Saskatoon real estate week in review: December 9-15, 2012

Saskatoon real estate week in review: December 9-15, 2012

Saskatoon home sales continued on their seasonal decline to reach their lowest point since the opening week of 2012 when just 39 homes traded. Local real estate agents reported 43 firm house and condo sales to the Saskatoon multiple listing service® this week, down five from the previous week and falling short of sales produced during the same week a year ago by twenty homes. This was the fourth consecutive week in which sales came in below levels seen last year.

New listings followed a similar pattern falling lower by 12 units compared to the previous week. Saskatoon real estate agents listed 72 houses and condominiums for a year-over-year increase of nine.

In spite of the large gap between listings and sales, the inventory of Saskatoon MLS® listings still managed to slip lower as it dropped by 16 units from the previous week to reach 1007, about where it was at the same time last year. Today there are 608 single-family homes and 301 condominiums showing an active status on the Saskatoon MLS® system. At the close of the same week last year, Saskatoon home buyers could find 571 houses and 373 condos bearing a for sale sign.

For the first time in months, prices remained stable on a week-over-week basis with little movement on any of the measures we track. The average price of a Saskatoon home was $337,456 while the median price was $315,000. The six-week average price slipped a bit more than four thousand dollars from the week before to settle at $344,127 which is anything but stable when measured against last year’s numbers when the six-week average was nearly ten percent lower at $315,874. The four-week median also inched lower on a weekly basis slipping a bit more than one thousand dollars to $332,500 to claim an annual gain that exceeded ten percent. At the close of the same week last year, the four-week median was just $301,888.

Overbid sales were non-existent in this week’s mix but eight lucky sellers did make off with a full price offer. Another 35 closed a deal at a price which was less then they were asking. The average discount on those firm sales was $8,277.

Other notable MLS® activity this week included 19 cancelled and withdrawn listings, 12 expired listings and 17 price adjustments.

Highlights from the news this past week

Home construction cools below forecasts in November - Globe and Mail

Canada’s housing market: A victim of demographics - Globe and Mail

Canada’s housing market set for soft landing: Scotiabank - Financial Post

Canadians flocking to fixed rate mortgage, Mark Carney says - Globe and Mail

Online tools aim to help new home buyers - Star Phoenix

Saskatchewan housing starts remain strong - Star Phoenix

Are Canadians mistaking home equity for wealth? - 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.

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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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