Saskatoon real estate week in review: June 21-25 2010

Saskatoon real estate sales for the week matched the pace of the previous week with eighty-three homes trading. On a year-over-year basis sales declined roughly twenty-five percent from the 110 offers that went unconditional during the same week last year.

New MLS® listings grew to 123, up eight from last week to finish higher than the same period in 2009 when 110 Saskatoon home sellers listed their home on the Multiple Listing Service®.

Click the image for a larger version of the graph.

The inventory of residential listings crept up again gaining eleven units over the course of the week to finish at 1427, just eight units fewer than were available at this time in 2009.  Most of the gains were recorded in the single-family detached house category, which moved higher to 853 homes while active condo listings fell below the five hundred mark to finish at 495.

I found it interesting that for three consecutive years inventory numbers were essentially the same during this particular week. Of course, in 2009 they were already headed for lower ground. In 2010, they continued to swell taking another three months to reach peak numbers for the year.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings came in at forty-two with twenty-five of those being reprocessed as a new listing the same day they came off. Price adjustments crept higher again reaching eighty-six properties.

The average selling price of a Saskatoon home bounced higher to once again break the $300,000 mark. The six-week average moved up nearly two thousand dollars to $298,951 and gained more than twenty thousand dollars over the same week last year. The four-week median slid lower for the second week in a row losing fifteen hundred dollars to close at $285,000, up just eight thousand dollars from the same time in 2009.

Click the image for a larger version of the graph.

Overbid sales continued to be sparse with just three of this week’s sales recording an above list sale price. The average overbid is heavily skewed by one sale that went over list by forty-four thousand dollars. It was a new house so additional improvements are likely included in the final sale price. Seventy-six of the sales for the week were reported as selling below the asking price by $8,981 on average for a discount of 2.7 percent.

Click the image for a larger version of the chart.

Highlights from the news this week

Canada not immune: Central bank
Debt lessons haven’t sunk in for many
Reading the mortgage fine print
Five things to ask before you sign a mortgage
It may burst your bubble, but buy within your means

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.

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Norm Fisher
Royal LePage Saskatoon Real Estate