New listings added to the inventory of the Saskatoon multiple listing service slid from the lofty levels recorded the previous week, falling by 30 properties to 154 to finish just slightly lower than the same week from the previous year when 157 Saskatoon homes were introduced to the system.

Click the image for a larger version of the graph.

Following a week that saw a needed bump to the total inventory of active MLS listings in the residential category, inventory growth sputtered but inched higher growing by just 13 units over the week to reach 1203 properties, down from 1380 at the close of the same week in 2011. Today’s totals show 726 single-family homes and 403 condominiums available to Saskatoon real estate buyers. At this time last year, those numbers stood at 804 and 502 respectively. This would be the first time that the inventory of available Saskatoon condos has been above the 400 mark this year but it’s still twenty percent lower than it was a year ago.

Click the image for a larger version of the graph.

The average selling price of a Saskatoon home moved higher once again reaching $349,414 this week. The median sale price for the week moved in the opposite direction slipping nearly eight thousand dollars to settle at $311,250. After five consecutive weeks of growth at record levels, the six-week average selling price of a Saskatoon home slipped lower falling a bit more than four thousand dollars from the previous week to $342,038 for an annual gain of about twenty-three thousand dollars. The four-week median price slipped a little more falling fifty-three hundred dollars from last week to $317,900 for annual growth of about eleven thousand dollars. Over the past few weeks the annual gains to the four-week median have been moderating, coming in at about half the amount that we’d been seeing through most of the first few months of the year.

Click the image for a larger version of the graph.

The number of Saskatoon homes that traded for more than the asking price moved higher again reaching 11 this week. On average, the buyers involved in those deals paid the seller an extra $4,777 to walk away with the home they wanted. By contrast, 86 of the 105 closed transactions recorded on Saskatoon’s MLS system this week reported a price that was below the list price by an average of $10,823. Another eight home sellers made off with their full asking price.

Other notable Saskatoon real estate activity this week includes 39 cancelled and withdrawn listings, just 9 properties that expired from the system without a sale and 45 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

Why now might be a good time to sell your home – Globe and Mail
Average Canadian home prices edge higher – Globe and Mail
Canadian banks not immune to housing bubble: OSFI official – Financial Post
Luxury home sales up in first quarter: Remax – Financial Post
Privatized CMHC doable: Flaherty – Canadian Real Estate Magazine
Plans submitted for megaproject – Star Phoenix
When does it make sense to pay more for a mortgage? - Globe and Mail
Canadian Recreational Property Buyers Looking To Renters To Make Dream Of Ownership A Reality – Royal LePage Recreation Property Report
In a hot, hot housing market, what’s fair and what’s foul – Globe and Mail
Half of Canadians plan to retire with a mortgage – Financial Post
Don’t count on your home to fund your retirement – Globe and Mail

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Highlights from CREA’s release

• Home sales up 0.8% from March to April.
• Actual (not seasonally adjusted) activity stood 11.5% above levels in April 2011.
• The size of the year-over-year increase reflects a slowdown in sales last April following changes to mortgage rules which came into effect on March 18, 2011.
• The number of newly listed homes edged back 0.2% from March to April.
• While still well balanced, the combination of stable new listings and slightly higher sales activity resulted in a tighter national housing market.
• The national average home price edged up 0.9% on a year-over-year basis in April.

Read the complete release 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.

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

New listings numbers came in very strong this week. In fact, they once again reached their second highest weekly level for the year as 184 houses and condominiums hit the market, to see an increase of five compared to last week and a whopping gain of 65 units compared against the same week in 2011.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings in the residential category saw its first significant gain in weeks as that number pushed higher by 58 units from last week to reach 1,190 properties. That leaves us roughly 150 units shy, or about ten percent off of inventory levels recorded on the same date last year. Today’s active listing searches show 714 single-family homes (houses) and 397 condominiums bearing an “active” status. Last year, at this time, those numbers sat at 786 and 486 respectively.

Click the image for a larger version of the graph.

The average selling price of a Saskatoon home surged higher over the previous week gaining almost 20K to reach $337,459. The median sale price took the same direction but capped its gains at 18K reaching $318,900. For the fourth consecutive week, the six-week average selling price of a Saskatoon home reached a new record high. This past week, it grew by about twenty-five hundred dollars to finish the week at $346,386 and claimed an annual gain of just over thirty thousand dollars. The four-week median price slipped two thousand dollars from the previous week to $323,000 to put it $14,500 higher than it was one year ago.

