Saskatoon real estate: Week in review (July 27-31 2009)

Home sales showed no signs of slowing down this week as Saskatoon real estate agents reported one hundred and two single-family detached house and condominium sales to the MLS system, bringing about the third strongest sales week of 2009, and the fourth consecutive week of rising sales. The number of homes sold increased just four units from the previous week, and showed gains of twenty-two when compared to the same week last year.

The pace of new listings entering the market continued to slow as one might expect at this time of year sliding eleven units from last week to ninety-one, and down sharply from the same week in 2008 when one hundred and thirty-nine Saskatoon homes were offered for sale.

Click the image for a larger version of the graph.

Active residential real estate listings took another slide this week as unit sales exceeded new listings for the first time in 2009. An additional fifty-one properties expired without a sale, most as the calendar turned to the month of August. This is fairly typical of month end, and throughout the year we’ve seen many of those month-end expired listings come back on the market during the first week of the following month, although that didn’t happen last month.

Total active residential listings are down eighteen percent from the same week in 2008 when they reached 1500 properties. Today there are 741 single-family detached houses and 393 condominiums showing an active status. During the last week of July 2008 there were 976 single-family homes and 418 condos for sale, so clearly, the inventory of houses has seen the greatest downward trend falling twenty-four percent in recent months, while the condo inventory has slid just six percent.

The average selling price of a Saskatoon home bounced back this week reaching $290,542, more than seventeen thousand dollars higher than last week. The six-week average edged higher on a week-over-week basis to $287,927, falling short of last year’s number by just eighty-five hundred dollars and reaching its highest point since the first week of November 2008. The four-week median climbed to $275,960, a gain of six thousand dollars over the week before, but remained down by twelve thousand dollars from the same week last year. The year-over-year declines are actually starting to look quite slight when compared with the much larger gaps we were seeing over the past few months.

Meanwhile, fifty-eight sellers adjusted the asking price that they’d initially put on their home, and an additional fifteen properties were canceled and re-listed on the Saskatoon MLS system, most at a new price.

Click the image for a larger version of the graph.

The average underbid on properties that sold below the asking price grew again reaching $13,550, up from $12,014 last week. This represents an average discount of 4.5% from the list price, approximately.3% higher than last week. Larger average discounts were driven higher by a few extremely large cuts to the asking price, while a slightly larger number of sellers actually found a buyer willing to pay a price within ten thousand dollars of the asking price.

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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 20-24 2009)

The Saskatoon real estate market continued to operate at levels far stronger than one might expect given the current economic conditions, and the time of the year. Agents reported ninety-eight firm sales to the MLS, an increase of just six units compared to last week, but a gain of thirty-nine home sales compared to the same week last year.

New listings of Saskatoon houses and condos dropped, falling from one hundred and fourteen homes last week, to just one hundred and two, down twenty-two properties on a year-over-year basis. Thirteen listings in the same categories expired this week without a successful sale.

Click the image for a larger version of the graph.

The total number of active home listings available to Saskatoon real estate buyers edged down again, falling twenty units from the close of last week to finish at 1290 properties, the lowest level we’ve seen since the week of February 23-27 when 1298 homes were for sale. Active listings are down fourteen percent on a year-over-year basis. During the same week in 2008 there were 1506 Saskatoon homes for sale.

The next few weeks will be interesting, and somewhat telling with regards to where our market is headed as we move into fall. Last year, active listings grew aggressively through August and September climbing from 1500 to 1756 over an eight-week period. Will the current downward trend continue, or will failed sellers of the past year who have been waiting for better days resurface to try again?

In prices, fifty-seven home sellers adjusted their asking price over the course of the last week. A total of thirty-three Saskatoon MLS listings were canceled or withdrawn from the system, with eighteen of those homes re-appearing as a “new listing,” most a new lower price.

