Saskatoon real estate: Week in review (September 15-19 2008)

Saskatoon real estate: Week in review (September 15-19 2008)
The pace of new Saskatoon real estate listings slowed some from previous weeks as just 130 residential listings made their way to the multiple listing service including 117 single-family homes and condominiums, the smallest number we’ve seen for any week since the week of March 17-21. Total residential listing inventories showed little change from last week, moving up just one unit to 1,738 properties. Single-family and condo inventories showed equally modest drops from the previous week to settle at 1,083 and 538 respectively. Historically, this is the time of year when active listing inventories begin to slide some. It will be interesting to see if that trend occurs this year.

Residential units sales also softened sliding from 58 units last week to 50 units this week but sales in the single-family and condo categories were down further falling to 42 properties compared to 57 the week before. It was reasonably good week for those looking to unload “revenue property” as close to half of the month’s sales were completed over the past seven days.

A total of 75 residential properties were either cancelled or withdrawn from the MLS and 50 of those units found their way back to the system as “new listings,” most with a new price. An additional 136 price adjustments were processed over the course of the week. Still, the average asking price in the single-family home and condo categories is $336,898, significantly higher than the average selling price of $282,470 recorded in August.

The average selling price of a Saskatoon home was up again at $316,380 largely due to one sale in area 1 which broke the million-dollar mark and pushed the overall average about $18,000 higher. This was the third residential sale to crack the one million dollar mark since May of this year. Before that, the entire MLS history shows just one sale in this price category within the city limits.

Saskatoon real estate: Week in review (September 15-19, 2008)

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Norm Fisher
Royal LePage Vidorra

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