Saskatoon real estate week in review: January 8-14, 2012

...and we’re off. The Saskatoon real estate market recorded its second week of year-over-year sales gains for 2012, accompanied by annual declines in new listings.Local agents reported 55 firm house and condominium sales to the Saskatoon multiple listing service®, up sixteen sales when compared against the previous week, and ahead of sales for the same week last yearby 13 units. Meanwhile, new listings inched higher on a weekly basis growing by just four to close at 103 houses and condos, down ten from 113 homes listed during the same period of 2011.

 

 

For the first time in nine weeks, the total inventory of active residential listings grew, closing the week at 902 units, well up from 862 at the end of the previous week. That said, it also closed lower than it had the previous year for the first time in as many weeks. Presently, MLS® inventory sits just three units below the 905 residential properties that were for sale at the same time in 2011. On an annual basis, all of the losses can be counted in the condo category, which has slipped from 363 available units a year ago to just 309 units today, a fifteen percent decline. Conversely, availability of single-family homes continues to see some improvement for buyers on a year-over-year comparison, growing from 492 a year ago to 510 active listings today.

Cancelled and withdrawn listings ramped up about 25 percent from the previous week to 25 units with 14 of those making a quick, same day return to the MLS® system with a new price and showing zero days on the market. An additional seven properties reached the end of their term without finding a willing buyer and expired from the system. Over the course of the week, 22 Saskatoon home sellers adjusted their pricing strategy in hopes of capturing a buyer before the spring rush of listings ensues.

A couple of huge sales in the luxury category (two that averaged close to one-million dollars each) pushed the average sale price of a Saskatoon home to levels rarely seen. In stark contrast to last week’s unusually low number, the average surged higher by more than 50K to close the week at $349,753. It has only been higher one time when it barely cracked the $350,000 in October of last year. Both of our longer term measures moved in the same direction, though much more modestly. The six-week average price gained about $4,500 over the week before to reach $317,694 and captured an annual gain of about $8,000. The four-week median picked up a little more than $7,000 on the week to finish at $321,492 and claimed a year-over-year gain of more than $26,000. Much of the growth in median prices appears to result from a growing number of higher end sales, as opposed to a diminishing number of lower end, or entry level sales.

Just two Saskatoon home sellers found a buyer willing to pay them more than their asking price. Those two deals were reported to have sold at an average of $800 above list price. Another five sellers bagged a full price offer. Meanwhile, most of the week’s activity required a little back and forth magic to come to an understanding that resulted in a sold sign. Those deals saw an average discount of $10,589 or roughly 2.5 percent of the asking price.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

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Norm Fisher
Royal LePage Vidorra