Saskatoon real estate week in review: February 10-16, 2013

Saskatoon real estate week in review: February 10-16, 2013

Saskatoon home sales surged forward this week reaching their highest point for any week this year as local real estate agents reported a total of 69 single-family home and condominium sales to the Saskatoon MLS® system. That number represents an increase of 20 sales compared to the previous week leaving us down from the same week last year by 21.

New listings moved in the opposite direction slipping by 27 properties compared to the previous week to just 91 Saskatoon homes and finished the week with roughly 35 fewer listings than were processed during the same period a year ago.

After pushing ahead of 1000 listings last week for the first time this year, the total inventory of active MLS® listings in the residential category slipped lower to 999 this week. That’s a drop of ten from last week and just twelve fewer homes than were available on the multiple listing service® a year earlier. On a year-over-year basis the supply of single-family homes has increased by 16 to 590 while condominium inventory has fallen by about 30 properties to just 322.

The average selling price of a Saskatoon home remained fairly stable compared to last week, increasing by just two thousand dollars to $334,585 while the median price for the week edged up about $11,500 to $331,000. The six-week average sale price moved higher over the week by roughly fifteen hundred dollars to $337,171 for an annual gain of a little more than twenty-one thousand dollars. Meanwhile, the four-week median price of a Saskatoon home edged up by almost three thousand dollars compared to last week to claim a year-over-year increase of twenty-six thousand four hundred dollars.

On the heels of a few weeks that produced fewer sales at and above list price the market showed some signs of heating up a bit. Three lucky sellers managed to close a deal for more than they had been asking. In those instances, the average overbid came in at $9,700 to reach its highest point in several weeks. More notable was the number of sales at full asking price, a full twenty, or nearly one-third of all sales. Finally, 46 others hit the sold boards with a price below the list by an average of $8,520.

Other notable MLS® activity this week included 34 cancelled and withdrawn listings, 8 expired listings and 22 price adjustments.

Highlights from the news this past week

After boom, Saskatoon office construction slows - Star Phoenix

Interest rate hikes seen as pushed back as dismal data mounts - Financial Post

Canada’s home sales rise in January easing correction fears - 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.

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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