Saskatoon real estate: Week in review (March 23-27 2009)

It was a pretty strong week for Saskatoon real estate, at least when compared to the softer activity that we’ve seen in recent months.  Unit sales showed further signs of life and new residential listings eased off from last week, finishing substantially lower than they did during this same week last year.

Forty-six single-family homes and eighteen condominiums pushed unit sales to sixty-four this week, up from fifty-eight last week but still well below the ninety-four homes that sold during the same week last year.  Six additional sales in the duplex and semi-detached categories pushed total residential unit sales in Saskatoon to seventy and produced the second highest sales week this year giving some sellers and agents hope that a spring market might be lurking somewhere around the corner.

New listings of houses and condos fell to just one hundred and thirteen properties, down twenty from last week, and well below the one hundred and sixty-four units that were offered for sale during the last week of March 2008. In spite of stronger sales and weaker listing activity, total residential listings managed to continue to grow, gaining twenty-nine units over last Friday’s close to finish at 1,422 including eight hundred and seventy-seven houses and four hundred and fifty-nine condos.

Sixty-five sellers adjusted their asking price using an old fashioned “price reduction” while another seventeen introduced a new price point by canceling and re-listing their home.

Prices gained some steam over the previous week in all three of our pricing measures, but year-over-year price drops became a little more pronounced as we finished our second week of “down from last year” stats. The average selling price of Saskatoon houses and condos came in about $15,000 higher than last week at $275,978. The six-week average picked up just a few hundred dollars to finish at $268,575, down from $281,070 for the same week last year. The four-week median gained $5,500 over the previous week but fell short of last year’s number by more than $10,000.

It came as a surprise to nobody that the vast majority of sellers who managed to bag a deal gave up some dollars off of their asking price to make a sale go. The average underbid grew slightly to $11,907, up from $11,363 last week. Calculated as a percentage of list price the average discount was nearly identical to last week at 4.2%. For the most part, our underbid chart looks a lot like last week’s with about sixty-four percent of sales completing within $10,000 of the asking price. The larger discount categories did manage to steal a point here and there pushing the percentage of sales closed with a discount greater than $20,000 to eleven percent, slightly more than double last week’s number.

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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