Saskatoon real estate week in review–November 2-6 2009

Saskatoon real estate week in review–November 2-6 2009
Saskatoon real estate sales retreated from last week’s unseasonably high rate, dropping by fourteen properties to finish the week with a total of sixty-nine house and condo sales reported to the Saskatoon MLS. Still, that number represents an increase of twenty-one home sales when compared with the same week in 2008.

New listings bounced higher and gained twenty-five properties from last week for a total of eighty-eight houses and condominiums, coming very close to last year’s tally for the same period with ninety-two Saskatoon homes were offered for sale. That’s about as close as we’ve come to hitting the previous year’s listing numbers since spring of this year.

In spite of the fact that new listings exceeded sales by nearly twenty homes, month end expired listings pushed the inventory of active Saskatoon MLS listingslower again to a total of eight hundred and ninety-five listings, marking the first weekly close below nine hundred units since spring of last year. Last year at this time, inventory had passed its peak and was declining rapidly, but its fall started from a much higher point and at the end of the same week in 2008 nearly sixteen hundred properties were still for sale. The current inventory consists of five hundred and twenty-two houses and three hundred and fourteen condominiums with the balance of the inventory consisting of duplexes, semi-detached homes, mobiles and vacant lots. At the close of the same week last year we had nine hundred and seventy-one houses and five hundred and twenty-three condominiums showing an active status on our system.

Cancelled and withdrawn listing remained low at just eighteen properties, and seven of those immediately returned as a new listing. Meanwhile, the Saskatoon multiple listing service processed forty-one price adjustments.

Following a couple of weeks that were uncharacteristically soft on price due to lower end market activity, the average selling price of a Saskatoon home bounced back, increasing approximately thirty-seven thousand dollars from last week to $292,327. The six-week average price made some upward gains climbing three thousand dollars on a week-over-week basis to $279,270, lower than last year’s number by roughly seventy-four hundred dollars. The four-week median also made gains picking up nearly six thousand dollars on the week and finishing about a thousand dollars behind the four-week median for this week last year.

Click the image for a larger version of the graph.

Higher selling prices brought the average underbid for homes that sold below the asking price to $11,037 from $9,807 the week before. The average discount also edged slightly higher to nearly 3.7% from 3.4% the previous week. The percentage of Saskatoon homes selling within ten thousand dollars of the asking price remained high at seventy-six percent marking the fifth consecutive weeks that it has hovered in the seventy percent or higher range. The remainder of completed deals for this week was evenly split amongst the other higher discount categories.

Average underbids on Saskatoon real estate sales from November 2-6 2009

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Norm Fisher
Royal LePage Vidorra

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