Saskatoon real estate week in review: October 17-21, 2011

Saskatoon real estate week in review: October 17-21, 2011
Saskatoon home sales declined again for the third consecutive week as local real estate agents reported 64 detached house and condo sales to the local MLS®, down just two units from last week, for a year-over-year decline of five. The number of new listings bounced up from last week’s remarkably low numbers, reaching 98 units, for a gain of 33 compared to last week. New listings were also higher on a year-over-year basis this week. During the same week of 2010 there were just 85 houses and condos offered up for sale on the multiple listing service®. Click the image for a larger version of the graph. Active listing inventory continued to follow a fairly typical seasonal trend by slipping lower again by just nine units compared to last week. As of this morning, there are 1225 residential properties showing an active status on the MLS® system. That’s precisely how much inventory was available to buyers at the close of the same week last year. Today, we have 746 single-family homes and 411 condominiums for sale within the city of Saskatoon. At this time last year, those two categories of housing stood at 739 and 721 respectively. Click the image for a larger version of the graph. Cancelled and withdrawn listings fell off substantially from last week to just 33 units. Of those, 17 made a same day return to the MLS® system, most at a lower price. An additional 35 price changes were processed this week. A total of 18 listings reached the end it their term and expired without a sale. The average sale price of a Saskatoon pushed higher for the fourth consecutive week breaking the record high for the year three weeks in a row as it rose just above $360K. The median sale price followed suit and gained about $13,000 from the previous week as it climbed to $321,450. The six-week average selling price followed along reaching annual record highs for the second week in a row. It finished at $325,922, which is roughly $3,500 above last week’s high. That’s about $24,000 higher than it was at this time last year. The four-week median price edged up $5,000 over the course of the week to $308,000 and finished $18,000 higher than it was exactly one year ago. Click the image for a larger version of the graph. Overbid sales slipped lower to just two with an average overbid of $3,600. An additional nine sellers closed a deal at their full asking price while 53 of 64 sellers had to sweeten the pot to complete a deal. On average, those buyers negotiated a discount of $13,437. Click the image for a larger version of the chart. 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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