Saskatoon real estate week in review: December 9-15, 2012

Saskatoon home sales continued on their seasonal decline to reach their lowest point since the opening week of 2012 when just 39 homes traded. Local real estate agents reported 43 firm house and condo sales to the Saskatoon multiple listing service® this week, down five from the previous week and falling short of sales produced during the same week a year ago by twenty homes. This was the fourth consecutive week in which sales came in below levels seen last year.

New listings followed a similar pattern falling lower by 12 units compared to the previous week. Saskatoon real estate agents listed 72 houses and condominiums for a year-over-year increase of nine.

Click the image for a larger version of the graph.

In spite of the large gap between listings and sales, the inventory of Saskatoon MLS® listings still managed to slip lower as it dropped by 16 units from the previous week to reach 1007, about where it was at the same time last year. Today there are 608 single-family homes and 301 condominiums showing an active status on the Saskatoon MLS® system. At the close of the same week last year, Saskatoon home buyers could find 571 houses and 373 condos bearing a for sale sign.

Click the image for a larger version of the graph.

For the first time in months, prices remained stable on a week-over-week basis with little movement on any of the measures we track. The average price of a Saskatoon home was $337,456 while the median price was $315,000. The six-week average price slipped a bit more than four thousand dollars from the week before to settle at $344,127 which is anything but stable when measured against last year’s numbers when the six-week average was nearly ten percent lower at $315,874. The four-week median also inched lower on a weekly basis slipping a bit more than one thousand dollars to $332,500 to claim an annual gain that exceeded ten percent. At the close of the same week last year, the four-week median was just $301,888.

Click the image for a larger version of the graph.

Overbid sales were non-existent in this week’s mix but eight lucky sellers did make off with a full price offer. Another 35 closed a deal at a price which was less then they were asking. The average discount on those firm sales was $8,277.

Other notable MLS® activity this week included 19 cancelled and withdrawn listings, 12 expired listings and 17 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Home construction cools below forecasts in November – Globe and Mail
Canada’s housing market: A victim of demographics – Globe and Mail
Canada’s housing market set for soft landing: Scotiabank – Financial Post
Canadians flocking to fixed rate mortgage, Mark Carney says – Globe and Mail
Online tools aim to help new home buyers – Star Phoenix
Saskatchewan housing starts remain strong – Star Phoenix
Are Canadians mistaking home equity for wealth? – 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

Comments

  1. Populations forecast from City of Saskatoon

    It would appear that the current population estimate of 236,000 places the growth of the City of Saskatoon on the most optimistic growth path projected (approximately 257,000 for 2016).

    Is this correct?

    Are there any more recent population estimates that you know of Norm?

  2. http://www.rbc.com/economics/market/pdf/prov_fiscal.pdf

    For an overview of provincial revenues, expenditures and balance sheets.

    Saskatchewan debt is currently 4.8% of GDP (2nd only to Alberta) and one of only 2 provinces to post a surplus this year.

    While this bodes well for a sustainable future, and jobs are up by over 5,000 in Saskatoon year over year, in my view the strength of the housing market in 2013 is dependent upon continued job and population growth in the city.

Trackbacks

  1. […] to the MLS® system this week, down three from last week to fall short of sales recorded during the same week last year by […]