Saskatoon real estate week in review: April 21-27, 2013

Saskatoon real estate week in review: April 21-27, 2013

As April draws to a close the Saskatoon real estate market continues to show positive signs for spring with sales increasing marginally on a year-over-year basis during three of four weeks, including this one. Local agents reported a total of 93 house and condominium sales to the local multiple listing service® this week, down nine compared to last week and up two from the same period last year. With two business days remaining in the month, April appears poised to be the first month in the past six that will record a year-over-year increase in the number of homes sold within the city of Saskatoon.

New listings also came on the market at a brisk but seasonal pace. Over the course of the week, 155 houses and condos were added to the MLS® inventory, five fewer than the previous week but higher than the totals added during the same period last year by ten.

Residential inventory on the Saskatoon multiple listing service® saw small but steady growth as the total number of properties showing an active status increased by 13 this week to 1163 for a gain of 43 units when compared against levels of a year ago. Most of the annual increases can be found in the single-family home category which grew from 662 last year to 697 today. Condo inventory has begun to level off after showing annual declines for many months that sometimes showed drops as much as 20 percent. Presently, there are 375 condominiums for sale in Saskatoon, down just six units from a year ago.

An increased level of activity at the most affordable end of the real estate market saw the median price of a Saskatoon home slip this week to $318,000. The weekly average also took a dip for the second week in a row falling more than ten thousand dollars to $326,093. The longer term numbers were much more stable, at least on a weekly basis. The six-week average sale price of a Saskatoon home inched lower by about twenty-six hundred dollars from last week to $343,327 for an annual gain of less than one thousand dollars. The four-week median price increased one thousand dollars from last week to reach $333,000 showing a year-over-year decrease of nearly seven thousand dollars. This is the third week in a row in which the four-week median price has shown an annual drop.

Overbid Saskatoon real estate sales saw a another big increase moving to ten sales this week from just six the week before. Those sellers netted, on average, an additional $2,460 from their sale. At the same time, the number of sales that closed at the seller’s full asking price declined sharply to just ten, down from 23 during the previous week.

The other 72 firm deals came in below the asking price showing an average discount of $7,712 for each buyer, the smallest movement we’ve seen in several weeks. Other notable MLS® activity this week included 42 cancelled and withdrawn listings, 10 expired listings and 26 price adjustments.

Highlights from the news this past week

Feds must step up for housing - Jordon Cooper’s Star Phoenix column

River Landing could attract investors - Star Phoenix

Canadian paying down debt at quicker pace - Financial Post

Even in real estate slump, Canadians lured into bidding wars - Financial Post

Property value assessments skyrocket - 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 Vidorra


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