Saskatoon real estate week in review: December 16-22, 2012

Saskatoon real estate week in review: December 16-22, 2012

Saskatoon real estate sales took a bit of an upward turn on a weekly basis as local agents reported 54 firm house and condominium sales to the city’s MLS® system. That tally is up 11 property sales from the previous week but falls below the number counted during the same week last year by nine.

The number of new MLS® listings added to the system plummeted as it always does this week. Those numbers slipped lower than last week by 25 and settled at just 47 homes to see an annual gain of six listings when compared against the same period in 2011.

The inventory of Saskatoon MLS® listings saw its largest weekly decline since the last week of October and slipped below the 1,000 property mark for the first time since early March. As of this morning there are 951 property listings showing an active status on the Saskatoon multiple listing service®, down 56 homes from last week’s close but pretty much on par with the number of properties available in Saskatoon on the same date last year, 953. Taking a closer look at categories of housing we find 579 single-family homes, an increase of nearly 40 properties compared to levels seen a year ago. Condos, on the other hand are showing a rather steep decline on an annual basis falling from 354 listings last year to just 275 today.

Strong activity at the upper end of the market pushed the median price of a Saskatoon home higher this week by more than twenty-six thousand dollars to $351,300. The average sale price, encouraged by a handful of sales above the 600K mark followed along and gained about as much as the median to reach $364,134. The six-week average price grew by more than seven thousand dollars over the week to hit $351,497 and took the largest annual gain we’ve seen this year, just over thirty-seven thousand dollars. That closing number is within $130 of the previous high six-week average price for the year. The four-week median sale price of a Saskatoon home took a weekly jump of more than eight thousand dollars to reach its peak point for 2012 at $340,325 for an annual gain similar to that of the six-week average price.

Overbid sales were non-existent for the second week in a row. Ten lucky Saskatoon home sellers did close a deal at the full asking price placed on their MLS® listings. Meanwhile, 44 of this week’s 54 firm home sales closed at a price which was less than the seller was asking by an average of $13,467

Other notable MLS® activity this week included 20 cancelled and withdrawn listings, 29 expired listings and 15 price adjustments.

Highlights from the news this past week

Rental demand to remain high in Saskatoon - Star Phoenix

Canada’s housing market forecast cut after mortgage rules bite - Financial Post

Struggling real estate market can have huge impact - Globe and Mail

Is Saskatchewan the country’s next ‘it’ province? - Star Phoenix

Home sales forecast cut for 2012, 2013 - Star Phoenix Sask. population hits all time high - Star Phoenix

National home prices cool in November - Globe and Mail

Shaky foundations: How Ottawa’s computers get home prices wrong - Globe and Mail

Top 2012 housing stories,from crash warning to rent vs. buy - Financial Post

A map displaying the boundaries of Saskatoon real estate areas is here.

An overview of data collection and calculation practices for our statistical reports is here.

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Norm Fisher

Royal LePage Vidorra

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