Saskatoon real estate: Week in review (June 1-5 2009)

Saskatoon real estate: Week in review (June 1-5 2009)
Saskatoon real estate agents reported ninety-four firm sales of houses and condos this week, a decline of nineteen properties compared to the last week of May, but still sharply higher than the same week last yearwhen just sixty-seven Saskatoon homes were reported sold. Sales were up on a year-over-year basis for the fourth consecutive week.

New listings of Saskatoon houses and condostook a steep jump over last week as many of the properties that expired at the end of May were re-listed for another go at a market. One hundred and sixty-two homes were offered for sale, up from one hundred and twenty-seven last week, but again falling far short of the numbers we were seeing last year when a whopping two hundred and forty-three homes were listed on the Saskatoon MLS system. This week was the eleventh consecutive week in which new listings were down over the previous year.

Weaker sales and stronger listing activity didn’t prevent total active listings from falling again. They slid from 1,502 units last week to finish down twenty-four, and closed the week at 1,478. Last year at this time, there were a total of 1,259 active listings. As of today there are eight hundred and ninety-nine single-family detached houses and four hundred eighty-seven condominiums showing an active status on our MLS.

Click the image for a larger version of the graph. Sixty-seven Saskatoon home sellers adjusted their asking price this week. Another twenty-six canceled a listing and re-introduced it as “new,” most with a new lower price.

Following several weeks of gains, Saskatoon home prices finally took some marginal declines. The weekly average fell nearly five thousand dollars from the previous week to $284,404 while the median selling price fell two thousand dollars to $275,000. The six-week average fell just about $500 to $280,621 sticking near record levels for the year but well under the $302,601 number recorded at this time in 2008. The four-week median slid two thousand dollars to $268,000 after sitting sticky at $270K for four consecutive weeks. The four-week median was down $15,000 compared to the same week last year.

Click the image for a larger version of the graph. Saskatoon real estate prices for houses and condos - week of June 1-5 2009

Average underbids inched up this week to $12,147 from $11,411 the week before. That represents an average discount of four percent, up .2% from last week. Area one sellers gave up an additional half percentage point on average. Eleven sales at the $400 plus level brought some higher dollar underbids which are definitely reflected in this week’s chart. The percentage of sellers accepting an offer which was more than $25K off of their asking price nearly doubled from the previous week, and so did activity in the $15,001-$20,000 category.

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.

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Norm Fisher
Royal LePage Vidorra

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