Saskatoon real estate week in review: November 1-5 2010

Saskatoon real estate week in review: November 1-5 2010
Saskatoon real estate sales slipped lower this week, falling below the fifty mark for the first time since late February as we entered the first of what are typically the slowest three months of each year for real estate trades. Agents reported a total of forty-nine house and condo sales to the local MLS®, down from fifty-six last weekand well below the sixty-nine homes reported sold for the same week last year.

New listingsmoved in the opposite direction reaching one hundred units, the largest number of new listings for a seven-day period in the past seven weeks. Nearly seventy listings expired at the end of last month and some of those have returned for another go at the market. Still, this week’s MLS® listing activity eclipsed last week’s by fifteen properties to finish higher on a year-over-year basis by twelve.

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The inventory of active residential MLS® listings in Saskatoon managed to continue its declining pattern for a seventh consecutive week despite the high number of new listings introduced this week. Month end expired listings pushed the numbers lower but to a lesser extent than we saw at the close of the preceding two months. Total inventory dropped forty units over the course of the week to finish at 1170, still considerably higher than the 895 residential properties available at this time last year, but below the 1200 mark for the first time since the week of April 23. Today, there are 703 single-family homes and 404 condominiums showing an active status on the Saskatoon MLS® system. Those numbers are up from 522 and 314 respectively when compared to inventory levels at this time in 2009.

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Cancelled and withdrawn listings continued to be fairly light at just thirty-five with twenty-two of those returning the Saskatoon MLS® system as a new listing. All but one carried a new and lower asking price than the previous offering. An additional sixty price changes were processed over the course of the last week.

Once again, two residential sales with sale prices totaling more than $1.6 million dollars kept the average selling price of a Saskatoon home at the upper end this week closing at $308,728. The six-week average price also moved higher gaining nearly three thousand from last week to $304,424 to record a gain of nearly twenty-five thousand dollars on the same week last year. At the same time, the four-week median selling price inched lower by seven hundred and fifty dollars compared to last week to finish roughly ten thousand dollars higher than it was at this time last year. This week’s number of $280,250 is the lowest that it has been since the week on July 30, a sign that entry and mid-level pricing categories are seeing more activity now that they had over the months of August and September.

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Forty-six of the forty-nine recorded sales for this week were reported to have sold below the asking price by an average of $11,343, or 3.5 percent of list price. Two sellers met a buyer willing to pay the full asking price and one found a buyer who paid a premium with an offer that exceeded the asking price by fourteen thousand dollars.

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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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