New listings of Saskatoon houses and condos slowed even more falling to just sixty-four homes, down from one hundred and six last week, and fifty percent lower than the ninety-six properties listed during the same week last year.
Active listings in the residential category fell by thirty-six properties over the course of the week to finish at one thousand and six, down six hundred and sixty-seven units from the same time in 2008 and getting close to breaking into triple digit territory for the first time in eighteen months. While unit sales were strong in comparison to the number of new listings introduced to the inventory, the decline was pushed along by thirty properties that expired without a sale, so we may see a number of those reintroduced to the Saskatoon MLS system next week. In any case, it looks nearly certain that the inventory level will find its bottom somewhere below the thousand unit mark, and nearly as certain that it will get there by the beginning of November as an additional ninety-five properties have a scheduled expiry date between now and then. As of today, there are five hundred and eighty-four detached houses and three hundred and fifty-three condominiums displaying an active status.
Just twenty-two listings were canceled or withdrawn from the market this week and nearly half of those came back around disguised as a new listing. Is anybody fooled by this game? Forty-four home sellers adjusted their asking price.
The average selling price of a Saskatoon home took another step higher this week, gaining over ten thousand dollars from the previous week to finish at $303,111, the second highest weekly average for 2009. The six-week average moved up just one hundred and thirty dollars to $285,424, about fifteen thousand dollars shy of last year’s number when it sat at $300,599. The four-week median price spiked higher, gaining ten thousand dollars on the previous week to reach $272,900, up from $270,000 for the same week in 2008.
The average underbid on the Saskatoon homesthat sold for less than the asking price fell slightly from $10,626 to $10,059, but the average discount as a percentage of the asking price was almost unchanged at 3.2%. Seventy-one percent of home buyers paid within ten thousand dollars of the asking price, on par with the week before. Fewer large discount sales caused the $10,001-$15,000 category to grow to nineteen percent from fourteen percent last week.
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