Saskatoon real estate: Week in review (November 3-7 2008)

New listings in the Saskatoon real estate market continued on a slow and modest decline for the fourth consecutive week as just 64 single-family homes and 28 condominiums were added to the local MLS system. Down just two units from the previous week, it’s the lowest weekly number we’ve seen since the last week of January. This past week, 60 sellers cancelled their MLS listing, 28 quickly changing their minds and reintroducing their property as a new listing. Total active listings fell again, this time breaking the 1,600 mark to settle at 1,597 units including 971 houses and 523 condos. That is the lowest inventory level since the week of August 4-8, but still represents about 7 months of supply.

Residential sales activity showed an equally modest gain to finish the week at 51 units including 35 houses, 13 condos, 2 semi-detached bungalows and 1 mobile home. Once again, the gap between new listings and sales closed just slightly.

The average selling price of Saskatoon houses and condos tumbled hard, falling to $272,981, the lowest weekly average since the week of August 25-29. The weekly median price took a slightly sharper fall landing at $255,950, down from $275,000 the week before. The six-week rolling average continued to trend down for the fourth consecutive week, and the four-week median, while lower than last week, looked more or less consistent with what we’ve seen over the past two months.

102 motivated sellers adjusted their pricing strategy, and those sellers that did manage to firm up a sale showed some flexibility dropping an average of $13,577 from their asking price. Just over 50% were able to keep that number to 10K or less, while the balance gave a little more to put the deal together. People who are buying today seem to understand the risks but they’re just not willing to shoulder all of it themselves.

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.

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Norm Fisher
Royal LePage Vidorra