Saskatoon real estate week in review: March 10-16, 2013

Saskatoon real estate week in review: March 10-16, 2013

Saskatoon home sales continued to inch higher this week reaching their largest number for the year so far as local real estate agents reported 86 firm house and condominium sales to the local MLS®. That total brings a gain of 15 sales on a weekly basis and puts us ahead of the same week last year by four. That’s the second consecutive week in which sales outpaced the previous year, a somewhat hopeful sign for sellers and real estate agents who have been faced with declining sales in 16 of the previous 17 weeks.

Following an exceptionally strong week for new listings , additions to the Saskatoon multiple listing service® slowed some dropping more than 50 units from the previous week to 127, about even with the number of house and condo listings that entered the system during the same week last year.

Strong sales activity and a typical number of cancelled and expired listings kept the inventory of MLS® listings from gaining any ground this week. In fact, it slipped by ten from the close of the previous week to 1037, and finished lower on a year-over-year basis by just 15 properties. The trend line for MLS® inventory in 2013 seems to be hugging the 2012 line pretty tightly even as sales over the first quarter appear to be poised to fall short of reaching last year’s numbers. Today’s totals show 656 active single-family home listings and 297 condominiums. A year ago, those two important housing categories stood at 613 and 342 respectively.

The average price of a Saskatoon home sold last week was up just a few hundred dollars from the previous week to $339,327 while slightly more activity at entry levels put the median sale price lower by a little more than six thousand dollars to $308,000. The six-week average price declined by a bit more than two thousand dollars to finish the week at $332,441 for an annual gain of about fourteen thousand dollars. Meanwhile, the four-week median price dropped by a little more than seven thousand dollars to close at $307,000 losing about nine thousand dollars compared to the same week last year. This is the third consecutive week that the four-week median price has shown a year-over-year decline.

Overbid sales matched last week’s numbers at five while the average overbid paid made some upward strides hitting $7,740. Another 18 sellers managed to close a deal at their full asking price. The remaining 64 Saskatoon real estate sales closed below the asking price netting buyers an average discount of $10,121.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, seven expired listings and 32 price adjustments.

Highlights from the news this past week

Saskatoon real estate market booms for luxury homes - Star Phoenix

What first time buyers really need: Affordable housing prices - Globe and Mail

Moody’s analysis contemplates 44% drop in Canadian house prices - Financial Post

Don’t expect a large return from your house over the next ten years - Globe and Mail

Real estate market outlook cools as home sales plunge - Globe and Mail

CIBC, National Bank and TD all susceptible to slowing housing market - Financial Post

New house prices rise in January - Globe and Mail

Home sales plunge 16% in a year as price gains slow - 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

Subscribe to our Blog

The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
$(document).ready(function () { var allBoxes = $("#mrp-container10 div.weblet_web-syndication").children("div"); transitionBox(null, allBoxes.first()); }); function transitionBox(from, to) { function next() { var nextTo; if (":last-child")) { nextTo = to.closest("#mrp-container10 .weblet_web-syndication").children("div").first(); } else { nextTo =; } to.fadeIn(500, function () { setTimeout(function () { transitionBox(to, nextTo); }, 7000); }); } if (from) { from.fadeOut(500, next); } else { next(); } }