2

Saskatoon real estate week in review: July 29-August 4, 2012

Sales of houses and condos inched ahead of the previous week as Saskatoon real estate agents reported 88 firm sales to the multiple listing service® for a weekly gain of seven to finish higher than the same week last year by 27 home sales.

New listings of Saskatoon homes dropped, but only slightly, losing three from the previous week’s numbers as a total of 143 houses and condos were added to the MLS® system this week, still well ahead of the 111 properties listed during the same period of 2011.

Click the image for a larger version of the graph.

After showing gains over three consecutive weeks, an unusual occurrence at this time of the year, the total inventory of residential listings available on the Saskatoon multiple listing service® dipped lower, thanks in part to normal month-end expired listings. Total inventory slipped by 15 units compared to the close of the previous week to settle at 1234. Last year at this time, 1395 Saskatoon homes were for sale on the MLS®. As of this morning there are 759 single-family homes and 406 condominiums bearing the active status. Compare that to 821 and 495 one year ago.

Click the image for a larger version of the graph.

With a lot more activity at the upper end of the market including ten sales that came in above the half million dollar mark, the average sale price of a Saskatoon home jumped more than twenty thousand dollars from last week to $351,557. The weekly median price followed along growing by 18K from a week ago to $338,200. Meanwhile, the six-week average price of a Saskatoon home stayed stable on a weekly basis at $334,916 to finish well ahead of last year’s number of $307,380. The four-week median priced pushed higher gaining a little more than five thousand dollars on the week to close at $322,500 and claimed an annual gain of just more than 19K.

Click the image for a larger version of the graph.

At the negotiation table, just five buyers stepped up to pay the seller’s full asking price. That’s approaching its lowest point since late winter. Another four buyers paid a little more than asking price to firm up a home purchase, on average offering an additional $1,850. In other wheeling and dealing, 79 of this week’s 88 closed transactions were finished below the seller’s asking price by an average discount of $8,107.

Other notable MLS® activity this week includes 36 cancelled and withdrawn listings and 47 listings that left the system after failing to sell for the duration of the listing period. Another 38 Saskatoon home sellers adjusted their asking price in hopes of attracting a buyer before the fall.

Click the image for a larger version of the chart.

Highlights from the news this past week

S&P frets about Canada’s housing market, consumer debt – Globe and Mail
Canada’s economic growth slows – Financial Post
Canadian economy slows, sets stage for disappointing Q2 - Globe and Mail
Low interest rates not an invitation to ratchet up debt – Financial Post
Renovation Nation: 72% of Canadians overhaul their home – National 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.

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