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Saskatoon real estate week in review: June 24-30, 2012

The first week of summer may have been a disappointment as far as the weather was concerned but the Saskatoon real estate market was hot. Local agents reported 104 firm sales of houses and condominiums to the Saskatoon multiple listing service® this week. That’s down just two from the previous week but well ahead of the 86 sales reported during the same week last year.

New listings also surged higher for the first time in three weeks as 158 Saskatoon homes were added to the MLS®, up 15 from last week, a significant increase from the number of new listings added during the same period of time in 2011.

Click the image for a larger version of the graph.

Total active listings remained pretty stable on a week-over-week basis dropping just one from last week to finish at 1229, down about 160 units from the same time a year ago. Today’s totals include 750 single-family homes and 404 condominiums. Condos continue to show the largest year-over decline falling from 489 a year ago. Single-family homes slipped lower by 70 units. While inventory levels are at their lowest point for the end of June in the previous five years, the trend appears to be similar to what it has been over the past two years. If it continues, we can likely expect to see total active MLS® listings remain fairly steady through August when levels will start to trail off for the winter.

Click the image for a larger version of the graph.

The average sale price of a Saskatoon home slipped about six thousand dollars this week to $342,319 while the median sale price for the week grew by roughly seventy-five hundred dollars to $325,500. The six-week average price inched lower dropping about a thousand dollars this week to settle at $339,523.  That number is higher than it was at this time last year by 28K, or about nine percent. The four-week median price moved in the opposite direction losing three thousand dollars from the close of the previous week to close at $315,500 and claim an annual gain of about twelve thousand dollars, or four percent.

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Overbid activity was pretty soft this week, as it has been through most of the year. Five lucky sellers completed a sale above their asking price by an average amount of $2,725. Another 13 sellers managed to get out with their full asking price while 86 savvy buyers managed to grind a bit of a discount in their negotiations, each saving an average of $8,100.

In other MLS® activity this week, there were 46 cancelled and withdrawn listings, 15 that came to the end of their term and expired without a sale and 47 sellers who adjusted their price in hopes of attracting a buyer before the seasonal cool down begins.

Click the image for a larger version of the chart.

Highlights from the news this past week

Mortgage rules tightened – Star Phoenix
Targeting high-end mortgages more politics than protection – Globe and Mail
Flaherty’s million-dollar mortgage change hits just 0.1% of buyers – Globe and Mail
Giddy about U.S. housing? Slap yourself – Globe and Mail
Tighter mortgage rules mean rent increases: Poll – CanadianRealEstateMagazine.com
Thinking of renting that basement suite? Tips for first-time landlords – Globe and Mail
Saskatoon house prices continue steady hike – Star Phoenix
New mortgage rules may dampen economic growth: Flaherty – Financial 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.

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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