Saskatoon real estate week in review: April 7-13, 2013

Saskatoon real estate week in review: April 7-13, 2013

From one week to the next, Saskatoon real estate sales have been in an up and down pattern and this week was no exception as home sales slipped by 9 units on a weekly basis to 78 and fell short of numbers generated during the same week last year by 13. A quick look at year-over-year comparisons for the month of April shows that overall sales in the residential category conducted through the MLS® are roughly on par with last year’s.

While Saskatoon real estate agents weren’t as busy writing deals they certainly found time to write lots of new listings introducing a total of 165 houses and condominiums to the multiple listing service® and completing the largest volume week so far this year. The number of new listings added to the MLS® was up by 12 over the previous week and ahead of listing processed during the same period last year by 27 homes.

The total inventory of active listings in the residential category of the Saskatoon multiple listing service® continued to grow at a pace which would be considered pretty normal for this time of year. Total numbers of available properties grew by 36 from the close of the previous week to find its totals above 1100 for the first time this year. Reaching 1124 homes, current MLS® inventory is up marginally (just 17) on a year-over-year basis.

This was a strong week in the luxury category with two Saskatoon house sales reported above the $1-million mark, one of those actually breaking past $1.5 million. Throw in another sale above $800,000, a couple that broke $700K and three above the $600,000 mark and watch the average price of a Saskatoon home soar this week to $374,287 to reach its highest point this year. The six-week average price also pushed forward gaining more than five thousand dollars from last week to close at $346,678 to pick up an annual gain of just over sixteen thousand dollars. The four-week median price grew by forty-five hundred dollars from last week reaching $331,000 for a year-over-year increase of about eleven thousand dollars.

Overbid Saskatoon real estate sales continued to be a near non-factor with just two lucky sellers bagging an offer above their asking price. It was a serious win for one seller whose Nutana area home sale closed $50,000 above list. Another six sellers found a buyer willing to pay them their full asking price while 70 of this week’s 78 sales closed below the list price by an average of $13,272. That number is heavily skewed by some large dollar discounts on the high-end sales, the two biggest sales alone contributing about $230,000 to the discount pool.

Other notable MLS® activity this week included 45 cancelled and withdrawn listings, 5 expired listings and 30 price adjustments.

Highlights from the news this past week

Saskatchewan job numbers strongest in Canada - Star Phoenix

Housing starts off record highs of 2012 - Star Phoenix

Riversdale condos planned for Great West Warehouse site - Star Phoenix

Saskatoon’s population expected to boom - Star Phoenix

Saskatchewan the ‘place to be.’ says Scotiabank economist - Regina Leader Post

‘So far, so good’: Data suggests soft landing for Canada’s housing market - Financial Post

Smart growth makes consumer housing aspirations irrelevant - 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.

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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