Saskatoon real estate: Week in review (September 29-October 3 2008)

Total active residential listings in the Saskatoon real estate market took a strong dip this week falling to 1,680 units, down 76 properties from the previous weekwhen active listings peaked at 1,756. Over the course of the week, 67 property listings were either canceled or withdrawn from the Saskatoon MLS, and just 42 of those homes returned as new listings producing a net loss of 25 properties. The balance of the change is the result of a large handful of listings that expired at the end of September. Now that we are a few months into a period of diminished demand, we should start to see more listings expire without a sale on a more regular basis. Today’s active listing count includes 1,053 single-family homes (houses), 519 condominiums, and 108 properties that include duplexes, semi-detached homes, vacant lots and mobiles. 629 units (37%) of the total listing inventory are vacant, while tenants occupy another 217.

In addition to the “re-lists,” most of which came back on the market with a new price, 148 sellers approved a price adjustment in hopes of capturing a buyer before the weather turns. Most years, we would expect to see unit sales drop through the final quarter, so in all likelihood, it will just continue to get tougher for sellers to move their properties through the balance of 2008.

Residential unit sales also dipped from the previous week when 70 houses and condos traded to close the week at 52. The vast majority of those homes (49) traded below the asking price while three lucky sellers managed to meet or beat their asking price. An absence of higher end sales which have been commonplace through September brought the average selling price back below the $300,000 mark for the first time since the week of September 1-5.

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Norm Fisher
Royal LePage Vidorra