Saskatoon Real Estate: Week in Review (October 13-17 2008)

Before we get started with last week’s real estate activity I want to point out a couple of changes that I’ve introduced to the “Week in Review” which you can expect to see on an ongoing basis. First, I’ve added the median selling price for each of the five areas to the graphic that you're accustomed to seeing each week. A number of people have requested that this information be added. Secondly, at Bookrat’s request I’m adding a graph that plots the weekly average selling price in comparison to the six-week average selling price. Bookrat has been tracking these stats himself and was kind enough to send me an image of his graph. I had to agree that it adds some interesting detail and helps make better sense of the weekly numbers. Thanks for your help Bookrat! Finally, you’ll notice another graph, which plots weekly unit sales against new listings for the week. As always, please remember that most of my stats are based on single-family homes and condos unless otherwise specified. I hope you like these additions. Now, let’s take a look at what happened in the Saskatoon real estate market over the past week.

New listings took a serious nosedive coming in at their lowest levels since the week of January 28 – February 1. A total of 96 properties were offered for sale on the multiple listing service including 76 single-family homes and 20 condominiums. Total active residential listings fell to 1,673 units to find their lowest level since the week of August 18-22. A total of 49 listings were cancelled or withdrawn and 29 of those properties found their way back to the system as new listings. 89 price adjustments were approved over the course of the week. Today’s active listing inventory consists of 1,045 houses and 529 condos. The “units sold vs. units listed” graph indicates that there has been some narrowing of the massive gap that developed between the two through the spring.

Click the image for a larger version of the graph.

Unit sales fell to 45 units from 49 the week before. 42 buyers managed to negotiate a contract below the asking price to the tune of $12,502 on average. The average selling price was down from previous weeks, reaching its lowest level since the week of August 25-29to settle at $280,096. The average selling price of a Saskatoon home was fairly consistent with the median price, which came in at $280,000 for the week.

Click the image for a larger version of the graph.

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