Saskatoon real estate week in review: February 12-18, 2012

Sales of Saskatoon homes bounced back from the first weekly year-over-year decline in 2012 as local real estate agents reported 90 firm house and condo deals to the MLS® this week, up 32 units compared to last week, and ahead of the same week a year ago by 18 homes.

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Over the course of the week, 43 property listings were either cancelled or withdrawn from the system.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

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  1. [...] basis, slipping lower to 76 unit sales (detached houses and condominiums), down from 90 the previous week. Still, home sales for the period finished well ahead of the same week last year when just 56 [...]