Saskatoon real estate week in review: March 22-26 2010

Saskatoon real estate week in review: March 22-26 2010
The black line continued to climb developing what’s beginning to look like a fairly steep pitch as Saskatoon real estate agents reported ninety-four firm house and condominium sales to the local MLS. That figure represents an increase of fourteen homes compared against the previous week, and a gain of thirty properties compared to the same week last year.

New listingsof Saskatoon homes remained stable on a week-over-week basis with 132 properties being offered for sale, up from 113 for the same period in 2009.

Click the image for a larger version of the graph.

Total active MLS listings (residential) continued to build some numbers breaking the one thousand mark for the first time since total inventory fell below the four-figure level during the week of October 19-23last year. The inventory line on our chart appears to be following a growth trend that is similar to 2009, albeit at lower levels. At this time last year there were a total of 1,422 active residential listings available on the Saskatoon MLS system compared to 1,016 today. As of this morning, we have a total of 595 single-family detached houses and 368 condos showing an active status. Nearly all of the gains were in the house category, which moved higher by forty units over the course of the week (a hefty increase for one week) while the condo inventory moved by just one. Last year at this time, those numbers were at 877 and 459 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings were at twenty-four units once again with fifteen of those home sellers immediately changing their minds and re-listing, making it completely impossible to ascertain accurately how many days it takes to sell a house in Saskatoon. Forty-seven Saskatoon homes saw price adjustments this week.

The average selling price of a Saskatoon home bounced back again to finish the week at $289,405, up nearly fifteen thousand dollars over the previous week. The six-week average moved lower to $285,964 falling roughly seventeen hundred dollars from last week to finish about seventeen thousand dollars higher than it was during the same period in 2009. The four-week median slid nearly eight thousand dollars over the week to $271,000 to trump last year’s number by twelve thousand dollars.

Click the image for a larger version of the graph.

Overbidding activity dropped just a bit from last week as eight Saskatoon home buyers offered more than the seller was asking by an average of just $2,481. Nineteen home sellers managed a deal at their full asking price while sixty-seven buyers negotiated a final firm deal with an average drop of $7,263, a discount of about 2.4% of the asking price.

Click the image for a larger version of the chart.

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Norm Fisher
Royal LePage Vidorra

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