Saskatoon real estate week in review: June 10-16, 2012
Saskatoon real estate agents saw the fewest number of sales in the past ten weeks this week. A total of 87 house and condo listings were reported sold to the Saskatoon MLS® system, down 19 units from the previous week and below numbers recorded during the same week last year by 14.
New listings added to the multiple listing service® this week also took a downturn falling 40 units from last week to 143 to finish ahead of the same week last year by seven.
Click the image for a larger version of the graph.
The total number of MLS® listings showing an active status on the system moved ahead again growing by 25 units this week to 1237 for a year-over-year decline of about 180 homes. Today, there are 735 single-family homes and 428 condominiums available to purchasers within the city of Saskatoon. At the close of the same week a year ago those numbers stood at 841 and 518 resepectively.
Click the image for a larger version of the graph.
A few more upper end sales brought average prices bouncing back again. As the average sale price of a Saskatoon home picked up almost twenty thousand dollars compared to last week to reach nearly $340K, the median price for the week managed to slide another 10K below the previous week’s finish to settle at was $306,700. The six-week average price edged ahead almost three thousand dollars from last week to reach $338,165 for a year-over-year gain of about twenty-three thousand dollars. The four-week median slipped lower by five thousand dollars over the week to settle at $320,000 and claim an annual gain of twenty-five thousand dollars.
Click the image for a larger version of the graph.
The number of sales that occurred above the seller’s asking price slipped lower to just five. The average overbid was fairly small at just $300. Another ten sellers received and accepted offers at the full asking price while 72 of this week’s 87 sales came in below the asking price with an average discount of $8,785 required to close the deal.
Other action on the Saskatoon MLS® this week included 53 cancelled and withdrawn listings, 11 expired listings and 50 price changes.
Click the image for a larger version of the chart.
Highlights from the news this past week
Regina’s average house price above $300K in May – Star Phoenix
Housing markets set for correction – Globe and Mail
Canada’s housing market still outshines rest of world: Scotia – Financial Post
Canada joins global list of softer housing markets – Globe and Mail
Housing market to cool: CMHC – Financial Post
New and existing home markets to moderate by end of 2012 – Globe and Mail
Housing markets fears a boon for alternative lenders – Financial Post
Toronto, Vancouver house prices to sink 15% over 2-3 years, TD warns – Globe and Mail
Where are Canadian real estate prices heading? – 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.
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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
1 comment so far. We'd love to hear your thoughts.
June 20th, 2012 at 12:08 AM
Are real estate sales and renting inversely related? Sales are down, but people wanting to rent has gone crazy! A property I rented for $800 six months ago is now fetching $1100. I feel I could raise it more.
How can you lose with such a relationship in real estate?
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