Saskatoon real estate week in review: January 20-26, 2013

Saskatoon real estate week in review: January 20-26, 2013

Home sales surged forward to reach their highest weekly volume for the new year, making big gains on last week while continuing to fall short of last year’s numbers for the tenth consecutive week. Saskatoon real estate agents reported a total of 54 firm sales of single-family homes and condominiums to our MLS®, up 18 units from the previous week but down ten from the same week last year.

New listings continued to find their way to the market at a pace that matched last week. In total, 129 new listings of houses and condominiums were added to the multiple listing service® database, 42 more than we saw during the same period of time in 2012.

The total number of active MLS® listings in the residential category moved higher again as it will most weeks as we make our way towards spring. Today’s totals amount to 996 properties, 19 more than the closing number last week and ahead of levels seen at this time last year by 72, or roughly eight percent. As of this morning, Saskatoon real estate buyers can find 590 single-family homes and 316 condominiums showing an active status on the MLS system. On a year-over-year basis, the single-family inventory is up by 63 homes, or roughly 11 percent, while the condo inventory has declined by 73 units, more than 22 percent.

The mix of sales in various price ranges remained fairly stable when compared against the previous week’s sales bringing little change to our price measures. The average sale price for the week barely moved and closed the week at $328,701 while the median inched up just a bit to $321,000. The six-week average price slipped lower by $1400 from last week to $334,539 to pick up an annual gain of roughly sixteen thousand dollars. The four-week median saw slightly more movement as it grew by $3700 from last week’s close to $317,950 and finished up over the same week last year by $14,500.

Once again, this week’s sales saw just one MLS® listing selling above the seller’s asking price. That lucky seller saw a completed deal for $2,100 more than they had initially asked. Another seven sellers firmed up a sale at their full asking price while 46 of this week’s 54 sales concluded at the negotiation table with the buyer netting an average discount of $7,869.

Other notable MLS® activity this week included 20 cancelled and withdrawn listings, 31 expired listings and 30 price adjustments.

Highlights from the news this past week

Sask. economy softening but still strong - Leader Post

First time home buyers take back seat for next two years: Remax - Financial Post

Incomes lag behind Saskatoon housing cost - Star Phoenix

Canadian house price growth slows to three-year low - Financial Post

Home prices slip again, first four month slide since recession - Globe and Mail

Home prices climbing - Global News Saskatoon

Delinquent loans fall record low amid signs Canadians kicking debt habit - Financial Post

Canada’s inflation remains at 3-year low, easing pressure for rate hike - 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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