Saskatoon real estate week in review: June 6-10, 2011

Coming off of the highest volume sales week for Saskatoon real estate since June of 2007, it’s no surprise that house and condo sales took a step back this week. Sales slipped twenty-nine units when compared against the previous week to finish at ninety-one. That number is up by nineteen firm sales when measured against sales from the same week last year.

New listings introduced to the Saskatoon multiple listing service® followed a similar path falling twenty-two units from last week to 130 homes, and finishing fifteen units higher than the same week in 2010.

Click the image for a larger version of the graph.

Following a small downturn last week, the result of month end expired listings, the inventory of residential real estate listings available in Saskatoon moved up to its highest point this year with 1,421 properties showing an active status on the system. That’s a gain of twenty-eight compared to the close of the previous week, and just fifteen units higher than inventory levels for the same time last year. Today, there are 826 single-family homes and 511 condominiums for sale on the local MLS®, virtually unchanged from a year ago when those numbers stood at 828 and 504 respectively.

Click the image for a larger version of the graph.

There were forty-one cancelled and withdrawn listings processed this week. Thirty of those returned to the system disguised as a new listing on the same day they were removed. Eighty Saskatoon home sellers adjusted their asking price this week. I’m quite certain that would be the largest number of price changes that we’ve seen for any week this year.

The median selling price of a Saskatoon home moved higher again, gaining about fifteen thousand dollars from last week to reach $307,900. Nine home sales with prices exceeding five hundred thousand dollars helped move the average selling price higher. It fell just shy of the peak for this year and closed at $328,263. The six-week average price slipped for the second consecutive week to finish just five hundred dollars lower than last week at $317,770 for a year-over-year gain of roughly seventeen thousand dollars. The four-week median sale price moved in the opposite direction picking up almost four thousand dollars on the week to reach $298,900 for an annual gain of ten thousand dollars.

Click the image for a larger version of the graph.

Overbid activity fell from nine units last week to seven. On average, those lucky sellers bagged an additional $4,050 compared to their asking price. Three more sold at full list price while eighty-one on ninety-one buyers managed to grind a bit of a discount averaging $8,554 or about 2.7 percent.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales June 6-10 2011

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Highlights from the news this week

Vacation property market remains mired in downturn – Globe and Mail
Still too many without jobs: Flaherty – Financial Post
Canadian home building beats forecasts – National Post
Sell your home or stay put? – Globe and Mail
Another recession unlikely, Flaherty says – Financial Post
Americans’ home equity keeps falling – Globe and Mail
Housing starts edged higher in May: CMHC – National Post
Surge in renters lowers vacancy rate – Globe and Mail
Housing takes step ahead in city – Star Phoenix
More vacancies, higher rent in Saskatoon – Star Phoenix
Canadian real estate – A piggy bank for Chinese investors – Globe and Mail
Dreams of life on the beach a reality – Star Phoenix

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.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

Norm Fisher
Royal LePage Saskatoon Real Estate