Saskatoon real estate week in review – Sept 28-Oct 2 2009

Saskatoon real estate week in review – Sept 28-Oct 2 2009
Following the first week we’ve seen in months where sales were down on a year-over-year basis, the Saskatoon real estate market rebounded again recording eighty-five house and condominium sales, up eighteen properties from last week, and finishing thirty-three units ahead of the same week in 2008.

New listings continued to decline for a second consecutive week falling to one hundred and four homes, four fewer than last week and sixteen units behind last year’s production when agents added one hundred and twenty properties to the Saskatoon MLS system. A good number of this week’s listings were properties that expired at the end of September and were quickly relisted for another go at the market.

Click the image for a larger version of the graph.

After hovering in the 1,080 to 1,090 range for four consecutive weeks, month end expired listings pulled the active residential real estate listings inventory lower to finish the week at 1,029, fifty-nine properties behind last week’s total, and six hundred and fifty-one properties fewer than we had at the same time last year. Today, there are five hundred and ninety-four single-family homes for sale on the MLS and three hundred and fifty-four condos. Last year at this time there were 1,054 Saskatoon houses and five hundred nineteen Saskatoon condos for sale.

Canceled and withdrawn listings gained a little steam climbing to thirty-three units from twenty last week. Forty-two home sellers adjusted their asking price over the past week.

The average selling price of a Saskatoon home took a small upward bounce moving to $277,938, up about four thousand dollars from last week. The six-week average moved lower by about seven hundred dollars week-over-week, but was almost fifteen thousand dollars lower than it was for the same week in 2008. The four-week median slid thirty-five hundreds dollars from last week and stood just five hundred dollars higher than it was at the same time last year.

Click the image for a larger version of the graph.

The average underbid on a Saskatoon home fell roughly one thousand dollars from last week to $9,236. The percentage of sellers who were successful in selling within five thousand dollars of their list price recovered, moving from 25% last week to 41% this week, most of those gains at the expense of the $5,001-$10,000 category. Overall, five percent fewer sellers managed a deal within $10K of their asking price this week.

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Norm Fisher
Royal LePage Vidorra

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