Saskatoon real estate week in review: August 26 - September 1, 2012

Saskatoon real estate week in review: August 26 - September 1, 2012

This week, Saskatoon real estate sales numbers came off of the previous week’s big bounce and slipped to their lowest point since early April. Local agents reported just 68 house and condominium sales to the Saskatoon multiple listings service®, down 26 properties from last week to finish a whopping 35 sales below numbers generated during the same week last year.

New Saskatoon real estate listings also increased on a weekly basis growing by 11 to hit 117. Last year during the same week, Saskatoon real estate agents brought just 104 new listings to the MLS® service.

Click the image for a larger version of the graph.

Meanwhile, the total inventory of active MLS® listings in the residential category saw its second consecutive weekly decline and fell below the 1200 mark for the first time in 16 weeks. As the week’s business drew to close buyers had a selection of 1197 residential properties for sale in Saskatoon, down just 15 homes from the previous week’s close and about 80 fewer than were available at the same point in the previous year. Today’s tallies show 737 single-family homes and just 392 condos, down from 768 and 454 respectively when compared against inventory levels at this time last year.

Click the image for a larger version of the graph.

The roll on sales exceeding one-million dollars continued for the fourth consecutive week. That big number spread over a smaller number of sales pushed the average sale price of a Saskatoon home higher, towards our annual peak to reach $357,391. The median sale price followed along and grew to $330,700. The six-week median price edged higher by about eight thousand dollars on the week to reach $345,708 and claimed a year-over-year gain of about thirty-three thousand dollars or roughly ten percent. The four-week median price inched up about a thousand dollars from the previous week to $326,500 and managed a year-over-year increase of about thirty-four thousand dollars.

Click the image for a larger version of the graph.

Overbid Saskatoon home sales almost failed to appear. Just one buyer placed an offer with a price that exceeding the list price. That deal closed $1,100 above the asking price. Another 10 buyers paid full price to close their deal while 57 of this week’s 68 deals closed below the asking price by an average of $10,758. \\\\\\\\\Other notable MLS® activity this week included 30 canceled and withdrawn listings,  17 expired listings and 42 price adjustments.

Click the image for a larger version of the chart.

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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