Saskatoon real estate: Week in review (October 6-10 2008)

Saskatoon real estate: Week in review (October 6-10 2008)

New listing

activity in the Saskatoon real estate market picked up considerably this week as 161 new listings were placed on the agent MLS including 105 single-family homes and 46 condominiums. Additionally, 47 of 84 cancelled listings found their way back to the MLS as new listings. I suspect that some of the homes that moved out of the system as “expired listings” at the end of September made a comeback as new listings this week. Still, the total inventory of active listings saw fairly modest growth of 8 units over the previous week, to finish at 1,688 including 1,049 single-family homes and 534 condos.

In addition to the 47 re-lists, most of which returned sporting a new price, 156 Saskatoon home sellers approved a change to their pricing strategy in hopes of luring a willing buyer. The average asking price of all active listings is still a whopping $329,769, some 10-15% higher than average selling prices over the past few months.

A total of 53 residential properties were reported as firm sales, including 49 in the single-family homes and condo category. 45 of 49 sold for less than the asking price while four sellers managed to attract offers at, or above their list price. The average of three overbid sales came in high at $20,533 with the largest of the three boasting a sale price that was $55,000 over asking. This is a new townhouse property so I suspect that the buyer likely negotiated some additional improvements that led to the higher selling price. Those buyers, who managed to negotiate a discount, purchased their new home at an average of $12,376 below the asking price.

Average list and sale prices of the properties that did sell declined again for the third week in a row in spite of yet another residential sale that topped the one million dollar mark. The entire history of the Saskatoon MLS shows 6 sales within city limits that managed a selling price above one million dollars. Five of those occurred this year; three of them were reported after September 15.

The “Saskatoon real estate: week in review” is intended to provide a brief overview of the most recent market activity. Due to the small samples, average prices can vary significantly from one week to the next. For more reliable price trend information, see our most recent “Closer Look at the Saskatoon Real Estate Statistics” published on October 10.

Saskatoon Real Estate: Week in Review (October 6-10, 2008)

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Norm Fisher
Royal LePage Vidorra

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