Click the image for a larger version of the graph.

Saskatoon homes that traded for more than the asking price inched marginally higher to seven. Those fortunate sellers managed to pick up an additional $3,861 above their asking price. Another 18 home sellers bagged a full price offer. Meanwhile, 71 of this week’s 96 sales required a sharper pencil for the seller. Those deals concluded below the asking price by an average of $8,776.

Other notable Saskatoon real estate activity on the multiple listing service® this week includes 36 cancelled and withdrawn listings, just 5 properties that expired from the system without a sale and 41 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian condo craze gets crazier – Globe and Mail
RBC chief weighs in on housing bubble furor – Financial Post
Consumers rein in debt burden, but housing “overshooting’: CIBC – Globe and Mail
Buying a home with just 5% down? Make sure you love it – Globe and Mail
Would you sell your home to lock in profits before price drop? – Financial Post
New home prices rise 0.3% in March – Globe and Mail
Soaring value of building permits defies market expectations – Financial Post
Which Canadian property markets are at most risk? – Globe and Mail
Parties joust over job numbers – 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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

This week, a total of 109 single-family homes and condominiums were reported sold to the Saskatoon MLS® system, the second highest number for any week this year. That amounts to a gain of 18 units compared against the previous week’s sales, and it’s also up by the same amount when compared against sales reported for the same week in 2011.

New listings were also at their second highest weekly level for the year at 179, up 34 from the previous week and higher than the total number of Saskatoon homes offered for sale on the market during the same week a year ago by 15. For eight of the ten previous weeks, new listings have tracked year-over-year gains.

Click the image for a larger version of the graph.

Still, gains to the inventory of active MLS® listings in the residential category are sluggish at best as it grew just twelve units this week to 1132 and finished the week lower on a year-over-year basis by almost 200 homes. In fact, residential inventory listed on the Saskatoon multiple listing service® is at its lowest point in nearly four years for the time of year. It’s been that way for about six weeks. If the current trend continues we may be headed for the lowest levels of inventory since 2007 when supply diminished to almost nothing. There doesn’t appear to be any realistic chance that we’ll see the very low levels of 2007 again, but supply is softening while demand appears to be increasing.  At present, there are 677 single-family homes and 383 condominiums displaying an active status on the system. That compares to 774 and 490 respectively at the same point in time during 2011.

Click the image for a larger version of the graph.

The average sale price of a Saskatoon home took a significant slide this week when compared against the last, finishing lower by about $35K at $318,778. With far fewer weekly sales above the $500,000 mark, and a handful more below $200,000 the weekly median fell even more as it slid more than $40,000 to close at just $302,000 for the week. At the same time, the six-week average sale price managed to inch up a little more than a thousand dollars from last week to close at a new record high of $343,821 and record an annual gain of more than $27,000. The four-week median took a serious slide dropping almost $15,000 from the previous week to finish at $325,000 for a year-over-year gain of just $12,500.

Click the image for a larger version of the graph.

I had an opportunity to participate in a social yesterday that was well attended by Saskatoon mortgage brokers. It was interesting to hear one of them talking about how insane the market is noting that there are all kinds of multiple offers and “everyone is over-bidding.” For the record, “everyone” is not overbidding. There were five overbid sales this week, not counting a few brand new homes that may have included extras not included in the original listing. That’s less than five percent of sales, and those that did sell above list went for an average of just $1,600 over. This is just a simple fact. For the majority of Saskatoon home buyers (those buying under $400K), they’re clearly facing a seller’s market but whether you’re buying or selling, it’s important that you’re not taken in by this kind of hype. Every situation is clearly different and a few sales that went well over list price have hit the stat sheet this year, but in most cases, even where multiple offers are a factor, homes are selling for somewhat less than asking price. That was the case in 82 of this week’s 109 recorded sales. Those buyers managed a discount averaging $7,406. Another 22 lucky seller’s received offers at their full asking price and wrapped up a deal.

