Saskatoon real estate week in review: February 19-25, 2012

Saskatoon real estate sales softened on a week-over-week 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 properties traded.

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This past week there were just 22 properties that were cancelled or withdrawn from the MLS®.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

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