Saskatoon real estate week in review: August 18-24, 2013

Saskatoon real estate week in review: August 18-24, 2013
The Saskatoon real estate market saw a week of sales that was fairly typically for the season. Local agents reported a total of 86 firm house and condominium sales to the Saskatoon multiple listing service®, 12 fewer sales than were recorded the previous week, and down eight units compared against the same week a year ago.

If you only had the new listings data to look at you might think it was spring as Saskatoon real estate agents brought 164 houses and condos to the MLS® market, down just five from last week’s heavy load and way above the 106 Saskatoon homes that were placed on the market over the same period of time in 2012.

MLS® inventory continued to climb this week as the total number of active listings in the residential category reached 1,380 for a weekly gain of 18 homes and a year-over-year increase of 158 listings. For those of you interesting in percentages, that’s a 14 percent increase on last year’s numbers. It’s just seven units short of a five-year record level of inventory for this time of year. In 2010, total residential listings reached 1387 this particular week, so we’ve been here before. Today’s numbers, by category of housing show 848 single-family homes and 422 condominiums available to Saskatoon home buyers. At this time last year, active listings for those two housing types stood at 747 and 400, respectively.

Just slightly more activity at the upper end of the Saskatoon real estate market brought the median sale price of a local home higher by about thirty-five hundred dollars to $333,450. In spite of one residential sale that topped the million dollar mark, the average sale price of a Saskatoon home slid lower by almost seven thousand dollars to $345,141. Meanwhile, the six-week average price fell almost two thousand dollars from last week to $344,809 and finished up on the same week last year by just seven thousand dollars. The four-week median price inched higher picking up two thousand dollars over the course of the week to reach $335,000 and claim a year-over-year increase of close to 10K.

Overbid sales slipped to just three this week. Those sellers made off with an extra $10,067 on average. At the same time, 73 of this week’s 86 sales reported a sale price that was lower than the asking price by an average of $9,895. The other ten reported deals closed at the seller’s asking price.

Other MLS® activity this week included 60 cancelled and withdrawn listings, 10 expired listing and 55 price adjustments.

Highlights from the news this week

Developer lauds plans for River Landing project - Star Phoenix
No more tightening needed after measures averted housing bubble: Flaherty - Financial Post
Prime retail space scarce in Saskatoon - Star Phoenix//

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Norm Fisher
Royal LePage Saskatoon Real Estate

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