Saskatoon real estate week in review: August 11-17, 2013

Saskatoon real estate week in review: August 11-17, 2013
The Saskatoon real estate market may have seemed a little short of breath last week but it bounced back to life in a big way this week falling just shy of hitting triple digit sales numbers. Local agents reported 98 firm house and condo sales to the Saskatoon multiple listing service® this week, beating last week’s numbers by almost 30 units to finish ahead of the same week last year by 24 property sales.

New listings also increased sharply as a total of 169 houses and condos were added to the MLS® system over the course of the week, up 38 units from the previous week and closing well up on the same week a year ago by twenty-five homes.

Total active residential listings on the Saskatoon multiple listing service® took a big leap higher this past week, a pretty unusual happening at this time of the year. The database of active listings grew by 51 homes over the past seven days to 1365 and finished up on levels recorded a year ago by 124 properties. We currently have a higher number of MLS® listings than we’ve seen at any point in the past two years. A search of today’s active listings delivers 830 single-family homes for buyers to choose from, up from 767 one year ago. Meanwhile, condo listings have increased 30 units from a year ago to 436.

The average sale price of a Saskatoon home edged higher again this week and reached $352,082 while the median price (the point at which half of all sales were above and hald were below) edged lower to $340,000. The six-week average price edge higher for the first time in three weeks gaining about thirty-seven hundred dollars over last week to hit $346,212 for a year-over-year increase of roughly eight thousand dollars. The four-week median price finished five thousand dollars higher than it was last week at $333,000 to see an annual increase of just seven thousand dollars.

The number of overbid sales doubled compared to last week, which sounds impressive until you realize that the total number was just four. Those buyers placed offers that exceeded the seller’s asking price by an average of $6,800. The number of seller’s who found a buyer willing to pay their full asking price was pretty high at 27. The remaining 67 deals that closed this past week concluded at the negotiating table with the buyer netting an average discount of $8,786.

Other MLS® activity this week included 54 cancelled and withdrawn listings, 19 expired listing and 62 price adjustments.

Highlights from the news this week

Canada’s housing market still running hot - Globe and Mail
Is Canada’s housing market starting to overheat again? - Globe and Mail
Canadian banks could weather a housing crash - Financial Post
Interest rates spike to two-year high - Globe and Mail

Canada’s housing market: The one that no one can predict - Financial Post
Canada’s Goldilocks housing market: ‘Balanced and well-behaved’ - Globe and Mail
Strong home sales in Vancouver and Toronto suggest market is stabilizing- Financial Post
Flaherty cooled the housing market without dousing it - Globe and Mail
Canadian home sales gaining momentum - Globe and Mail
Saskatoon house sales rebound in July - Star Phoenix

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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate


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