New listings of houses and condos slowed again and dropped to their lowest level since the first week of 2009 to finish at just sixty-three, making this one of just four weeks this year in which unit sales exceeded new listings. This week’s total listings fell by nine properties compared to last week, and dropped thirty-one homes compared to the same week last year.
Naturally, the number of residential listings offered for sale on the Saskatoon multiple listing service declined again, falling fifty-three properties from last week to nine-hundred and forty-three, reaching their lowest level since early May of 2008. On a year-over-year basis, total active residential listings are down six hundred and sixty-one properties. The existing inventory of single-family detached houses sits at five hundred and fifty-six, down from nine hundred and seventy-nine for the same week last year. Active condo listings are presently at three hundred and twenty-one, off from five hundred and twenty-three at this time last year.
The number of cancelled or withdrawn listings fell to just sixteen this week, and seven of those rose from the ashes (hey, it’s Halloween) to reappear as a new listing on the Saskatoon MLS system. Approximately zero home buyers were fooled by the move. An additional forty-eight sellers adjusted their asking price in hopes of attracting a buyer.
It was another huge week for condominiums which accounted for thirty-six of the eighty-three reported sales. Perhaps more significant, ten of those condos showed sale prices from $75,000 to $99,900. Consequently, the average selling price of a Saskatoon home took a beating falling to just $254,912, its lowest level since June of this yearand about thirty-five thousand dollars below the same week a year ago. The six-week average slipped four thousand dollars from a week before to $276,159, and finished roughly sixteen thousand dollars below last year’s number. The four-week median price slid six thousand dollars from last week to $264,000, off nine thousand dollars from the same week in 2008.
Click the image for a larger version of the graph.
Lower sale prices brought the average underbid down from $9,807 last week to $9,043. The average discount as a percentage of the asking price in those instances where the home traded below list price was about 3.4%, just a slight change from last week when it was 3.6%. The percentage of home sellers who struck a deal within ten thousand dollars of the asking price increased again to seventy-seven percent, while the percentage that closed within five thousand dollars fell from fifty-three to forty-one percent.
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