Saskatoon real estate week in review: November 21-25, 2011

It was another reasonably strong week for Saskatoon real estate sales considering the time of year. A total of 71 detached house and condo sales were reported to the local MLS®. This week’s sales were up by 21 on the previous weekand finished higher by 12 compared against the same week last year.

New MLS® listings of houses and condominiums matched sales at 71 units for a weekly decline of just two, but finished higher by eight on a year-over-year basis.

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The total inventory of active MLS® listings in the residential category continued to trail lower as it fell by 30 units this week to finish at 1119, up 20 listings when compared to inventory levels at this time last year. This morning’s numbers show 668 single-family homes and 383 condominiums for sale within the city of Saskatoon. Those two categories stood at 633 and 408 respectively at this time last year. You may recall that for most of the year, single-family home inventory had been lower and condo inventory had been higher on a year-over-year basis so we are seeing a bit of a change there.

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Cancelled and withdrawn listings slid lower to 29 homes with 14 of those doing a turnabout and re-entering the system with a new MLS® number, and in most cases, a new price. An additional 39 price adjustments were recorded on the system and 17 listings came to the end of their term and expired without a sale.

Weekly prices bounced higher this week with the average sale price moving nearly $18,000 to $323,173. The median picked up close to $19,000 on the week to finish at $313,000. The six-week average managed to inch lower by a few hundred dollars over the course of the past week and closed at $325,129 up from $307,651 a year ago. The four-week median moved in the opposite direction and gained $5,500 on a weekly basis to finish the week at $305,500 claiming an annual gain of just over $10,000.

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Overbid sales were fairly steady at four but the average overbid was up to $6,275. Another three Saskatoon home sellers found a buyer willing to pay what they were asking. Most sales (64 of 71) closed at a price that was lower than the list by an average of just $9,605.

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Norm Fisher
Royal LePage Vidorra