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.

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Norm Fisher
Royal LePage Saskatoon Real Estate