Saskatoon real estate: Week in review (July 20-24 2009)

The Saskatoon real estate market continued to operate at levels far stronger than one might expect given the current economic conditions, and the time of the year. Agents reported ninety-eight firm sales to the MLS, an increase of just six units compared to last week, but a gain of thirty-nine home sales compared to the same week last year.

New listings of Saskatoon houses and condos dropped, falling from one hundred and fourteen homes last week, to just one hundred and two, down twenty-two properties on a year-over-year basis. Thirteen listings in the same categories expired this week without a successful sale.

Click the image for a larger version of the graph.

The total number of active home listings available to Saskatoon real estate buyers edged down again, falling twenty units from the close of last week to finish at 1290 properties, the lowest level we’ve seen since the week of February 23-27 when 1298 homes were for sale. Active listings are down fourteen percent on a year-over-year basis. During the same week in 2008 there were 1506 Saskatoon homes for sale.

The next few weeks will be interesting, and somewhat telling with regards to where our market is headed as we move into fall. Last year, active listings grew aggressively through August and September climbing from 1500 to 1756 over an eight-week period. Will the current downward trend continue, or will failed sellers of the past year who have been waiting for better days resurface to try again?

In prices, fifty-seven home sellers adjusted their asking price over the course of the last week. A total of thirty-three Saskatoon MLS listings were canceled or withdrawn from the system, with eighteen of those homes re-appearing as a “new listing,” most a new lower price.

The average selling price of a Saskatoon home slipped again for the second consecutive week and settled at $273,128. Meanwhile, the six-week average managed to make some small gains climbing from $281,555 last week to finish at $283,520, a mere eighty-nine dollars off of the peak price for 2009, but down just under $20,000 compared to the same week in 2008. The four-week median selling price took a pretty good dip sliding nine thousand dollars from last week to $270,000, which is $15,000 lower than the same week last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,605 last week to $12,014, or roughly 4.2 percent of the asking price. Home buyers ground a slightly better deal in some instances as the percentage of sellers bagging a deal within $10,000 of their asking price fell to fifty-eight from sixty-five last week. The percentage of buyers who managed a discount of more than $15,000 grew from fourteen to nineteen percent.

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

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Norm Fisher
Royal LePage Saskatoon Real Estate