Saskatoon real estate week in review: June 2-8, 2013

Saskatoon real estate agents were kept busy this week posting record numbers for both sales and new listings compared against any week this year. A total of 107 single-family homes and condominiums traded hands through the Saskatoon multiple listing service®, beating the year’s previous best week by five sales, while finishing ahead of last week by 12, up on the same week last yearby just one.

New listingscame in at 205 homes, up just one compared to the previous week and ahead of new listings posted during the same period of time last year by 22 homes.

Even a record sales week could not keep the total inventory of active MLS® listings in the residential category from reaching a new annual high this week as it closed the week at 1300, ahead of last week by 24 properties, and beating levels recorded a year ago today by 88. That’s the highest number of active residential MLS® listings seen in Saskatoon since the spring of 2011. Taking a closer look at the major housing categories we see single-family homes inventory growing by 35 units from this time a year ago to 763 while condo inventory climbs by 33 units on an annual basis to 451.

All four price measures that we track took a downward turn this week with the average sale price of a Saskatoon home taking the biggest bath slipping nearly $50K to $329,585. A falling weekly median price is indicative of fewer higher end sales in the overall mix. It slipped thirty-three thousand dollars to $320,000 this week. The six-week average was the strongest measure falling just over a hundred bucks to $357,011 to maintain year-over-year growth approaching twenty-two thousand dollars. The four-week median dropped just over seventy-five hundred dollars from last week to close at $334,900 and claim an annual gain of just under ten thousand dollars.

Overbid activity held pretty steady and made up the smallest portion of the weekly sales at five. Those buyers offered their seller an average bonus of $5,980 more than their asking price. Another 20 deals were reported to have sold for the full asking price. Meanwhile, 82 of this week’s 107 buyers managed to grind themselves a bit of a deal with the seller signing off on a discount averaging $8,610.

Other MLS® activity this week included 50 cancelled and withdrawn listings, 9 expired listings and 55 price adjustments.

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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