Saskatoon real estate week in review: June 13-17, 2011

Saskatoon real estate week in review: June 13-17, 2011
Saskatoon real estate sales for the week finished above the one hundred-unit mark for the second time this year as local agents brought 101 firm house and condo sales to the MLS® system. Total units beat last weeks sales by ten and topped sales for the same week last yearby eighteen.

New listings of houses and condos edged higher than the previous week by six homes, finishing at 136 units and handily beating last year’s volume when just 115 Saskatoon were offered up for sale on the multiple listing service®.

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The total number of residential listings offered for sale on the Saskatoon MLS® system pushed higher again gaining thirty units over the full week to finish at 1451, just slightly lower than inventory at this time last year when 1467 homes were for sale. Today, there are 841 single-family homes and 518 condominiums displaying an active status on the system. At this time last year, single-family home inventory was at 842 while condos sat at 500 units.

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This week, there were forty-four cancelled and withdrawn listings removed from the MLS®. Twenty-nine of those immediately returned to the system as a new listing. The number of price adjustments moved sharply higher again to ninety-five as Saskatoon home sellers attempted to reposition hoping to find themselves in the sales column next week.

The median selling price of a Saskatoon home slipped after showing gains for the past couple of weeks. It slid nearly thirteen thousand dollars to $295,000. The weekly average price also finished well below last week’s numbers as it fell more than twenty-four thousand dollars to $304,202. The six-week average sale price slipped about twenty-eight hundred dollars from last week to close at $314,969 reaching its lowest point since late April. It still sits roughly eighteen thousand dollars higher than it was at the same time last year. The four-week median followed along slipping almost four thousand dollars to $295,000. That’s just eighty-five hundred dollars higher than it was for the same week a year ago.

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Overbid activity slipped again as just three of 101 sellers found a buyer willing to pay more than their asking price. The average overbid was just over $3,000. Another eight buyers agreed to a full list price purchase. The remaining ninety insisted on a bit of a deal and managed to grind the seller for a discount of $9,783 on average.

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Norm Fisher
Royal LePage Vidorra

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