Saskatoon real estate week in review: February 12-18, 2012

Sales of Saskatoon homes bounced back from the first weekly year-over-year decline in 2012 as local real estate agents reported 90 firm house and condo deals to the MLS® this week, up 32 units compared to last week, and ahead of the same week a year agoby 18 homes.

New listings came in lower for the second consecutive week slipping just four units from the previous week to 126 and finishing lower than the same period in 2010 by just a few properties.

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A strong sales week prevented the total number of Saskatoon homes offered for sale on the multiple listing service® from gaining any real traction this week. As of this morning, that number sits at 1011, just four units ahead of last week’s close, and 30 units behind levels seen a year ago. Today, we have 574 single-family homes and 351 condominiums that display an active status on the MLS®. Last year at this time, those two categories of housing stood at 567 and 414 respectively.

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Over the course of the week, 43 property listings were either cancelled or withdrawn from the system. Another 37 sellers adjusted the asking price on their home. Meanwhile, 19 MLS® listings reached the end of their term and expired without a sale.

An increase in sales in the middle to upper price ranges pushed the average selling price of a Saskatoon higher than the previous week by about thirteen thousand dollars to $306,079. The median sale price for the week pushed up 10K to hit $304,950. The six-week average sale price held pretty steady on a weekly basis and closed the week at $315,510 to claim an annual gain of almost $15,000. The four-week median nudged higher by fifteen hundred dollars over last week to $301,500 and finished $11,600 higher than it did during the same week a year ago.

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Overbid activity picked up a bit of steam as seven lucky sellers wrapped up a deal for more money than their asking price. The average overbid came in at $2,915. Another 15 Saskatoon home buyers stepped up and paid the seller’s full asking price to close a deal. Still, 68 of 90 recorded sales came in below the list price by an average of $9,337.

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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