Saskatoon real estate week in review: September 19-23, 2011

Saskatoon real estate week in review: September 19-23, 2011
Saskatoon residential real estate pushed a little higher this week as agents reported eighty-five house and condo sales to the local MLS®, a gain of five compared against last week, up eleven from the same week a year ago. New listings spiked more aggressively reaching levels not seen since the first week of July. This week saw one hundred and twenty-four new listings of Saskatoon homes, up sixteen from last week and trumping numbers for the same week last year by twenty-seven. Click the image for a larger version of the graph. After five consecutive weeks of declines, the total inventory of MLS® listings in the residential category grew by seventeen units this week to reach 1291 but remained below levels of a year ago when 1352 properties were showing an active status on the Saskatoon MLS® system. This morning, there are 772 single-family homes and 458 condominiums for sale within Saskatoon city limits. A year ago, those two housing categories stood at 812 and 472 units respectively. It will be interesting to watch if we manage to maintain our “below last year’s level” status over the next few weeks.   Click the image for a larger version of the graph. Cancelled and withdrawn increased to fifty-four units. As usual, the vast majority of those (thirty-eight) returned to the system the very same day with a new MLS® number, and in most cases, a new price. An additional sixty-two home sellers adjusted the asking price on their home this week. Eighteen listings ran their full course and expired without a sale. The average selling price of a Saskatoon home slid lower this week dropping six thousand dollars to $311,013. The median sale price moved in the same direction, but dropped more sharply, slipping eighty five hundred dollars to $305,000. The six-week average price managed to inch up nearly two thousand dollars from where it stood a week ago reaching $314,457 and maintaining a year-over-year gain of just over two thousand dollars. The four-week median price remained stable on a weekly basis at $300K, up roughly ten thousand dollars when compared against the same week a year ago. Click the image for a larger version of the graph. Overbid sales fell flat as just two lucky sellers completed a deal above their asking price. The average overbid was fifteen hundred dollars. Another eight sellers closed a deal at the full asking price. Seventy-five of eighty-five buyers ground some dollars off and closed firm deals at an average of $9,404 below list price. 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 Saskatoon Real Estate
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