-week average of nearly seventeen thousand dollars over the same week last year. The four-week median price showed its fourth consecutive slide producing modest week-over-week declines to finish just below $275,000 for the first time since early April. This week’s four-week median price of $274,350 fell short of the number generated during the same week in 2009 when it was $276,500 and marks the first year-over-year decline in the four-week median sale price since February opened.

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The vast majority of the firm sales reported to the Saskatoon multiple listing service® this week showed a selling price below asking (83/90). The average underbid came in at $9,108, a three percent discount. Four sellers reported an above list sale price with the numbers being severally skewed by one new home sale including some extras and produced a sale price that exceeded asking by $60K. With that sale excluded, the average overbid was just $1,475. Three sellers got their full list price.

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Norm Fisher
Royal LePage Vidorra

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