Saskatoon real estate week in review for October 13-19, 2013

Saskatoon real estate sales saw their first real significant drop in months this week as the total number of homes (single-family dwellings and condominiums) reported sold to the local MLS® fell to 54 from 82 last week. That’s the lowest number of units traded during any week since early February, but not totally out of sync with what we might expect at this time of year. In fact, it’s one ahead of the number of Saskatoon homes sold during the same week last year.

New residential listingsthat were added to the Saskatoon multiple listing service® database also fell sharply lower, dropping to just 112 properties from 185 the week before to record their slowest week since the last week of March. During the same week of 2012 local real estate agents brought 116 home listings to the system.

Once again, the week closes with the total number of residential listings offered for sale on the Saskatoon MLS® increasing, albeit ever so slightly. Active listings increased by one from last week to 1402. As you’ll know if you’ve been reading for the past few weeks, that’s the highest number of active listings for this particular week in over five years, and a significant diversion from normal inventory patterns at this time of year when declines are typically well underway. Last year at this time, buyers could find only 1192 residential listings on the MLS®. Today’s totals include 884 single-family homes, way up from 725 a year ago, and 422 condominiums, just a handful more than we had at this time last year when the category sat at 411. The balance of the inventory falls into other categories like semi-detached, duplexes, lots, trailers, etc.

Both the median and the average sale price of a Saskatoon home took large gains this week rising to $369,450 and $374,320 respectively. The long term measures we track both spiked higher. The six-week median price jumped sixty-five hundred dollars to $353,548 for an annual increase of more than twenty-seven thousand dollars. Meanwhile, the four-week median price moved higher by 15K to reach $345,000 and claim a year-over-year increase of twenty-five thousand dollars.

Overbid sales nearly fell off the map as just one Saskatoon home seller found a buyer willing to pay more than their list price. That buyer made a pretty strong overbid of five thousand dollars to sew up the home of their dreams. On the other hand, 47 buyers met a seller willing to negotiate and they bagged a discount averaging $10,213. Another six homes traded at the seller’s asking price.

Other notable MLS® activity this week included 41 cancelled and withdrawn listings,  17 expired listings and 50 price adjustments.

Highlights from the news this week.

Housing market pushes ahead but is a retreat lurking? - Globe and Mail
Canada’s housing market begins to apply the brakes - Financial Post
Canadian housing market expected to stay on a hot streak - Globe and Mail
Existing home sales surge 18 percent from a year ago: CREA - Financial Post
September home sales soar - Globe and Mail
In a hot housing market should you keep renting or buy? - Globe and Mail
Carrick on money: Are homes an investment? No way! - Globe and Mail
Banks agree: Market will slow in 2014- CanadianRealEstateMagazine.com

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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 Saskatoon Real Estate