Saskatoon real estate: Week in review (July 6-10 2009)

Saskatoon real estate sales continued along at an impressive pace with ninety-one homes being reported as firm sales to the Saskatoon MLS system. Unit sales were up over the previous week by just two, but increased by sixteen compared to the same week last year when seventy-five properties changed hands.

New listings of single-family detached houses and condominiums took a dip falling to one hundred and three properties, down from one hundred and nineteen last week, and sharply lower than the one hundred and seventy-six homes which were offered for sale during the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another slide, falling twenty units on a week-over-week basis to finish at 1322, nearly ten percent lower than they were at this time last year when the residential inventory reached 1461.

Active residential listings for the Saskatoon real estate market at July 10 2009

Fifty-six home sellers adjusted their asking price this week while another twenty-two canceled and relisted their property, most at a new price.

A good run on higher end homes including two houses that sold above $800,000 pushed the average selling price for the week sharply higher to $300,899, up more than $30,000 from last week. The six-week average also edged higher to finish at $281,537, up just $1300 from last week, but about $26,000 lower than it was this week last year when it reached its peak for 2008 at $307,696. The four-week median increased a little more, up $4,200 from the week before to $276,500, but down from $289,950 at this time last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,393 last week to $14,262. An average discount of 4.5% puts us on the higher side of what we typically see from one week to the next, but this isn’t unusual during weeks when a higher percentage of the sales are in the $400,000 and higher category. A total of fifteen homes traded above 4400K this week.

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