Saskatoon real estate week in review: October 18-22 2010

Saskatoon real estate week in review: October 18-22 2010
Following a short week in which Saskatoon real estate sales fell to their lowest point since February the market bounced back as agents reported sixty-nine firm house and condominium sales to the Saskatoon MLS, a gain of nineteen compared to last week and three more than were reported during the same week last year.

New listingsmoved in the same direction with eighty-five Saskatoon homes offered up for sale, ahead of the previous week by eight, and up on the same period in 2009 by thirteen.

Click the image for a larger version of the graph.

The total inventory of residential listing offered for sale on the Saskatoon multiple listing service continued to trend lower for the fifth consecutive week dropping twenty-one units to close the week at 1225, still well up from 996 at the close of the same week last year. This morning’s inventory totals include 739 single-family homes and 421 condominiums, up from 583 and 348 respectively when compared to active listing inventories at this point in 2009. It does seem nearly certain that we’ve finally hit the point where inventory is likely to trend lower through the balance of the year as it pretty much always does, sooner or later. At this point, sales and listings appear to be experiencing a seasonal weakening at a nearly equal pace. Based on October’s sales to date, total months of available inventory remains steady at 4.3, just where it was at the end of September.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings moved sharply higher this week from twenty-nine to forty-six homes. Twenty-four of those found their way back to the system as a new listing, most at a lower price. An additional fifty-four listings showed a price adjustment this week.

While more than ten percent of last week’s sales came in with a price above the $500K mark, this week we see just one sale above that number. Fairly strong activity in less expensive area 4 also helped to push the weekly median sale price lower by twenty-one thousand dollars to $278,400. Meanwhile, the average selling price of a Saskatoon home saw a serious downward adjustment falling by forty-four thousand dollars from last week to $277,278. The six-week average sale price slid about sixty-five hundred on a week-over-week basis to $302,196 to maintain a gain of roughly $22K on the same week last year. The four-week median bucked the weekly trend and gained four thousand dollars on the previous week to close at $290,000 claiming a gain of $20,000 over the same week in 2009.

Click the image for a larger version of the graph.

Overbids pretty much slipped off the charts again. There was one sale that was reported with a sale price that exceeded list but it was a condo, under construction, so it most likely had some spec adjustments that pushed the price up the extra $10,750. Three sellers managed a deal at their full asking price. Sixty-five of sixty-nine of the Saskatoon homes that sold this week went for less than the asking price by an average of $10,797 or about 3.7 percent below list.

Click the image for a larger version of the chart.

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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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