Other notable Saskatoon real estate activity this week includes 34 cancelled and withdrawn listings, 38 properties that expired from the system without a sale and 48 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

Are foreign investors driving Canada’s housing prices? – Globe and Mail
Has OSFI got what it takes to oversee Canada’s housing agency? – Financial Post
Ready to be bold? Sell the house and rent – Globe and Mail
Sask. government launches tax rebate on rental housing – Gov’t media release
Why smaller down payments can lead to better mortgage rates – Financial Post
Vancouver homes sales fall to lowest point in April since 2001 – Financial Post
River Centre seals two deals with tenants – Star Phoenix
The downside of pricing for a bidding war – Globe and Mail
Does it make more sense to buy or rent – Globe and Mail
Is Canada heading for a housing correction? – Globe and Mail
Why you should beef up that down payment fund first – Globe and Mail

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

The number of listings increased in April, which is typical of the spring market. “Even though the Saskatoon market saw a 20% increase in the number of sales in April compared to April of 2011, a 15% increase in the number of listings year-over-year helped to keep the market in balanced territory,” according to Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS® (SRAR). The sale-to-listing ratio is a good indicator of the balance between buyers and sellers. A current ratio of 56% indicates that slightly more than one out of two houses listed are selling. “By comparison, at this same time in April of 2007 the sales to listing ratio was at 90% which helped fuel a significant increase in prices in Saskatoon,” says Yochim.

Year-to-date, sales in the price range between $200,000 and $300,000 were down 3% compared to last year while sales in the $300,000 to $500,000 price range were up 34%. “There is still healthy activity over $300,000 with a good supply of product, however the selection is tighter in the $250,000 to $350,000 range.”

The total residential volume year to date was $555,154,716, up 25% when compared to this time last year. In April, the average price of a home in Saskatoon was $341,486 while the median price was $335,000.

The average sale price is determined by dividing the total dollar volume of sales by the total number of units sold across the Saskatoon market while the median price is determined using the mid-point of all sales listed. “It is important to remember that these numbers should not be applied to a specific style of home in a specific neighborhood. If a consumer is interested in data more specific to their situation it is advisable to contact a professional REALTOR® for an accurate determination of price,” Yochim summarized.

Jason Yochim
Executive Officer
Saskatoon Region Association of REALTORS®

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Home sales rose 2.5% from February to March.
• Actual (not seasonally adjusted) activity stood 1.6% above levels in March 2011, the smallest year-over-year increase since last April.
• The number of newly listed homes eased 0.3% from February to March.
• While still well balanced, the national housing market tightened due to the rise in activity.
• The national average home price edged down 0.5% on a year-over-year basis in March.

Read the complete release 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.

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

New listings also slipped lower falling into range of the seasonal norms. House and condo listings came in at 138, this week, down 54 properties from the previous week but still ahead of last year’s weekly total of 130.

Click the image for a larger version of the graph.

Meanwhile, the total number of active MLS listings in the residential category made its largest weekly gain since the first week of February and cracked the 1100 mark for the first time this year. The inventory of active listings grew by 47 units to reach 1107 but still closed the week short of levels seen at this time last year by close to 200 units. A closer look at the sub-categories within the broader “residential” category shows 631 single-family homes and 384 condos showing an active status. Last year at this time, those two housing types displayed 717 and 475 available units respectively.

Click the image for a larger version of the graph.

A whack of sales in the $400,000-500,000 range, and a pretty good handful above $500K, including Saskatoon’s third sale of the year worth more than $1 million, kept the weekly median price and the average sale price of a Saskatoon home fairly high. Those numbers came in at $351,420 (average) and $343,000 (median). The six-week average gained about $2500 over the previous week to reach $330,209. That’s its highest point since November of last year. It’s a full ten percent higher than it was at this time last year when it sat just below $300K. The four-week median price reached levels not seen since 2010 finishing the week higher by nearly seven thousand dollars and closing just below $320,000 for an annual gain of nearly $25K.

Click the image for a larger version of the graph.

Homes priced $50,000 on either side of the average are getting snapped up pretty quickly. Saskatoon real estate agents continue to encounter situations where multiple offers exist on properties that show well and are priced competitively, but for the most part, buyers are proceeding somewhat cautiously in these situations. Only six of this week’s firm sales recorded a selling price that was greater than the asking price. In those instances, the average overbid was just $4,366. Another 15 home sellers completed a deal at their full asking price. Meanwhile, 70 of this week’s 91 house and condo sales concluded with a negotiation that resulted in an average discount of $9,283 from the asking price.

