Saskatoon real estate week in review: March 11-17, 2012

As the weather began to take a serious turn for the better, Saskatoon real estate sales and new listings both heated up this week. Local agents reported a total of 82 sales of single-family homes and condominiums to the MLS® system for a weekly gain of 25 units, up 12 from the same week a year ago. New listings in the same categories came in at 128, up 11 from the previous week, and ahead of new listings for the same period last year by 12.

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Following a bit of a pre-spring stall, the total inventory of Saskatoon homes in the residential category of the multiple listing service® pushed higher for the second week in a row. We closed the week with a total of 1052 listings for a weekly gain of 28 and year-over-year growth of 76 homes. The total number of single-family homes available for purchase on the system grew by 14 this week to 613 for an annual decline of about 50 houses. Meanwhile, total Saskatoon condominiums listed for sale inched ahead with the database growing by just five from last week to 342, about 88 fewer units than were available at the same time last year.

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Over the course of the week, 27 Saskatoon home sellers pulled their listing from the system, most hoping to develop a new strategy for another go at the market. An additional 41 listings saw a price adjustment. Meanwhile, 12 MLS® listings came to the end of their term and expired without a sale.

Prices remained pretty stable compared with the previous week. The weekly median sale price was the only measure that showed much change as it slipped nineteen thousand dollars from last week to $306,000. The average sale price of a Saskatoon home inched higher by just a little more than a hundred dollars to $323,573. The six-week average slipped by about seven hundred dollars from the previous week to $318,517 and picked up an annual gain of more than 24K. The four-week median grew by just one thousand dollars from last week to $315,900 but managed to finish higher than it did the same week last year by nearly thirty thousand dollars.

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The number of Saskatoon home sellers who managed to secure an offer for more than their asking price slipped lower again to just six, with a pretty strong average overbid approaching 10K. Another eight sellers accepted a full price offer while 68 of 82 Saskatoon home sales required a little give and take to close a deal. Those sales came in below the asking price by an average of $9,006 this week.

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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 Vidorra