Saskatoon real estate week in review: May 16-20, 2011

Saskatoon real estate week in review: May 16-20, 2011
Happy May long weekend!

Saskatoon home sales continued to show year-over-year gains for the month as the third week of May came to a close. A total of ninety-eight single-family home and condominium sales firmed up this week for a weekly gain of fourteen units and an annual uptick of sixteen.

Following an unseasonably slow week for new real estate listings, activity spiked higher as 157 houses and condos were added the Saskatoon multiple listing service®, up thirty-eight properties from last week to match volume from the same week last year.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings in the residential category saw its greatest gain in a month climbing by forty units from last week to 1380 properties. At the same time, this number represents the smallest year-over-year gain that we’ve seen in almost a year. Last year, at this time, there were 1376 residential properties showing an active status on the Saskatoon MLS® system, just four fewer than there are this year.

Today, there are 804 single-family homes and 502 condos available to prospective buyers. Those totals are up from 786 and 486 respectively, last week. Single-family home inventory is now down on a year-over-year basis, by just sixteen properties, while condo listings remain higher than the previous year by twelve.

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Cancelled and withdrawn listings edged up over last week as forty-one sellers removed their property from the MLS®. Twenty-nine of those homes returned on the same day as a new listing. Another eighty listings saw a change to the pricing strategy with most moving lower.

Following a brief retreat last week, the median selling price of a Saskatoon home edged back up to reclaim more than fifty percent of last week’s loss, closing at $308,932. The weekly average gained even more, closing almost ten thousand dollars higher than it did the previous week at $323,669. The six-week average price finished the week at $318,724 for a weekly gain of nearly four thousand dollars and a year-over-year gain of roughly twenty thousand dollars. The four-week median price actually edged lower, falling about two thousand dollars from last week to $306,900 for an annual gain of about 18K.

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Eighty-six of ninety-eight sales were closed at a price that was roughly 3.3 percent ($10,667) below the seller’s asking price. Three sellers closed a deal for more than they were asking, by an average of just $1,566. Another nine sellers found a buyer who was willing to conclude a deal for exactly what they were asking.

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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

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