Other notable activity this week included 22 cancelled or withdrawn listings, five expired listings and 35 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

800 jobs created in Saskatoon in March – CTV News
The hidden threat of home ownership – Globe and Mail
How to make your house picture-perfect for sale – Globe and Mail
Canadians ready to tackle debt – Globe and Mail
Construction activity up 16% in February – Star Phoenix
Get your debt under control: Rate hikes may come sooner – Globe and Mail
EGADZ home receives $1 million – Star Phoenix
Sask. housing starts jump more than 50% – Govt. of Saskatchewan
Subprime lending, the crisis catalyst, making a comeback – Globe and Mail
Flaherty sees softening in Canadian housing market – Globe and Mail
Regina housing starts soar – Star Phoenix
New house prices advance 0.3% – Globe and Mail
Confidence reigns among Canadian home owners – BMO Spring Housing Report
Debate on banning foreign buyers resurfaces – CanadainRealEstateMagazine.com
What will make the housing boom go bust? ‘Greed’ – Globe and Mail
The return of the assumable mortgage – Financial Post

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Highlights from CREA’s release

• Home sales rose 1.4% from January to February.
• Actual (not seasonally adjusted) activity was up 8.6% from February 2011 levels.
• The number of newly listed homes climbed 1.9% from January to February.
• The national sales-to-new listings ratio was little changed, remaining firmly in balanced territory.
• The national average home price advanced 2.0% on a year-over-year basis in February.

Read the complete release here.
See also Saskatoon real estate market shows no signs of slowing in February, 2012: SRAR.

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.

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

New listings also took a dive with just 117 new house and condo listings being added to the Saskatoon multiple listings service® this week, down from 167 last week and below the numbers seen during the same period of 2011 when 125 properties were offered for sale.

Click the image for a larger version of the graph.

The inventory of active residential listings on the Saskatoon MLS® system finally saw a notable increase after stalling out for three consecutive weeks. At the close of this week’s activity, 1024 residential properties showed an active status on the system. That’s up 34 properties from the close of the previous week but still substantially lower than it was at the same date in 2011 when 1139 homes were available to prospective buyers. The annual decline is most significant in the condominium category, which has slipped to just 337 homes, down from 431 at the same time a year ago. Single-family inventory is off by 44 from levels seen a year ago to 599.

Click the image for a larger version of the graph.

This past week, there were 30 property listings that were cancelled or withdrawn for the system. Another 43 Saskatoon home sellers adjusted their asking price while nine others came to the end of the term of their listing and saw it expire without a sale.

The average selling price of a Saskatoon home edged higher again, picking up a little more than nine thousand dollars compared to last week to finish at $323,465. The median sale price finished up, about as much as the average as it finished the week at $325,000. The six-week average price inched up just a few hundred dollars this week to $319,178 for an annual gain of about 24K, while the four-week median slipped lower on a weekly basis to $314,900 finishing higher than it did a year ago by $22,400.

Click the image for a larger version of the graph.

Overbid sales lost some luster falling from 12 last week to just seven this week. The average overbid remained pretty high at almost $16,000. Another five sellers got their full asking price while 45 of this week’s 57 sales closed below the asking price by an average of $8,298.

Click the image for a larger version of the chart.

Highlights from the news this past week

Saskatoon housing market builds momentum – Star Phoenix
Home sales seen rising, prices dipping in 2012 – Globe and Mail
Home ownership becoming more affordable – Globe and Mail
CREA updates resale housing forecast – CREA News
Canada’s housing market loses its prior exuberance – Globe and Mail
Canada’s housing market seen as flat over next two years – Financial Post
New home prices edge higher in January – Globe and Mail
Banks’ mortgage wars may lure new homeowners – Globe and Mail
Fat consumer debt the biggest risk in Canada says Mark Carney – Globe and Mail
February housing starts beat expectations – Globe and Mail
Ten signs your neighbourhood property values are declining – Financial Post
Sask. pumps out more jobs in February – 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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

At the same time, new listings also hit their highest point for 2012 as a number of listings that expired at the end of February where brought back for anther go. This week, 164 houses and condos hit the Saskatoon MLS® system, up 61 homes from last week and trumping the number of properties listed the same week last year by 36.

