Saskatoon real estate week in review: June 20-24, 2011

Saskatoon real estate week in review: June 20-24, 2011

Saskatoon real estate sales softened this week falling to their lowest point in four weeks with just seventy-four firm house and condo sales being reported to the Saskatoon MLS® system. The final sales tally was lower than the previous week by twenty-seven homes and fell short of levels recorded during the same week the previous year by nine. New listings of houses and condos also slipped lower dropping by twenty-five units compared to last week with just 111 properties being offered for sale on the multiple listing service®, down twelve from the same period last year. Click the image for a larger version of the graph. The total number of residential listings offered for sale on the Saskatoon MLS® system edged higher once again gaining just twelve units over the close of the previous week to reach its highest point this year at 1463 properties. Today, there are just thirty-six more homes on the market than there were at the same time in 2010. There are presently 824 single-family homes and 523 condominiums showing an active status on the Saskatoon MLS® system. Last year at this time, the two categories stood at 853 and 495 respectively. Click the image for a larger version of the graph.

This week, there were thirty-eight cancelled and withdrawn listings removed from the MLS®. Twenty-eight of those immediately returned to the system as a new listing. The number of price adjustments made to the active inventory moved sharply lower from the mid-nineties last week to just fifty-six. The median selling price of a Saskatoon home pushed higher gaining more than fifteen thousand dollars to close at $310,850. The average moved up at a more modest pace picking up four thousand dollars from last week to finish at $308,222. The six-week average price moved in the opposite direction for the fourth consecutive week losing just over a thousand dollars to $313,947 to finish roughly fifteen thousand dollars higher than it was at this time last year. The four-week median moved higher by five thousand dollars compared to last week reaching $300,000 for the first time in four weeks. That’s also fifteen thousand dollars than it was one year ago today. Click the image for a larger version of the graph. Overbid activity remained weak with just two sellers picking up a firm deal above their asking price. The average overbid was $2,100. Another eleven sellers did find themselves a full price offer. Sixty-one buyers managed to grind a bit of a deal, talking their seller down by an average of $10,626. That’s about a thousand dollars higher than last week. 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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