Saskatoon real estate agents reported a total of eighty-two sales of detached houses and condominiums to the local MLS system this week, a drop of just three from last week, and on par with the same week in 2009. For the month, residential sales are pretty much even with last year. To date, 253 properties have been reported sold compared to 255 by this time last year.
New listings of detached houses and condos continued to show some real strength picking up four units from last week to finish at 157, a gain of nineteen homes when compared with the same week last year.
Active listings in the residential category bolted higher to record the largest weekly increase this year. As of this morning, there are 1,376 residential properties showing an active status on the Saskatoon Multiple Listing Service, up seventy-three from last week but still lower than the 1528 which were available at the close of the same week last year when inventory hit its peak for 2009. As the growing inventory is showing no signs of softening I expect that we’ll be talking about year-over-year growth in available listings for the first time since June of 2009 within the next few weeks.
At the same time, sales should begin to soften some as we move into June causing the total “months of inventory” to see some gains and ushering in more favourable conditions for buyers. Sales in June and July of last year were uncharacteristically strong as interest rates fell to historic lows. It’s highly unlikely that those sales numbers are realistic for 2010 so we’ll probably start hearing reports of growing listings and declining sales by the close of June.
Click the image for a larger version of the graph. Cancelled and withdrawn listings picked up some stream and increased by fourteen from last week to forty-five, though the majority of those (34) were immediately relisted. Price changes jumped higher to eighty-four with the majority moving lower while a small handful of condos at the Silverleaf on Main Street moved higher.
The average selling price of a Saskatoon home inched higher gaining almost three thousand dollars from last week to finish at $294,920. The six-week average slipped just over a thousand dollars on the week to $298,710 and finished higher than the same week last year by twenty-two thousand dollars. The four-week median
bounced higher and gained four thousand dollars on the previous week to reach $289,000, up nineteen thousand dollars year-over-year.
Click the image for a larger version of the graph. Roughly ten percent of Saskatoon home sellers got a little more than they asked with an average overbid of $2,293 while sixty-eight did a deal below the list price at an average discount of 2.5% or $7,403. Click the image for a larger version of the chart.