Unit sales of houses and condos bounced back to reach 55, the highest number recorded since the week of September 22-26. Interestingly, sales in area 2 actually matched new listings for the week, while sales in area 5 nearly doubled up on new listings offered for sale. I don’t want to overstate the significance of what could be a one-week blip, but this is the first week that we’ve seen that happen since January of this year. There’s no denying that there is a near seven month supply of Saskatoon homes for sale but it is starting to look like our surplus inventory is slowly chipping away. In spite of weaker demand the large gap between new listings and units sales has narrowed significantly over the past few months. Listing number in March, April and May of next year will paint a clearer picture of where we are headed for 2009.
Following a week that saw the average selling price of a Saskatoon home spike, this past week produced numbers which are more typical of what we’ve come to expect over the past couple of months. The weekly average fell hard to just $275,436, and the six-week average sale price resumed its slow but steady decline reaching its lowest level since the week of September 1-5to settle at $283,313. The four-week median selling price, while slightly lower than last week at $270,000, managed to maintain a near straight line on our graph for the eleventh week in a row.
Saskatoon home sellers not only benefited from a higher number of sales this past week, but they also struck deals which were closer to their asking price as the average underbid declined to $12,623 from a whopping $17,214 the week before. The percentage of homes that sold within $10,000 of the list price swung back to settle just above the 50% mark, up from just 42% the previous week. The percentage of sales showing discounts above $20,000 decreased significantly from 22% last week, to 10% this week. Price adjustments were made to 80 active listings over the course of the week.
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Royal LePage Vidorra