Saskatoon real estate: Week in review (February 16-20 2009)

Sales were sluggish for the third week of February with Saskatoon real estate agents reporting firm sales on a total of forty-nine residential units including thirty-six single-family homes, nine condominiums, three semi-detached homes and one mobile. At just forty-five houses and condos (the units we track here), that number represents a drop of fifteen properties compared to last week, and a fifty-four percent decline from the same week last year when ninety-eight homes traded hands.

Residential listing activity remained brisk as 127 properties were placed on the Saskatoon multiple listing service, among them, thirty-four condos and eighty-seven single-family detached houses. That’s fairly even with the numbers posted during the previous week, and represents about a twelve percent increase compared to the same week last year. Total active residential listings crept higher again finishing the week at 1,242 properties, up twenty-nine units from 1,213 last week. The current Saskatoon housing inventory includes 753 houses and 409 condominiums. At this time last year, there were 189 houses and 135 condominiums for sale in the Saskatoon real estate market.

Click the image for a larger version of the graph.

Fifty-one price changes occurred over the course of the week and seventeen of twenty-seven cancelled listings came back to the system as a new listing, most showing a new price.

Once again, with the majority of the week’s sales being captured by detached houses (80% houses, 20% condos), and a strong median of $285,000, prices remained strong. The weekly average sale price pushed higher to settle at $295,014, up from $278,727 last week. The six-week average selling price moved a small amount to $283,609, up approximately $1,800 from last week, but ahead by nearly $27,000 compared to the same week last year when it was just $256,860. The four-week median made larger gains finishing at $265,500, up $6,500 from the previous week and gaining $18,500 over the same week last year when it closed at $247,000. Please refer to last week’s review for a bit of an explanation of how the average is staying high, while prices are more or less level with last year.

Click the image for a larger version of the graph.

While nearly everything that sold traded below the seller’s asking price, the average underbid declined to just $12,294 and reached its lowest level since the week of September 8-12. The percentage of deals that were struck within $5,000 of the asking price declined from 27% last week to just 20% this week, but the $5,001-$10,000 category ballooned to 44% from just 17% the previous week. All other categories, except the $25K+ that grew from 7% to 11%, shrunk this 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.

Norm Fisher
Royal LePage Saskatoon Real Estate