Saskatoon real estate week in review: April 8-14, 2012

Saskatoon real estate week in review: April 8-14, 2012
Saskatoon real estate managed a week of sales that looked more like spring than fall. Over the course of the week, 91 house and condominium sales were reported to the Saskatoon MLS, up nearly 30 units from the previous week and ahead of the same week a year agoby 15.

New listingsalso slipped lower falling into range of the seasonal norms. House and condo listings came in at 138, this week, down 54 properties from the previous week but still ahead of last year’s weekly total of 130.

Meanwhile, the total number of active MLS listings in the residential category made its largest weekly gain since the first week of February and cracked the 1100 mark for the first time this year. The inventory of active listings grew by 47 units to reach 1107 but still closed the week short of levels seen at this time last year by close to 200 units. A closer look at the sub-categories within the broader “residential” category shows 631 single-family homes and 384 condos showing an active status. Last year at this time, those two housing types displayed 717 and 475 available units respectively.

A whack of sales in the $400,000-500,000 range, and a pretty good handful above $500K, including Saskatoon’s third sale of the year worth more than $1 million, kept the weekly median price and the average sale price of a Saskatoon home fairly high. Those numbers came in at $351,420 (average) and $343,000 (median). The six-week average gained about $2500 over the previous week to reach $330,209. That’s its highest point since November of last year. It’s a full ten percent higher than it was at this time last year when it sat just below $300K. The four-week median price reached levels not seen since 2010 finishing the week higher by nearly seven thousand dollars and closing just below $320,000 for an annual gain of nearly $25K.

Homes priced $50,000 on either side of the average are getting snapped up pretty quickly. Saskatoon real estate agents continue to encounter situations where multiple offers exist on properties that show well and are priced competitively, but for the most part, buyers are proceeding somewhat cautiously in these situations. Only six of this week’s firm sales recorded a selling price that was greater than the asking price. In those instances, the average overbid was just $4,366. Another 15 home sellers completed a deal at their full asking price. Meanwhile, 70 of this week’s 91 house and condo sales concluded with a negotiation that resulted in an average discount of $9,283 from the asking price.

Other notable activity this week included 22 cancelled or withdrawn listings, five expired listings and 35 price changes.

Highlights from the news this past week

800 jobs created in Saskatoon in March – CTV News
The hidden threat of home ownership – Globe and Mail
How to make your house picture-perfect for sale – Globe and Mail
Canadians ready to tackle debt – Globe and Mail
Construction activity up 16% in February - Star Phoenix
Get your debt under control: Rate hikes may come sooner – Globe and Mail
EGADZ home receives $1 million - Star Phoenix
Sask. housing starts jump more than 50% - Govt. of Saskatchewan
Subprime lending, the crisis catalyst, making a comeback – Globe and Mail
Flaherty sees softening in Canadian housing market – Globe and Mail
Regina housing starts soar - Star Phoenix
New house prices advance 0.3% - Globe and Mail
Confidence reigns among Canadian home owners – BMO Spring Housing Report
Debate on banning foreign buyers resurfaces –
What will make the housing boom go bust? ‘Greed’ – Globe and Mail
The return of the assumable mortgage– Financial Post

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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

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