Saskatoon real estate week in review: August 5-11, 2012

Saskatoon real estate week in review: August 5-11, 2012

The Saskatoon real estate market continued at a steady pace this week with agents reporting a total of 81 houses and condos firmly sold, down seven from the previous week, and up just one when compared against sales recorded during the same week last year. 

New listings finally showed some signs of slowing. Just 102 Saskatoon houses and condos were added to the multiple listing service® over the course of the week. That’s the lowest number for any week since January when it dipped below that level three times. This week’s new listings totals are down 41 from last week and come in at six fewer than were listed during the same period of 2011.

Click the image for a larger version of the graph.

Total active MLS listings slipped lower again but not by much. By week’s end there was a grand total of 1227 residential listings showing a “for sale” status on the Saskatoon MLS® system, a dip of just seven from last week, but well down from the 1410 properties that were available for sale on the same day last year. Today’s buyers have 758 single-family homes and 403 condominiums to choose from. Those two Saskatoon housing categories compare at 820 and 518 respectively when measured against available inventory a year ago.

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Slightly more activity at the lower end of the real estate market brought the weekly median price down by about eight thousand dollars to $330,000 while one sale at nearly $1.4 million dollars kept the average sale price of a Saskatoon home higher than usual at almost $350K. The six-week average price held pretty firm slipping just nine hundred dollars from last week to $344,087 to claim a massive annual gain of almost forty thousand dollars. The four-week median price edged up about forty-five hundred dollars from last week to reach $327,000 while it took an annual bounce of more than 25K.

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Overbid sales once again reached their low point for the year with just two aggressive buyers bidding more than the asking price. Those two sales both came in $1100 above the seller’s asking price. Meanwhile, another seven buyers stepped up and gave the seller all that they were asking while 72 of this week’s 81 sales closed with a negotiation that averaged the buyers a discount of $9,907.

Other notable MLS® activity this week includes 30 canceled and withdrawn listings,  just nine expired listings and 39 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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