Saskatoon real estate week in review: July 14-20, 2013

Local home sales pushed higher for the second consecutive week as Saskatoon real estate agents reported 100 house and condo deals to the multiple listing service®. That number represents an increase of eight sales compared to the previous week and a year-over-year gain of five, for the first annual sales increase in three weeks time.

On the heels of a couple of weeks that saw new listings grow at a time when they’re typically decreasing the story changed and they began falling lower again. This week, local REALTORS brought 156 listings to the Saskatoon MLS®, down nine homes compared to the previous week but ten more than were listed during the same period of time last year.

Active listings in the residential category of the Saskatoon multiple listing service® grew again climbing 12 units over the course of the week to 1317, well ahead of levels recorded a year ago when Saskatoon home buyers had 1233 homes to choose from. A closer look at the major housing categories shows 776 single-family homes and 454 condominiums displaying an active status. At the same time last year, those key categories sat at 752 and 408 respectively.

Once again, high end sales skewed the average sale price of a Saskatoon home higher to $365,592. Like last week, two sales contributed more than two million dollars in sales volume to the totals. Another six residential sales with prices greater than 600K just increased that even more. This higher number of upper end sales also pushed the median price for the week higher to $333,000. Meanwhile, the six-week average sale price of a Saskatoon home edged higher by six thousand dollars to reach $352,151 for an annual increase of roughly seventeen thousand dollars. The four-week median price remained stable on a weekly basis at about $330,000 to claim an annual increase of about twelve thousand dollars.

Overbid sales continued to trail lower with just two sales being reported as having sold above the seller’s asking price, one by $12,000 and the other by just $100. Another 16 sales were completed at full asking price. The remaining 82 sales closed at a price that was less than the seller had asked by an average discount of $10,984 for the first five figure average in several weeks.

Other MLS® activity this week included 60 cancelled and withdrawn listings, just 1 expired listing and 53 price adjustments.

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Norm Fisher
Royal LePage Saskatoon Real Estate