Saskatoon real estate week in review: March 25-31, 2012

Saskatoon home sales spiked higher this week making a rare appearance above the 100-unit mark for the first time since early September of last year. Local agents reported a whopping 113 single-family home and condominium sales to the Saskatoon multiple listing service® for a weekly gain of 48 homes, well up from the 71 properties that traded during the same week last spring.

Meanwhile, new listing numbers slipped by 15 when compared against the previous week to 115 homes, down about 20 from the numbers registered during the same period a year ago.

Click the image for a larger version of the graph.

The total inventory of residential properties that are currently offered for sale on Saskatoon’s multiple listing service® took an unusual turn for the season we’re in and slipped by 38 units compared against the close of the previous week to finish at just 1031, about 185 units lower than levels seen a year ago, even breaking below 2009’s weaker levels for the first time. Today, we see just 609 single-family homes and 336 condominiums showing the active status. Looking back a year ago, those numbers stood at 693 and 446, respectively. Single-family home inventory is down 12 percent on a year-over-year basis while condo inventory has slipped lower by 25 percent.

Click the image for a larger version of the graph.

Weekly price measures can be misleading, when examined by themselves. A large number of sales at either the upper end, or the lower end of the market can skew them severely. That certainly happened this week as the average sale price of a Saskatoon home reached the highest level that I can ever recall seeing at $364,183. Higher end buyers were on the move as the weekly median grew by more than $60,000 from the previous week to $332,500. There were 14 sales above the $500,000 mark this week and a pretty good handful that broke $400K. The six-week average price moved higher by thirteen thousand dollars on a weekly basis reaching $331,206 for an annual gain of more than thirty thousand dollars. The four-week median price pushed higher by twelve thousand dollars to $312K to finish ahead of last year’s number by twenty thousand dollars.

Click the image for a larger version of the graph.

For the most part, buyers found a seller willing to negotiate, at least a bit, as 91 of 113-recorded sales closed at a price that was below the asking price. The average discount registered at $9,624. Five lucky sellers got a bit more than they had asked for finishing their deal up by $4,730. An additional 17 Saskatoon home buyers stepped up and delivered a full price offer on the home that they ended up purchasing.

Other notable Saskatoon real estate activity this week included 39 cancelled or withdrawn listings, just 16 expired listings, and 41 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Some positives in budget for housing market – Star Phoenix
Canada’s economic growth slows – Star Phoenix
City moves Kensington plan forward – Star Phoenix
Rates are rising! Oh wait, scratch that – Globe and Mail
Banks can absorb a hit to the housing market – Financial Post
Maybe we aren’t too indebted – Financial Post
Ottawa to tighten CMHC oversight – Financial Post
More Canadians chipping away at their debt – Star Phoenix
Home affordability uncertain for many with small rate hike – Globe and Mail
Saskatoon’s economy ‘red hot’ – Star Phoenix
Home prices keep climbing, though gains are slowing – Financial Post
Saskatoon’s growth to lead nation: Conference Board – Star Phoenix
Mortgage rates in Canada have nowhere to go but up – Financial Post
Regina led nation with 6.1% GDP growth in 2011 – Leader Post
Extra costs of buying a house can surprise first-timers – Star Phoenix
Province poised for growth – Star Phoenix
Moody’s puts odds on soft landing for Canadian housing – Financial Post
Echoes of the boom: European immigration is back – Star Phoenix
Supportive factors in place for Canadian housing in 2012: TD Economics

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

Comments

  1. Pretty much bang on, Tim. The five-year average inventory level for this week is 1048.

  2. It is hard for me to know what the new normal in terms of housing inventory on the market in Saskatoon should be. I would think we are still around the five year average are we not?

  3. Saskatchewan is in the spotlight with Statistics Canada’s latest “Payroll employment, earnings and hours” report issued Friday. Interesting stuff.

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  1. [...] week in a row. This was a down week as sales of house and condos fell fifty units compared to the previous week. Local agents reported just 63 firm sales to the multiple listing service®, about even with [...]