And they’re off!
The new year for the Saskatoon real estate market began in a rather sluggish manner with just 15 house and condo sales being reported to the local multiple listing service®, the lowest total for any week since the final week of 2008 when just 13 deals firmed up. This week’s tallies are behind the previous week by roughly half and well below last year’s opening week sales of 39 Saskatoon homes. In the larger context, this truly doesn’t mean much. After all, just a few days earlier we wrapped up what was the best year for Saskatoon MLS® real estate sales since 2007, and the second best year ever. Yay, Saskatoon!
New listing activity moved much quicker as home sellers got busy trying to get a jump on the spring listing market, a smart strategy, in my opinion. A total of 84 single-family homes and condominiums were added to the Saskatoon MLS® system over the course of the week. That’s up from just 26 new listings the previous week but down from 99 for the same period a year ago.
The inventory of Saskatoon MLS® listings moved lower again due to a slew of listings that expired at year end to bring the total number of available residential listings to just 891. That trims the inventory by 44 units from last week to leave us ahead of numbers recorded at this time last year by 29. Today’s home buyers can find 541 single-family homes and 267 condominiums showing a for sale status on the MLS® system. There are more single-family homes available this year while condo buyers will find slightly less to choose from. Last year at this time those categories of Saskatoon homes were at 506 and 295 respectively.
If the number of sales for the first week of the year in virtually meaningless, price measures for the week are even less significant when measuring just 15 units, but hey, we do this every week so why stop now? The average selling price of a Saskatoon home came in at just $302,227 while the median price was $306,000. Both measures were just a few thousand dollars lower than they were during the previous week. Meanwhile, the six-week average sale price of a Saskatoon home pushed higher by about twenty-five hundred dollars from last week to reach $347,794 to take an annual gain of almost thirty-five thousand dollars. The four-week median price inched ahead with a weekly gain of less than a thousand dollars and reached $337,396 to finish ahead of the same week last year by almost twenty-four thousand dollars.
After a three week absence, overbidding made a bit of a comeback. There were just three homes that were reported to have sold above the asking price, but still, that’s a pretty strong share given that this report is based on a meager 15 sales. Those three deals went over list price by an average of $2,266. One other lucky seller came away from the negotiations with their full asking price while 11 of 15 had to agree to an average discount of $6,436 to wrap up a closed deal.
Other notable MLS® activity this week included 17 cancelled and withdrawn listings, 89 expired listings and 12 price adjustments.
Highlights from the news this past week
Expectations high for Saskatoon in 2013 - Star Phoenix
Saskatchewan home builders leading the way, says CHAB president - Star Phoenix
Saskatchewan’s retail industry gaining strength - Star Phoenix
Saskatchewan stays strong - Star Phoenix
Sask. Chamber of Commerce says growth to continue in 2013 - NewsTalk 650CKOM
Experts see solid growth for Saskatchewan - Star Phoenix
Saskatchewan poised for good year - Star Phoenix
Canada’s housing hangover: Real estate boom, meet dot-com crash - Globe and Mail
Saskatchewan small business optimistic about 2013 - News Talk 650CKOM
Record year for building permits in Saskatoon - Star Phoenix
Why housing prices aren’t coming back - Globe and Mail
City home sales, prices increase in 2012 - Star Phoenix
Sask. labour market trumps Alta. for the first time in decades - News Talk 650CKOM
Sask. posts record December job numbers - Star Phoenix
On behalf of all of us at TeamFisher, Royal LePage Saskatoon Real Estate, Happy New Year! It's been our pleasure to serve you if we've had that good fortune in the past year. If not, we hope that we might connect with you this year to provide top-notch service in the purchase or sale of a home. In any case, thank you making our website a part of your home search or sale tool kit. Please come back often. :)
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.
Royal LePage Vidorra