Saskatoon real estate week in review: May 3-7 2010

Saskatoon real estate week in review: May 3-7 2010
A slight softening occurred this week on the demand side of Saskatoon real estate market with total reported sales of houses and condominiums slipping to eighty-three, down eleven from last week but still well above the sixty-three homes sold during the same period last year.

On the heels of a couple of relatively soft weeks for new listings, home sellers came out strong and 163 homes were introduced to the Saskatoon multiple listing service, up twenty-four from last week, but fewer than the number listed during the same week last year by thirty-three.

Click the image for a larger version of the graph.

Active Saskatoon real estate listings in the residential category turned higher again picking up twenty-nine on the previous week to finish at 1254, roughly seventeen percent lower than they were at this time in 2009. Given the large disparity between sales and new listings you might have expected inventory to grow more than it did but this week saw some thirty cancellations that weren’t immediately relisted and almost as many homes that expired at the end of a listing term without a sale. There were also twenty-seven new conditional sales reported over the week that are not included in the active numbers.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings totaled fifty-four with just twenty-two being immediately re-listed. Sixty-six price changes were recorded this week.

All three price measures showed some growth again. The average selling price of a Saskatoon home came in at $305,076, up just under six hundred dollars from last week. The six-week average reached a new high for the year at $299,073 to finish up nearly three thousand dollars on the week and twenty-two thousand dollars higher than the same week last year. The four-week median managed to creep up another thousand dollars to hit $286,000, up from $270,000 for the same week in 2009.

Click the image for a larger version of the graph.

Overbid activity was weak with just three of eighty-three Saskatoon sellers getting more than their list price. The average overbid was a hefty $15,100 but nearly all of the excess dollars can be attributed to just one sale; a new property that likely included some additional improvements that brought the price up. The other two sales were each over list by just one hundred dollars. An additional sixteen buyers brought the seller a full price offer. Sixty-four buyers managed to grind a deal with an average underbid of $9,246 to mark the fourth consecutive week that the number increased. This week’s average underbid represents an average discount of 2.9% of the asking price. That’s the highest that it has been since the week of March 8-12.

Click the image for a larger version of the chart. Saskatoon real estate stats for homes sold May 3-7 2010

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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