Saskatoon real estate week in review: February 26 – March 3, 2012

Saskatoon real estate sales reached their highest point for 2012 this week as local agents reported a total of 96 firmly sold single-family homes (detached houses) and condominiums to the multiple listing service®. This week’s volume shows an increase of 20 units over those sold the previous week and growth of 23 homes on a year-over-year basis.

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This past week, there were 38 property listings that were cancelled or withdrawn for the system.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.

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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