A total of twenty-five single-family homes and condominiums were reported sold to the Saskatoon MLS system over the past week, a drop of five from the previous week, but nearly double the number that traded during the same period last year.

Thirteen new listings were offered for sale over the past seven days, down two from last week, and lower on a year-over-year basis by nine properties.

Saskatoon home sales exceeded new listings for the third consecutive week, a fairly common occurrence at this time of year as people are generally not inclined to be listing a home for sale over the holidays unless they really have to get a move on. Throw in one hundred and five expired listings this week and watch the total listing inventory tumble to just six hundred and fifteen properties, about fifteen percent lower than last week’s close, and in fact, approaching seasonal norms for the first time in twenty months. We saw similar activity during the final week of 2008 when nearly fifteen percent of active listings fell out of the system but close to half of them returned the following week as sellers put the holidays behind them and got back to work on the selling effort. I expect we’ll see equally strong listing activity next week. As of this morning there are 353 single-family homes and 220 condominiums showing an active status, down from 671 and 358 respectively at this time last year. Based on December’s final sale numbers of 211 units we now have less than a three-month supply of homes, a seller’s market by most definitions.

This week, there was just one cancelled. Three sellers adjusted their asking price.

Following four exceptionally strong weeks for home prices, the average selling price of a Saskatoon home slid lower falling about forty–two thousand dollars from last week to $268,336, but still managing to finish ahead of last year’s average by roughly three thousand dollars. The six-week average found higher ground breaking $290K for the first time this year and reaching its peak during this final week of 2009 at $291,889, twenty-two thousand dollars higher than it was for the same week last year. The four-week median moved in the opposite direction falling just over seven thousand dollars to $276,750 and finished roughly thirty-three thousand dollars higher than it was during the closing week of 2008.

Click the image for a larger version of the graph.

The average underbid fell to $8,997 from $10,420 last week, for an average discount of 3.1% of the asking price, down from 3.4% last week.

Does anyone have a 2010 predictions they’d like to share?

Happy New Year, and thanks again for reading.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports 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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate sales took an expected tumble during Christmas week falling to just thirty units, down from fifty-five last week but trumping numbers for the same week last year when just fifteen single-family homes and condominiums were reported sold to the Saskatoon MLS system. Typically, this week and the next produce the lowest points on our chart at both the back end and the front end of the New Year.

New listing numbers came in remarkably strong given the season with thirty Saskatoon home sellers listing a property during the six days leading up to Christmas, down for fifty-five last week, but substantially higher than the same week in 2008 when just fifteen properties were offered for sale. Both sales and listings recorded a one hundred percent year-over-year gain.

Click the image for a larger version of the graph.

Active listings continued to slide as total residential inventory lost nearly five percent of its weight on a week-over-week basis and finished fifty-six percent lower than was one year ago. Total active listings are at 728 including 417 single-family detached houses and 264 condominiums. By this time last year there were 1,292 residential properties listed on the Saskatoon MLS system including 782 single-family homes and 429 condos. Last year, there were more houses available for sale than the total of MLS listings available this year. Nationally, as talk of growing home prices has been grabbing headlines residential inventory began to show some signs of turning around as the Canadian Real Estate Association reported a five percent month-over-month increase in residential MLS listings and posted the largest gain since January of 2008 with 69,110 properties being offered for sale during the month of November.

This week, there were just three cancelled and withdrawn listings and not a single one made a return bearing the new listing flag. Five sellers adjusted their price, four taking the traditionally practical downward approach. The other added ten percent to his asking price while visions of sugar-plums danced in his head.

Speaking of sugar-plums, it was nothing short of a plum week for high-end home sellers as five of the thirty home sales reported recorded a price between $642,500 and $795,000. The average selling price reached its highest point this year at $310,143 gaining nearly $100K over the same week last year when a run on low priced condominiums pushed the average price through the floor. The broader six-week average returned us to reality and slipped just under a thousand dollars from last week to $286,389 but showed strong gains over the same week in 2008 when it slid to $270,282. The four-week median took an upward direction once again gaining four thousand dollars on the week to finish at $284,000, well above last year’s number of just $245,000.

Click the image for a larger version of the graph.

The average underbid on the twenty-nine of thirty Saskatoon homes that sold for less than asking price was $10,420, up marginally from last week when it was $9,924. The average discount as a percentage of the asking price grew from 3.2% last week to 3.4%.

This week in the media

Flaherty raises specific actions he may take to cool housing
Cure for housing market carries risk
Just how big a mortgage can you carry?
Canada’s household debt still manageable: CIBC World Markets
Saskatchewan population breaks new records
Saskatchewan population growth is still too slow to reach 2030 goal
Saskatchewan earning and EI recipients up
A tricky dance of debt for home buyers
U.S. home prices continue to fall
U.S. move to cover Fannie/Freddie losses stirs controversy

As this year draws to a close let me just say thank you all for reading and contributing here. I’m looking forward to a great 2010 and hope the same for all of you.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports 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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate