Saskatoon real estate: Week in review (October 20-24 2008)

New listing activity in the Saskatoon real estate market remained soft for the second week in a row with just 95 residential properties being offered for sale including 68 single-family homes and 27 condominiums. A total of 78 properties were cancelled or withdrawn from the market over the course of the week, and 51 of those same homes made another appearance as a new listing. Still, the total inventory of active real estate listings advanced marginally from 1,673 last week to settle at 1,690 including 1,050 houses and 533 condos.

Unit sales of houses and condos also saw a decline falling to just 38 units, down from 45 the previous week. Only three weeks in 2008 saw weaker sales numbers, once in January, once in August and once in September.  Changing mortgage rules are now in effect, and tougher credit criteria along with concerns about the global economy are undoubtedly side lining some prospective buyers. Given all that’s going on right now, and as close as we are to these changing conditions, 38 units will strike some as a fairly remarkable number. Total residential unit sales for the month of October are presently at 169. We should likely hit 200, but we’ll almost certainly fall short of my “just for fun” guess of 225 units that I threw out in last week’s review.

Click here for a larger version of the graph.
Saskatoon real estate sales vs new listings - houses and condos

Over the course of the week 97 price changes were recorded on the local MLS system. The average sale price remained stable compared to last week at $280,071 but the six-week average took a dip towards $295K as one of two “plus one million dollar sales” fell out of the back end. The median price of a Saskatoon home also came in lower falling to $267,900 from $280,000 the previous week.

Click here for a larger version of the graph.
Average and median real estate prices for Saskatoon - Houses and Condos

It’s no big surprise that all but one of this week’s sales were reported as having sold below the asking price. 37 or 38 buyers managed to negotiate a purchase at an average of $12,787 below list price, a number that is more or less typical of what we’ve been seeing over the past two months.

Saskatoon Real Estate: Week in Review (October 20-24, 2008)

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