Saskatoon real estate week in review: March 28-April 1, 2011

Saskatoon real estate week in review: March 28-April 1, 2011
Saskatoon real estate sales lost some steam on a weekly basis but made up some lost ground when compared against the same week last year. Agents reported firm sales on seventy-one detached houses and condominiums, down from eighty-four deals the previous week and ahead of the sixty-five units that traded hands over the same period in 2010.

After two weeks of softer than expected new listing activity, unit numbers spiked as home sellers brought 135 houses and condominiums to the Saskatoon multiple listing service®. That’s two dozen more than were listed the previous week but seven fewer than were offered for sale during the same week last year. New MLS® listings have trailed the previous year’s numbers for four of the past five weeks.

Click the image for a larger version of the graph.

Still, total active MLS® listings (residential) took a gain that was as large as any we’ve seen in recent weeks, in spite of the fact that this week crosses month end, a time at which expiring listings are typically plentiful. The inventory grew by forty-two homes this week to finish at 1215, up from 1054 a year ago for an annual gain of roughly fifteen percent. On a weekly basis, the largest gains were seen in the single-family category, which moved from 669 to 693 while condo inventory edged up from 435 to 446. Those numbers are up from a year ago when single-family home numbers were at 630 and just 372 condos were showing an active status on the Saskatoon MLS®.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings surged higher with forty-three units being removed from the system prior to their expiry date. Twenty-six of those returned the very same day brandishing a new MLS® number and in most cases, a new price. An additional fifty Saskatoon home sellers adjusted their asking price. Twenty-one properties expired following a full listing term without a sale.

Sales activity at the lower end of the market was particularly weak pushing the weekly median sale price higher by nearly $53,000 to $309,900 to reach its highest point in eight weeks. Seven deals that closed for more than a half million dollars pushed the weekly average higher to $321,512 to reach its highest point in nine weeks. The six-week average sale price moved up two thousand dollars over the previous week to $298,087 maintained a year-over-year gain of nearly fourteen thousand dollars. The four-week median climbed by almost seven thousand dollars to $292,000 for an annual gain on about $18,000.

Click the image for a larger version of the graph.

Overbid activity remained steadily weak in comparison to previous spring markets with just four sales registering a price greater than the asking price. However, the average overbid amount nearly tripled from the previous week to $5,462 thanks to a couple of ten thousand dollar overbids on homes priced below $300K. Sixty-six of seventy-one sales required some pencil sharpening on the seller’s side closing at an average on $9,313 below list price for an average discount of 2.8%.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.

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

The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.