Saskatoon real estate week in review: March 17-23, 2013

Saskatoon real estate sales continued to show year-over-year increases for the third consecutive week as local agents reported a total of 79 single-family home and condo sales to the multiple listing service®, down seven from the previous week but ahead of the same week last year by 14.

New listings continued to come on to the market at a pace which is fairly typical for this time of year. Saskatoon real estate agents added 123 homes to the MLS® system this week, down just four from last week. That’s seven fewer than were listed over the same period of time last year.

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Saskatoon homes sold & listed MLS® from March 17-23, 2013

The total inventory of Saskatoon homes for sale grew on a weekly basis, albeit slightly to close the week down on a year-over-year basis. Today’s totals show 1043 active MLS® listings in the residential category, up just six from last week and down by 26 on an annual basis. A closer look at the two major housing types within the residential category shows condo inventory slipping from 349 at this time last year to just 302 today, a fairly substantial decline. At the same time, the supply of available single-family homes has increased marginally to 658 from 636 a year ago.

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Active residential listings on the Saskatoon MLS® system at March 23, 2013

This week’s sales saw the average price paid for a Saskatoon home slip lower to $328,628 even as the weekly median surged ahead by twenty-one thousand dollars to reach $329,000. Meanwhile, the six-week average price inched lower on a weekly basis losing a little less than a thousand dollars to finish at $331,846 to claim an annual gain of nearly fourteen thousand dollars, one of the smallest year-over-year increases we’ve seen in awhile. The four-week median price moved in the opposite direction to finish the week at $319,000 for a weekly increase of twelve thousand dollars and an annual gain of nineteen thousand dollars, for the largest year-over-year increase in six weeks.

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Average & median prices for Saskatoon homes sold MLS® from March 17-23, 2013

Overbid Saskatoon real estate sales had their strongest showing this year as eight lucky sellers managed to close a sale above their full asking price by an average of $4,650. Another nine couldn’t complain about the full price offer that they received and accepted. The other 62 sellers who managed to place a sold sign on their MLS® listed home had to take a seat at the negotiating table and give up an average of $7,511 to close the deal.

Other notable MLS® activity this week included 26 cancelled and withdrawn listings, seven expired listings and 34 price adjustments.

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Saskatoon real estate statistics for MLS® sales from March 17-23, 2013

Highlights from the news this past week

There’s not going to be a housing crash – Moneysense
House prices to remain tepid – Globe and Mail
No crash in store for Canadian housing market: Scotiabank – Financial Post
Flaherty blasted for pressuring Manulife to pull low-rate mortgage – Financial Post
Ottawa to limit taxpayers exposure to mortgage market – Globe and Mail
Younger Canadians pessimistic about ability to own a home, poll shows – Financial Post
Chinese buyers enticed by Saskatoon real estate market – Star Phoenix

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