Saskatoon real estate week in review: September 6-10 2010

Saskatoon real estate week in review: September 6-10 2010
This week, Saskatoon real estate sales fell towards the softer side of what’s “normal” for this time of year but still registered numbers that exceeded those recorded during the short week in August when just fifty-three sales were reported. Agents posted sold signs on sixty-two homes, a drop of six from the previous week and a gain of five when compared to the same week last year.

New listingsof Saskatoon houses and condos took a turn in the same direction, sliding nearly twenty units to 112, to post a substantial gain on the same week in 2009 when Saskatoon home sellers appeared to take a bit of a break and listed just eighty-five properties on the multiple listing service.

Click the image for a larger version of the graph.

Saskatoon home sellers continue to show some persistence, even as the final days of summer slip away. Following a week during which month end expired listings brought a drop of nearly fifty homes to the inventory, total active residential real estate listings moved higher again. This week, the inventory grew by eighteen properties to 1356 and finished roughly twenty-five percent higher than it was at this time last year when 1084 residential properties were for sale. Single-family homes and condominiums both closed the week higher by nine units, compared to the previous week, with a final tally of 791 and 485 respectively. On a year-over-year basis, single-family home inventory has grown by 168 units while active condominium listings have climbed by 110.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings came in on par with the previous week at forty-two. Twenty-eight of those properties found their way back on the system during the same week with a new MLS number and magical reset of “days on the market.” Another fifty-three Saskatoon home sellers adjusted their pricing strategy; most in the downward direction, while three units at the Luxe saw an increase.

A median selling price above the $300K mark provides some confirmation of continued weakness at the lower end of the Saskatoon real estate market. Slower entry-level activity effectively gives upper end homes a higher share of total sales giving the impression that prices are on the rise. The average selling price of a Saskatoon home (houses and condos) bounced higher again to reach $326,145 and record a gain of nearly $17,000 over the previous week. As you might expect, the six-week average selling price followed, growing by more than $6,000 compared to last week, to close the week almost $25,000 higher than it was for the same period last year. The four-week median moved even more picking up $10,500 on the week and a whopping $33,000 on the year. Both the six-week average and the four-week median price reached the highest point that they’ve ever been at since I started recording the numbers during the first week of 2008.

Click the image for a larger version of the graph.

Overbid sales were once again a near non-factor as just one seller managing a deal above the asking price. The number of sales that reported a sale price that matched the asking price fell sharply to just two, down from eleven last week. Fifty-nine of sixty-two sales were reported with a selling price below the asking price and a discount averaging $12,521 or about 3.3% of the asking price.

Click the image for a larger version of the chart.

Our Saskatoon home search tool offers MLS listings from all real estate brands with the most detail and information available anywhere. Check it out here.

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

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