Saskatoon real estate week in review: December 23-29, 2012

Saskatoon real estate week in review: December 23-29, 2012

As was the case in most years past, the Saskatoon real estate market wound down to reach its lowest point of the year for weekly sales volume. Local agents reported just 31 firm sales to the multiple listing service®, down 21 sales from the previous week, and behind numbers recorded during the same week of last year by five.

The number of new MLS® listings added to the system followed along registering just 26 and seeing the same drop as sales, 21 on a weekly basis and five annually.

The total inventory of Saskatoon MLS® listings in the residential category continued to trend lower dropping by 16 units from last week to close at 935, up 23 units from levels seen one year ago. This morning’s MLS® search shows a total of 567 single-family homes displaying an active status. That number is up roughly ten percent from a year ago when 510 houses were for sale within the city limits. In the condominium category, buyers can find just 274 condos to choose from, which is lower than last year’s numbers by about 20 percent.

With just one home sale that exceeded $500K, the average sale price of a Saskatoon home tumbled about $55,000 compared to last week to finish at $308,721. That measure has only managed to find itself below $310K a couple of times since last spring. The median sale price fell even more dropping sixty-one thousand dollars from the previous week to $290,000. The six-week average slipped lower by about six thousand dollars on a weekly basis to settle at $345,343. That’s nearly $30K higher than it was at the close of the same week last year. The four-week median price edged lower on a weekly basis by almost four thousand dollars to $336,500. That measure finishes higher than it was a year ago by thirty-five thousand dollars.

Overbids failed to appear on any of this weeks sales, as they have for the past few weeks. To the best of my recollection, that may represent the longest run of no overbids in the past several years. Ten of this week’s successful sellers did manage to find a full price offer. The other 21 sellers accepted an offer that was below their asking price with an average discount of $8,866.

Other notable MLS® activity this week included just 5 cancelled and withdrawn listings, 18 expired listings and 14 price adjustments.

Highlights from the news this past week

Dear first-time homebuyer: Ottawa wants you to tread carefully - Financial Post

Why Canada’s housing market faces an identity crisis - Globe and Mail

Canadians carry record debt levels - Star Phoenix

Five mortgage market predictions for 2013 - Globe and Mail

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.

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 Vidorra


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