Saskatoon real estate week in review: May 2-6, 2011

Saskatoon real estate week in review: May 2-6, 2011
It was another spring like week for Saskatoon real estate sales as conditions were fulfilled and removed on ninety-one home sales. Unit sales declined three from last week but finished higher than the same week last yearby eight.

After showing signs of softening over two consecutive weeks, new listings came to the market in greater numbers than they have for more than a full year. One hundred and sixty-four houses and condos were added to the inventory, up forty-six units from last week, and one more than we saw over the same period last year.

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The fifty-five listings that expired without a sale kept the total inventory of MLS listings from expanding significantly, but the number grew by eighteen when compared against the close of last week and finished at 1,328. At this time in 2010, there were 1,254 active listings for buyers to choose from. Today’s totals, by category, show 774 single-family homes (houses) and 490 condominiums with houses up twenty-one and condo numbers declining by one on a week-over-week basis. Last year at this time, those categories stood at 722 and 444 respectively.

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Cancelled and withdrawn listings spiked to thirty-two, a gain of ten compared to last week. Twenty-two of those same properties immediately returned as a new listing, most at a new price. Sixty-eight Saskatoon home sellers took the more obvious route of simply adjusting the price on their existing listings.

Just a touch more action in the entry-level market saw the weekly median price soften by just over five grand to $312,750 while the weekly average slid by twice that to $320,147.  The six-week average still managed to edge higher picking up about five thousand dollars to close the week at $316,112 for an annual gain of about sixteen thousand dollars. The four-week median took a smaller bump gaining thirty-five hundred dollars on the week to finish at $312,500. That’s well up from $286,000 four-week median at the same time in 2010.

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Overbid activity remained weak as just four lucky sellers completed a deal at a price greater than asking, by $3,787 on average. Another nine sellers found a buyer willing to pony up with all that they were asking.  Seventy-nine of ninety-two firm deals required some give and take as sellers gave up an average of $9,158 at the negotiating table.

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Norm Fisher
Royal LePage Vidorra

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