Saskatoon real estate week in review: October 11-15 2010

Saskatoon real estate week in review: October 11-15 2010
House and condominium sales continued to trend lower this week. Unit sales came in at fifty, slipping eleven from last week, and finishing lower than the same week in 2009 by nine.

New listingsfell by a slightly higher percentage compared to last week as agents brought just seventy-seven listings to the Saskatoon multiple listing service, a decline of nineteen compared to last week, but an increase of thirteen when compared against the same time period last year.

Click the image for a larger version of the graph.

Following an unusual display of stubbornness that lasted nearly three months the total inventory of residential listings on the Saskatoon MLS continued to trend lower for a fourth consecutive week. Total active listings slid to 1246, down twenty units from the close of the previous week but still remains twenty-four percent higher than it was at this time last year when just 1006 Saskatoon homes were for sale. Today’s inventory includes 750 single-family homes and 429 condominiums, with the former dropping twenty and the latter gaining two on a week-over-week basis. Last year at this time there were 584 single-family homes and 353 condominiums showing an active status on the Saskatoon MLS.

Click the image for a larger version of the graph.

There were just twenty-nine cancelled and withdrawn listing processed on the system this week and as usual, about half of those managed to find their way back to the MLS as a new listing, most with a new lower price. An additional fifty-five price adjustments worked their way through the system over the course of the week.

More than ten percent of this week’s sales boasted a price exceeding five hundred thousand dollars, so as you might expect, the average selling price of a Saskatoon home took a strong bounce reaching $321,676 and coming close to the previous peaks for the year that we saw in August. The six-week average selling price remained steady compared to last week closing at $308,607 to gain just over twenty-three thousand dollars when compared against the same week last year. The four-week median sale price slid three thousand dollars from last week to finish at $286,000 and claimed a gain over the same week in 2009 by roughly thirteen thousand dollars.

Click the image for a larger version of the graph.

Three Saskatoon home sellers found a buyer prepared to pay more than list price by an average of $15,734 this week, a number that was seriously skewed by one small area 4 house listed at $84,900 that sold forty thousand dollars above that. Three more sellers closed a deal at their asking price while forty-four of fifty sales closed below list by an average of $8,502 or about 2.7% of list, the smallest discount we’ve seen in the past few months.

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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