Saskatoon real estate week in review: January 27-February 2, 2013

Saskatoon real estate week in review: January 27-February 2, 2013

It was another decent week for Saskatoon real estate sales as local agents wrapped up a total of 68 firm house and condo deals. This week’s numbers are up 14 from the previous week and ahead of the same week a year ago by 12 sales putting an end to a 10-week losing streak during which sales fell below levels recorded the same week in the previous year.

New listings continued to flow onto the multiple listing service® at a steady pace slipping just five units from last week to 123, but falling well below levels recorded during the same week last year when 157 Saskatoon home sellers introduced their property to the market.

The active inventory of MLS® listings in the residential category took a pretty good dip from the close of the previous week as listings set to expire on the final day of January moved out of the system. As of this morning, there are 961 properties showing an active status, down 36 homes from the close of the previous week and just slightly shy of last year’s levels when  973 Saskatoon homes could be found for sale on the MLS® system. Taking a closer look at exactly what’s available, buyers will find 567 single-family homes and 314 condominiums for sale in Saskatoon. That pretty closely resembles last year’s numbers when the inventory of detached houses sat at 559 and condo inventory was at 330 units.

More sales at the upper end of the market caused the average sale price of a Saskatoon home to move up as it reached its highest point in seven weeks at $350,995. The median sale price for the week took a large jump as well to $349,000. Meanwhile, the six-week average price managed to slide about $1,500 from the previous week to $333,072 and closed the week higher on a year-over-year basis by about thirteen thousand dollars. The four-week median price jumped by more than ten thousand dollars compared to last week’s levels to close the week at $328,500 for an annual gain approaching nineteen thousand dollars.

As has been the case for quite a number of weeks, overbidding was a pretty rare happening in this week’s sales. Two buyers did bid up the price on the home they bought, one paying $4,100 over asking, the other paying just $100 more than the seller’s asking price. The number of sales at the list price did double from the previous week to 14. Meanwhile, 52 of this week’s reported sales came in under the asking price with an average discount of $10,777.

Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 51 expired listings and 24 price adjustments.

Highlights from the news this past week

Victoria based developer buys prime land at River Landing - Star Phoenix

Moody’s downgrades Canadian banks over consumer debt exposure - Financial Post

Saskatoon retail sales hit record in 2012 - Star Phoenix

Victoria developer bullish on Riversdale - Star Phoenix

Two groups vie for claims to historic church - Star Phoenix

Economy grows at fastest rate in seven months - 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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