Click the image for a larger version of the graph.

In spite of exceptionally strong listing activity, the total inventory of Saskatoon homes offered for sale on the multiple listing service® declined as 71 properties slipped off of the system having expired without a sale. This morning, a total of 990 residential properties located within city limits are displaying an active status, down 29 from the close of the previous week and fewer than were available at the same point last year by 109 homes. Listing inventory seems to have stalled a bit over the past few weeks creating a pretty unusual black line (for this time of year) on the active listings chart. Here’s hoping that line will turn and start moving up again in the week ahead. Sales are clearly gaining some momentum. More listing are going to be needed to satisfy the demand.

Taking a closer look at the key housing categories, today we have 577 detached houses and 327 condominiums available on the MLS® system. Houses remained stable on a weekly basis while the condo numbers declined by 27 units. At this time last year, buyers had 604 single-family homes and 430 condominiums to choose from.

Click the image for a larger version of the graph.

This past week, there were 38 property listings that were cancelled or withdrawn for the system. An additional 32 Saskatoon home sellers adjusted the asking price of their home. As I mentioned earlier, 71 listings reached the end of their term and expired without a sale.

The average selling price of a Saskatoon home continued to bounce around. This week it came off of its high for the year slipping more than $40K to settle at $314,281. The median sale price for the week slipped less, but still lost more than $30K to finish the week at $302,450. The six-week average price remained pretty stable gaining just four hundred dollars from last week to finish ahead of the same week last year by nearly twenty thousand dollars. The four-week median price edged up almost forty five hundred dollars to $316,455 to claim a year-over-year increase of more than $30,000.

Click the image for a larger version of the graph.

Overbid sales moved higher to 12 with an average overbid of $6,105. The majority of this week’s lucky sellers were in area 2. Another 15 homes traded at the seller’s full asking price while 69 of this week’s 96 sales where reported to have sold for less than the asking price by an average of $8,220.

Click the image for a larger version of the chart.

Highlights from the news this past week

Relief appears on the U.S. housing front – Globe and Mail 27
U.S. pending home sales near two year high – Globe and Mail 27
Time to panic about the housing market – MacLeans – 28
Canada housing prices won’t crash: poll – National Post
Home price index falls in December – Globe and Mail 29
Canada’s home prices drop for second straight month – Financial Post 29
The latest in bulk buying? Houses – Financial Post 1

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

“The real estate market in the Saskatoon area is showing no sign of slowing down,” reports Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS® (SRAR) today. Year to date residential sales dollar volume of $180,802,565 is up a whopping 30% over 2011.

“Buyers continued to be active in the market place with sales outpacing the number of new listings (percentage increase),” said Yochim. “Unit sales, year to date, are up 21 percent while the number of units listed is up only 2 percent. This resulted in an increase of 7 percent in the average sale price to $313,893 compared with $292,510 last year”

For the number of units sold year to date, there was a 41 percent increase in homes priced between $300,000 and $500,000. Properties located west of the river enjoyed the highest average sale price increase at 12 percent.

Yochim concluded that Saskatoon continues to enjoy a balanced market with a sales to listing ratio of 52 percent. “This means that one out of every two homes listed are selling. However, if the number of sales continues to outpace new listings, we will lean more towards a seller’s market.” Economic growth, coupled with a supply imbalance, will continue to mean this is a good time for homeowners to consider capturing more equity from their properties. “Now is definitely a good time to put your home up for sale,” Yochim summarized.

Jason Yochim
Executive Officer
Saskatoon Region Association of REALTORS®

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

New listings of Saskatoon homes also slipped lower for the third consecutive week with local agents producing just 103 new offerings, down from 126 the week before, but nearly matching listings taken over the same week in 2010 when 106 homes were offered for sale on the multiple listing service®.

Click the image for a larger version of the graph.

The total number of homes offered for sale on the Saskatoon MLS® continued to climb, but at a slower pace than we might expect at this time of the year. The week closed with a total of 1019 residential listings, up just seven properties from the close of the previous week. Inventory continued to lose ground on an annual basis closing the week lower than it was at the same time last year by 56 properties. Today, there are 576 single-family homes and 354 condos offered for sale on the multiple listing service®. At the same point in 2011, those two categories were at 597 and 418 respectively.

Click the image for a larger version of the graph.

