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
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An overview of data collection and calculation practices for our statistical reports is here.
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Norm Fisher
Royal LePage Vidorra
