Saskatoon real estate week in review: November 8-12 2010

Saskatoon real estate week in review: November 8-12 2010
Saskatoon real estate agents reported fifty-four firm house and condo sales to the local MLS® this week, a gain of five compared to last week, and higher than sales reported during the same week last year by just two units. Area one sales fell off the chart with just nine properties trading to match the previous low for the year, which was recorded during the week of January 4-8. While area one was doing nearly nothing, area five was busy having its most productive week this year recording eighteen house and condo sales.

New listingsfell substantially lower on a week-over-week basis, slipping by twenty-nine properties to seventy-one. Still, that was enough to top new listings production for the same period in 2009 when agents listed just fifty-nine Saskatoon homes for sale.

Click the image for a larger version of the graph.

After seven consecutive weeks of declines, the total inventory of residential real estate listings on the Saskatoon multiple listing service® took a surprise turn and headed higher. Inventory closed the week at 1177, up seven units from last Saturday and thirty-three percent higher than it was at the same time last year when just 886 properties showed an active status on the system. As of this morning, there are 704 single-family homes and 408 condominiums offered for sale, up from 521 and 308 respectively on a year-over-year basis.

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Twenty-seven cancelled and withdrawn listings were processed over the course of the week, seventeen of those returning with a new MLS® number and a new price. An additional forty price adjustments hit the system before the close of business Friday.

In spite of the unusual distribution of sales across Saskatoon’s five real estate areas the average selling price of a home pushed higher again for the third consecutive week reaching $317,537. The six-week average price took a small hit dropping almost two thousand dollars from last week to $302,716. That number represents a gain of roughly twenty-nine thousand dollars when compared to the same week last year. The four-week median price moved two thousand dollars in the opposite direction to finish the week at $282,250, just seven thousand dollars higher than it was at this time in 2009.

Click the image for a larger version of the graph.

Saskatoon home sellers had one of their better weeks at the negotiating table seven sellers getting their full price and three selling above their list price by an average of $13,766 (skewed higher by one new home sale that likely included improvements that were not part of the initial offering). Forty-four of fifty-four deals were recorded as having sold below list, by an average of $9,312 for an average discount of just 2.9 percent.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.

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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