Saskatoon real estate week in review: November 28-December 2, 2011

Saskatoon real estate week in review: November 28-December 2, 2011
Saskatoon real estate sales pushed slightly higher on a weekly basis as local agents reported 76 sales of condominiums and single-family detached homes to the MLS® system. That number accounts for a gain of five sales compared to the previous week and a surge of 20 when compared against the same week a year ago.

New listings also surged higher as properties approached or hit their expiry dates and were re-listed for another term. A total of 103 house and condo listings hit the multiple listing service® this week, up sharply from last week when the number had fallen to 71, and up almost as much from the same period a year ago when 77 properties were offered for sale.

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Active MLS® listings in the residential category fell again, albeit not as sharply as they did last year. We finish the week with a total residential inventory of 1073 properties, 46 fewer than were available at the end of the previous week and 47 more than could be found on the system at the same time last year. As of this morning, our MLS® is showings 637 active single-family homes listings and 387 condominiums. Last year at this time there were just 575 single-family homes available. That puts this year’s detached-house inventory about eleven percent ahead of last year’s. Condo inventory was comparable to this year’s at 397.

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Cancelled and withdrawn listings continued to slip lower to just 25 homes with ten being quickly relisted for sale with a new MLS number, and in most cases, a new price. Prices on an additional 28 homes were adjusted this week while 45 listings expired without a sale after a full term on the market.

Weekly prices slipped lower as the average sale price of a Saskatoon home fell about four thousand dollars to $318,936. The median dropped a bit more, shedding nearly 10K to finish the week at $304,500. Our longer-term measures both fell as well. The six-week average declined more than $10,000 compared to last week and finished just below $315K for an annual gain of just $3,000. The four-week median fell nearly six thousand dollars to slip below $300K for the first time in about three months. It finished the week at $299,950, just slightly short of last year’s $300,000 four-week median.

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Overbid sales were nearly non-existent as just one lucky seller found a buyer who was willing to pay more than list price, by $1,000. An additional eight Saskatoon home sellers closed a deal at their full asking price while 67 of 76 firm deals were completed below the list price by an average of $11,101.

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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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