Saskatoon real estate week in review: January 29-February 4, 2012

Saskatoon real estate agents had a very busy week, but they weren’t so busy selling homes. Instead, they were swamped with new listings. A whopping 157 house and condo listings were added to the multiple listing service®, up sharply from last week by 70 properties and well ahead of the same week last year when just 126 Saskatoon homes hit the system. Meanwhile, sales slipped lower, falling eight units from the previous week to just 56, but still managed a slight gain on the same week a year ago when just 51 deals resulted in a firm sale.

Click the image for a larger version of the graph.

A brisk week for new additions to the MLS® system brought the total number of residential properties for sale in Saskatoon higher by nearly 50 units over the course of the week. The end result was a listing inventory that was on par with what was available a year ago, 973 residential listings. Today, buyers have 559 single-family homes and 330 condos to choose from. At this time last year, those numbers stood at 537 and 387 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings remained fairly low at just 19 homes. This week, 22 home sellers adjusted their asking price. Another 35 MLS listings expired from the system without finding a buyer.

All five house price measures that you see on this site edged higher this week as the average selling price of a Saskatoon home gained more than 10K to reach $329,829. The weekly median price followed along but didn’t move as far. It grew by $6,500 from the previous week to close at $309,950. The six-week average price pulled ahead by just over $2,000 to reach $320,337 for an annual gain of almost $15,000. Meanwhile, the four-week median price bounced back from last week’s decline and grew by more than 6K from to hit $309,900. That’s good for an annual gain of about $16,000.

Click the image for a larger version of the graph.

Overbid sales continued to represent just a fraction of the market, and those that did sell over their list price didn’t reach the craziness of last week’s numbers. Just three of 56 sellers got more than they were asking this week. Another nine cashed in with a full price offer while 44 buyers managed to grind their seller for a bit of a deal achieving an average discount of $8,460.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian home prices slide for first time in a year – Financial Post
Blueprint plans city growth – Star Phoenix
Real estate may do an encore – Financial Post
Littler houses on the prairie – Star Phoenix
Canada facing subprime mortgage risk – Financial Post
Low interest rates may shield housing market from bubble – Globe and Mail
CMHC backing fewer loans – Financial Post
No housing crash for Canada: BMO – Globe and Mail
Housing bubble is really a balloon: BMO – Financial Post
Canada’s economy shrinks – Financial Post
Canadians teeter on edge of debt cliff – Financial Post
Trump opens Canada’s tallest condo tower with $6 million suites – Financial Post
Flaherty concerned by mortgage lending – CBC News
Canada’s jobless rate rises – Financial Post
Jobs up, unemployment down in Sask. – Star Phoenix
Will Canada’s Housing Boom Forge On, Fizzle Out, or Flame Out? – BMO
In a cooling housing market should you wait to buy and hurry up to sell? – MacLean’s

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

Comments

  1. Thank you for this great resource. Please reassure us that you will continue to track average and median, not the new HPI.

    Thank you

    • Hi Daniel,

      Thanks for reading. I have no plans to move away from average and median prices. While neither are perfect, over time, they do provide a pretty good reflection of what’s happening in the market.

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  1. [...] a total of 58 firm single-family home and condominium sales to the MLSÒ system, up two from last week, but well below the 83 units that traded during the same week last year. The blip on last year’s [...]