This past week there were just 22 properties that were cancelled or withdrawn from the MLS®. An additional 14 reached the end of their listing term and expired without a sale. Over the course, of the week, 32 home sellers adjusted the asking price of their home.

This week’s sales include a half dozen units that sold above the $500K mark, including one that came close to a million dollars. There was also a large number in the $400,000-500,000 range. Together, those units pushed the weekly average selling price of a Saskatoon home sharply higher to $354,849. The median sale price of a Saskatoon home also jumped by nearly thirty thousand dollars to $334,500. Of course, both of our longer-term measures moved higher this week as well. The six-week average gained almost three thousand dollars reaching $318,283 for an annual gain of nearly 20K. The four-week median price jumped more than ten thousand dollars to $312,000 and finished the week about 25K ahead of the numbers we had seen during the same week a year ago.

Click the image for a larger version of the graph.

Overbid sales were even with last week at seven. Those sellers pocketed an extra $2,028 on average. Another 12 Saskatoon homes were reported to have sold for the full asking price, while 57 of 76 closed transactions came in below the seller’s asking price by an average of $9,659.

Click the image for a larger version of the chart.

Highlights from the news this past week

Historic Bethany Manor destroyed in Saskatoon – Star Phoenix
Canada housing prices won’t crash: poll – Financial Post
Mortgage fraud on the rise – Financial Post
Senior’s housing gets $1.5 million – Star Phoenix
BoC warns of potential home price correction – Canadian Real Estate Magazine
Canada’s housing bubble: This time is not different – Globe and Mail
Payroll earnings, employment and hours – StatsCanada
Average weekly earnings edge higher – Star Phoenix
Group aims to save landmark – Star Phoenix
After 2012 slowdown, Sask economic growth to surge:report – Star Phoenix
The condo board, the lawsuit and the $40,000 parrot – Globe and Mail

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

New listings came in lower for the second consecutive week slipping just four units from the previous week to 126 and finishing lower than the same period in 2010 by just a few properties.

Click the image for a larger version of the graph.

A strong sales week prevented the total number of Saskatoon homes offered for sale on the multiple listing service® from gaining any real traction this week. As of this morning, that number sits at 1011, just four units ahead of last week’s close, and 30 units behind levels seen a year ago. Today, we have 574 single-family homes and 351 condominiums that display an active status on the MLS®. Last year at this time, those two categories of housing stood at 567 and 414 respectively.

Click the image for a larger version of the graph.

Over the course of the week, 43 property listings were either cancelled or withdrawn from the system. Another 37 sellers adjusted the asking price on their home. Meanwhile, 19 MLS® listings reached the end of their term and expired without a sale.

An increase in sales in the middle to upper price ranges pushed the average selling price of a Saskatoon higher than the previous week by about thirteen thousand dollars to $306,079. The median sale price for the week pushed up 10K to hit $304,950. The six-week average sale price held pretty steady on a weekly basis and closed the week at $315,510 to claim an annual gain of almost $15,000. The four-week median nudged higher by fifteen hundred dollars over last week to $301,500 and finished $11,600 higher than it did during the same week a year ago.

Click the image for a larger version of the graph.

Overbid activity picked up a bit of steam as seven lucky sellers wrapped up a deal for more money than their asking price. The average overbid came in at $2,915. Another 15 Saskatoon home buyers stepped up and paid the seller’s full asking price to close a deal. Still, 68 of 90 recorded sales came in below the list price by an average of $9,337.

Click the image for a larger version of the chart.

Highlights from the news this past week

Sask. posts record housing starts in January – Star Phoenix
Immigration a growth driver – Star Phoenix
Don’t count on immigrants for future economic growth – Financial Post
Two steady years ahead: CMHC – Globe and Mail
Housing construction on the rise – Star Phoenix
Canadian housing market to remain steady: CMHC
The most overpriced housing markets in the developed world – Business Insider
Canadian home sales soften in 2012: CREA – TeamFisher.com
Canada home sales drop most since 2010 – Financial Post
Housing cools as sellers hang back – Globe and Mail
CMHC predicts steady growth for Saskatchewan – Star Phoenix
Saskatchewan to continue strong economic growth in 2012: BMO
Housing crutch abandoning banks – Financial Post
Housing market poised for sever correction, finance professor says – Financial Post

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