Saskatoon real estate: Week in review (June 22-26 2009)

Saskatoon real estate sales showed continued strength moving into the first week of summer with one hundred and ten unit sales, higher than last week by twelve homes, and crushing sales generating during the same week last year when just sixty-five properties traded hands. We’ve seen just one stronger sales week this year, and one last year. Total dollar volume exceeded $33,000,000, its highest level since the last week of April 2008.

New house and condominium listings also came in at one hundred and ten units causing the sales and new listings data points to collide on our graph. Every other week this year, new listings have surpassed sales. Listings increased just three units compared to the previous week, but once again, they were off significantly from last year when one hundred and eighty six homes found their way to the Saskatoon MLS system.

Click the image for a larger version of the graph.

Total active residential listings declined again, falling thirty-two units to 1,435 with eight hundred and seventy-six detached houses and four hundred and sixty condominiums in the mix. The inventory reached its lowest point since April 3 and for the first time in over a year total active listings were actually down on a year-over-year basis. At the close of the same week last year there were 1,440 residential properties listed for sale on the Saskatoon MLS system. Interestingly, in 2008 active listings climbed from 1154 to 1440 during the month of June, and continued on an upward trend for another thirteen weeks before peaking towards the end of September. This year, listings slipped from 1502 to 1435 through the month of June. Have we already hit our peak number of active listings this year?

Total active residential real estate listings for Saskatoon over 2008 and 2009

Sixty-seven Saskatoon home sellers adjusted their asking price this week. A total of thirty-eight condo and house listings were canceled and re-listed, most at a new lower price.

A hefty percentage of sales above the $400,000 mark (nineteen), including one above $900,000, pushed the average sale price for the week higher by more than $40,000 on a week-over-week basis causing it to crack the $300,000 mark for the first time since last November. The six-week average moved in the same direction but grew by just $4,000 from last week to reach $278,520, down from $305,656 during the same week last year. The four-week median moved ahead by about twice as much increasing $8,000 from last week to finish at $277,000, but remained well off of last year’s number of $299,900.

Click the image for a larger version of the graph.

Average underbids were down nearly $1,400 from last week, settling at $11,393. The average discount amounted to 3.6% of the asking price, a drop from 4.6% the week before.


See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate
Technorati Profile

Find & view all Saskatoon MLS listings within 1KM of your iPhone or Android

If you’re a real estate geek with an iPhone or an Android device you’re going to flip over this terrific little application.

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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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

This application is brought to me by MyRealPage, the most kick-ass home search tool for MLS listings on planet earth, perhaps in the solar system.

Saskatoon real estate: Week in review (June 15-19 2009)

Following a week of softer unit sales, Saskatoon real estate activity picked up the pace and recorded another week of closed deals that ranked among the best we’ve seen in the past eighteen months. A total of ninety-eight homes were reported sold to the Saskatoon MLS system, an increase from seventy-three last week, and up from seventy-six for the same week last year. While condos were the popular choice last week, single-family dwellings took the lion’s share of the unit sales this week claiming seventy-three sales, against just twenty-five condominium sales.

New residential listings continued to show some weakness with just one hundred and seven homes being offered for sale, down from one hundred and twenty last week, and falling below last year’s numbers by more than fifty percent. Two hundred and seventeen Saskatoon homes were listed during the same week last year.

Total active residential listings slid to 1,467 properties by the end of the week, down for 1,495 last week, but remained at higher levels on a year-over-year basis. At the close of the same week last year, there were 1,387 residential properties offered for sale on the Saskatoon MLS system.

Click the image for a larger version of the graph.

Seventy-eight home sellers made a price adjustment this week, while a further twenty-two canceled and relisted their home, most at a new price.

Average sale prices took a bounce back from $254,737 last week to finish this week at $264,749. The six-week average price fell $2,600 from the previous week to record its third consecutive weekly decline, reaching $274,556, well off of the $308,558 recorded during the same week last year when the six-week average reached its highest point for the year. The four-week median moved in the opposite direction, increasing $1,550 over last week and reaching $269,000. During the same week in 2008 the four-week median selling price was $290,000.

Click the image for a larger version of the graph.

Buyers may have been buying but they weren’t exactly taking it easy on Saskatoon home sellers. The average underbid this week grew to $12,770, up from just $9,486 the week before. The average discount that buyer’s received off of the asking price was 4.6 percent, up a full percentage point from last week.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

River Landing Village delayed again: Star Phoenix

According to a story in today’s Star Phoenix, Lake Placid Developments is seeking a one-year extension on the current deadline to complete the excavation of the building site for its proposed $200 million River Landing development.

In a letter to the city, the developer requested an extension to June 30, 2010. City manager, Murray Totland will recommend to city council on Monday that the extension be granted.

Read the Star Phoenix story 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Affordable housing assistance from city may be on its way

According to the Saskatoon Star Phoenix, “Saskatoon city council’s executive committee approved a new mortgage support program on Tuesday to help low- and moderate-income people get into the housing market.

“Under the program, which will replace the home start affordable housing initiative, people with a household income of $52,000 or less will be given a five per cent downpayment toward a mortgage on a new affordable housing development, if they’re approved.”

The story is 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate