Saskatoon real estate week in review: September 5-9, 2011

The Saskatoon real estate market was considerably cooler last week than it has been recently. Local agents reported just sixty-one firm house and condominium sales to the MLS®. That number is down forty-two units from the previous week, and just below total sales for the same week last year when sixty-two homes traded. New listings also declined, though not nearly as significantly. Ninety-eight house and condo listings were added to the multiple listing service®, down just six from the previous week and fourteen fewer than were listed during the same period in 2010. Click the image for a larger version of the graph.

The total inventory of residential listings available on the Saskatoon multiple listing service® dropped by just one unit last week to 1276 and finished eighty units below the inventory level at the same time a year ago. As of this morning, there are 763 single-family homes and 453 condominiums for sale on the Saskatoon MLS®. On a year-over-year basis, single-family home listings are down about twenty-eight while condo listings are lower by thirty-two units Click the image for a larger version of the graph.

Cancelled and withdrawn slipped lower as just thirty-six Saskatoon home sellers either cancelled or withdrew their listing from the MLS®. Twenty-one of those sellers did an immediate relist, most at a new price. Forty-seven price adjustments were processed on the MLS® last week. Twenty-six listings completed their term and expired without a sale. Less activity at the entry-levels of the Saskatoon real estate market caused the weekly median price to spike and finish the week higher at $314,500, up twenty-seven thousand dollars compared to the previous week. The average sale price also moved higher, though not as sharply, finishing up thirty-five hundred dollars from last week at $312,167. After three weekly increases, the six-week average slipped lower declining about six hundred dollars from last week to $311,753, not quite one thousand dollars higher than it was at this time last year. The four-week median moved in the opposite direction gaining a little more than five thousand dollars over the week to reach $297,760. That number is actually lower than it was a year ago by about eight thousand dollars. Click the image for a larger version of the graph. Overbid sales dropped to just one unit and that single seller only picked up a hundred dollars more than their asking price. Twelve Saskatoon homes traded at the full asking price. Forty-eight sellers had to engage their buyer in a negotiation that resulted in an average discount of $12,476. 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 Vidorra