The average selling price of a Saskatoon home slipped again for the second consecutive week and settled at $273,128. Meanwhile, the six-week average managed to make some small gains climbing from $281,555 last week to finish at $283,520, a mere eighty-nine dollars off of the peak price for 2009, but down just under $20,000 compared to the same week in 2008. The four-week median selling price took a pretty good dip sliding nine thousand dollars from last week to $270,000, which is $15,000 lower than the same week last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,605 last week to $12,014, or roughly 4.2 percent of the asking price. Home buyers ground a slightly better deal in some instances as the percentage of sellers bagging a deal within $10,000 of their asking price fell to fifty-eight from sixty-five last week. The percentage of buyers who managed a discount of more than $15,000 grew from fourteen to nineteen percent.

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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 13-17 2009)

Saskatoon real estate agents reported ninety-two sales of single-family detached homes and condominiums to our MLS system this week, a gain of just one property compared to the previous week, and up twenty-one homes compared to the same week last year.

New listings of houses and condos increased to one hundred and fourteen properties, up from one hundred and three last week, but down fifty-two units compared to the same week last year when one hundred and sixty-six Saskatoon homes were offered up for sale.

Click the image for a larger version of the graph.

Total active residential listings fell again sliding by nine units from last week to finish at 1310, a decline of roughly twelve percent compared to this time last year when 1500 properties were available.

Sixty-three home sellers adjusted their asking price this week while another fourteen canceled and relisted their property, most at a new price.

The average selling price of a home in Saskatoon retreated and fell just over $16,000 compared to last week to settle at $284,638. The six-week average held steady on a week-over-week basis at $281,555, but was sharply lower year-over-year, down from $304,824. The four-week median edged up $2,500 compared to last week, down $11,000 compared to the same week in 2008 when it reached $290,000.

Click the image for a larger version of the graph.

The average underbid slid to $11,605, down from $14,262 last week. The average discount came in at 4% of the asking price.

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

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

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.

Follow our daily updates on Twitter @Norm_Fisher

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 29-July 3 2009)

Following what turned out to be one of the strongest weeks in the past two years, Saskatoon home sales slowed some, but managed to maintain a pace that is more typical of spring than summer, as local real estate agents reported eighty-nine house and condominium sales to the Saskatoon MLS system. This week’s final sales numbers show a drop of twenty-one units compared to last week, and a gain of twenty-three homes when compared to the same week last year.

Conversely, new listing activity picked up over last week with one hundred and nineteen houses and condos being offered up for sale, nine higher than the previous week, but forty-four units fewer than were listed for the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another hefty slide as the month of June closed and a few dozen MLS listings expired without a sale. This is fairly typical of any week that coincides with month end and it’s not unusual to see the inventory climb briskly over the next week as sellers make arrangements to put their homes back on the market. Still, total active listings finished the week at just 1342, down sharply from last week’s close of 1435, and ninety-one properties shy of last year’s number when Saskatoon real estate listings reached 1433. Active residential listings seem to be developing a downward trend declining fairly steadily over the past six weeks, reaching their lowest level since the week of March 9-13, and settling well below this year’s peak (May 18-22) of 1528 properties. Today, there are eight hundred and thirty-one single-family detached houses and four hundred and twenty-three condominiums displaying an active status on our system.

Sixty-two sellers adjusted their asking price this week and fifteen of thirty-one canceled or withdrawn listings came back as a new listing, most with a new price.

The average selling price of a Saskatoon home came back down to earth after crashing through the $300,000 last week for the first time in six months. It settled at $270,931, approximately $28,000 lower than the same week last year when it hit $299,301. The six-week average took a bit of a gain on a week-over-week basis, rising about $1700 to $280,204, down from $306,107 last year. The four-week median price slid nearly five thousand dollars to $272,300, down from $290,000 during the same week in 2008.

Click the image for a larger version of the graph.

Average underbids were down again, sliding from $11,393 last week to $9,973, but the average discount expressed as a percentage of the asking price remained fairly steady at about 3.6%. Overbid sales nearly fell of the chart with just two sellers bagging an offer above their asking price. Where it did occur, the average overbid was just $1100. The percentage of home buyers who were willing to strike a deal within $10,000 of the asking price jumped to seventy-one percent, up from fifty-eight percent 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate