Saskatoon real estate week in review: March 4-10, 2012

Coming off of the strongest sales week this year, Saskatoon real estate sales plunged to levels more typical of winter months as local agents brought just 57 firm sales of detached houses and condominiums to the MLS® system this week for a weekly decline of nearly 40 units. Sales for the week closed behind the same week a year ago by ten properties.

New listings also took a dive with just 117 new house and condo listings being added to the Saskatoon multiple listings service® this week, down from 167 last week and below the numbers seen during the same period of 2011 when 125 properties were offered for sale.

Click the image for a larger version of the graph.

The inventory of active residential listings on the Saskatoon MLS® system finally saw a notable increase after stalling out for three consecutive weeks. At the close of this week’s activity, 1024 residential properties showed an active status on the system. That’s up 34 properties from the close of the previous week but still substantially lower than it was at the same date in 2011 when 1139 homes were available to prospective buyers. The annual decline is most significant in the condominium category, which has slipped to just 337 homes, down from 431 at the same time a year ago. Single-family inventory is off by 44 from levels seen a year ago to 599.

Click the image for a larger version of the graph.

This past week, there were 30 property listings that were cancelled or withdrawn for the system. Another 43 Saskatoon home sellers adjusted their asking price while nine others came to the end of the term of their listing and saw it expire without a sale.

The average selling price of a Saskatoon home edged higher again, picking up a little more than nine thousand dollars compared to last week to finish at $323,465. The median sale price finished up, about as much as the average as it finished the week at $325,000. The six-week average price inched up just a few hundred dollars this week to $319,178 for an annual gain of about 24K, while the four-week median slipped lower on a weekly basis to $314,900 finishing higher than it did a year ago by $22,400.

Click the image for a larger version of the graph.

Overbid sales lost some luster falling from 12 last week to just seven this week. The average overbid remained pretty high at almost $16,000. Another five sellers got their full asking price while 45 of this week’s 57 sales closed below the asking price by an average of $8,298.

Click the image for a larger version of the chart.

Highlights from the news this past week

Saskatoon housing market builds momentum – Star Phoenix
Home sales seen rising, prices dipping in 2012 – Globe and Mail
Home ownership becoming more affordable – Globe and Mail
CREA updates resale housing forecast – CREA News
Canada’s housing market loses its prior exuberance – Globe and Mail
Canada’s housing market seen as flat over next two years – Financial Post
New home prices edge higher in January – Globe and Mail
Banks’ mortgage wars may lure new homeowners – Globe and Mail
Fat consumer debt the biggest risk in Canada says Mark Carney – Globe and Mail
February housing starts beat expectations – Globe and Mail
Ten signs your neighbourhood property values are declining – Financial Post
Sask. pumps out more jobs in February – 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.

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. I personally think 2012 may be the last year to sell before prices start dropping. Wages are stagnant while inflation is high, banks are desperately lowering their mortgage rates to get more business, foreign investors and flippers are starting to looking south of the border (where it’s warmer) for deals, and more listings will come onto the market when boomers downgrade and people start realizing it’s either sell now or price low for the next few years.

  2. Good morning, Larry.

    Looking at a broader range of time than we’re seeing in this particular report, new listings, year-to-date, are precisely on par with last year (1181 in 2011 vs. 1182 in 2012). The listing activity is a little more erratic this year.

    Record listings in your area? Is the bubble talk driving that? How are sales looking?

  3. hey Norm,

    Care to ‘speculate’ on why new listings have slowed?
    It’s the opposite on this side of the mountains as I sense we will surpass the record high of last year sooner that hoped for.

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  1. [...] up 12 from the same week a year ago. New listings in the same categories came in at 128, up 11 from the previous week, and ahead of new listings for the same period last year by [...]