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Saskatoon real estate week in review: November 29-December 3 2010

Saskatoon real estate week in review: November 29-December 3 2010
Coming off of a surprisingly strong November that brought higher sales levels than the same month last yearfor the first time in six months, Saskatoon real estate sales continued at a fairly brisk pace given the time of year. Agents reported a total of fifty-six firm house and condo sales to record a loss of just three compared to last week and a gain of ten when compared to the same week last year.


New listingsmoved in the opposite direction pushing higher than the sixty-three units listed last week to finish the week with seventy-seven new MLS listings, some of which were recycled from month end expiries. Still, that’s a gain of twenty units on a year-over-year basis.


Click the image for a larger version of the graph.


Month end expired listings caused total active residential listings to slide lower by seventy-three units over the past seven days to close this week at 1026, about twenty-six percent above the levels we saw at this time in 2009. Today, there are 575 single-family homes and 392 condominiums showing an active status on the Saskatoon multiple listing service, a change from 484 (+19%) and 282 (+39%) respectively from the same date last year. It seems likely, given the typical weekly declines that we’ve been seeing lately that MLS inventory in Saskatoon should slip below one thousand units by the end of next week, re-entering triple digit territory for the first time since March of 2010.


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Thirty-one MLS listings were cancelled or withdrawn from the system this week. Fourteen of those later returned for another go at Saskatoon home buyers. An additional 30 sellers opted for a price change in hopes of enticing a buyer before the holidays.


The average selling price of a Saskatoon home slipped back to lower territory this week dropping nearly nine thousand dollars from the week before to settle at $307,355 while both of our longer term averages continued to push higher. The six-week average sale price came within a few hundred dollars of reaching the annual peak at $312,004 and finished thirty-four thousand dollars higher than it was during the same week in 2009. The four-week median price took its fourth consecutive weekly gain to hit $300K for the first time since late September. It moved five thousand dollars higher than last week and nearly eighteen thousand dollars higher than the same week, a year ago.


Click the image for a larger version of the graph.


Fifty-two of fifty-six Saskatoon home sellers signed a deal at a price below their list by $11,681 on average, or about 3.6% below the asking price. One seller sold for the full advertised amount and three were lucky enough to close a deal for a higher dollar, by $9,401 on average, skewed significantly be one new house deal that closed at $26,000 above the asking price, likely as a result of added value negotiated into the contract.


Click the image for a larger version of the chart.


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Norm Fisher
Royal LePage Vidorra

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