Saskatoon real estate week in review: December 1-7, 2013

Saskatoon real estate week in review: December 1-7, 2013
The Saskatoon real estate market seemed to follow the weather this week, cooling significantly, with firm sales of houses and condominium units falling to just 44, down 20 from the previous week, to close with four fewer sales than were recorded during the same week last year.

New residential listingsspiked higher as they often do during week’s that include a month end. Typically, listings on a good number of properties are set to expire at the end of a month. Many of those often re-appear the same week as a new listing. Still, the numbers were heavy as you can see on the chart. Saskatoon real estate agents brought 108 properties to the multiple listing service® this week, up 27 from last week, and 23 more than were listed during the same period of 2012.

In spite of weakening sales and big new listing numbers, month end expired listings and a large handful of listing cancellations brought the total number of residential properties that are offered for sale on the Saskatoon MLS® system lower again for its third consecutive weekly decline. At this time, there are 1186 residential properties (houses, condos, lots, duplexes, semi-detached and mobile homes) displaying an active status on the MLS®. That’s a drop of 60 homes from the close of the previous week, the largest weekly decline since the last week of October. At this time last year, the total number of MLS® listings available within the city of Saskatoon was 1023, so we’re still well ahead of last year. Today, home buyers can find 737 single-family homes (houses) and 342 condos for sale. At this time last year, those two categories of housing stood at 602 and 313 respectively.

Fewer than the normal number of high end sales brought average prices lower over the past couple of weeks. This week, they moved back up with the average sale price of a Saskatoon home reaching $344,755 and the median sale price hitting $345,000. The longer term measures barely moved this week. The six-week average price was down just a couple of hundred dollars to $347,287 to finish the week down from where it sat a year ago by about thirteen hundred dollars. The four-week median was unchanged from a week ago finishing at $319,920 for a year-over-year loss of almost fourteen thousand dollars. Weeks like these with very few sales are not always telling the truth but the longer term measures do appear to be showing some weakening in recent weeks as a strong supply of listings and fewer buyers provide some challenges for those wishing to move their home this year.

The number of sales that were reported with a selling price that exceeded the seller’s asking price increased to three. Those overbid amounts average just $1433. Another nine deals closed at the seller’s full asking price while 32 of the week’s 44 sales closed at a price below the seller’s list price by an average of $11,344.

Other notable MLS® activity this week included 51 cancelled and withdrawn listings, 66 expired listings and 24 price adjustments.

Highlights from the news this past week

City building permits approach record pace - Star Phoenix
Royal LePage Condo Report, 2013 - Royal LePage
Royal LePage Condo Report: Instability ahead but no bubble - Huffington Post
Condo market braces for period of ‘turbulence’ - Global TV
Rebound continues in Canada’s housing market - Globe and Mail
Private mortgage insurers prod CMHC to increase CMHC premiums - Globe and Mail
CMHC releases third quarter results - CMHC
Flaherty charges CMHC new risk fees on mortgages - Globe and Mail
Could today’s condo glut actually be a good thing? -
Canada’s major condo markets facing ‘instability’ - The Star

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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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