Saskatoon real estate week in review: March 3-9, 2013

Saskatoon real estate week in review: March 3-9, 2013

Saskatoon real estate continued to move at respectable pace this week, actually beating sales from the same week the previous year for just the second time this year. Local agents reported a total of 71 firm house and condo sales, a drop of six from last week but up by 14 from the same period last year.

While sales were reasonably strong new listings were through the roof. This week, 181 house and condo listings were added to the MLS® system. That’s the most for any week since June of last year and it stands apart as one of the biggest listing weeks in the past five years. Some of that was likely expired listings that dropped off of the system the previous week, but still, the selection of available homes suddenly saw an improvement if you’re a buyer.

The inventory of available MLS® listings in the residential category took its biggest jump this year growing to 1047 from 976 at the close of the previous week to finish up over the same week last year by about two dozen units. Today’s totals show 648 single-family homes and 310 condominiums available to buyers. At this time last year those two housing types sat at 599 and 331 respectively.

Even in the absence of any huge luxury home deals the average sale price of a Saskatoon home managed to remain high dropping just a couple thousand dollars from last week to $339,030. The median price grew by seven thousand dollars to $317,500. The six-week average price continued to inch ahead gaining about fifteen hundred dollars from the previous week to reach $334,519 for an annual gain of just over fifteen thousand dollars. After sliding to its low point for the year last week the four-week median began to rebound and picked up eight thousand dollars to close the week at 314,250 and record a year-over-year decline for the second week in a row. During the same week last year the four-week median was just slightly higher at $314,900.

Overbid sales showed their strongest numbers in weeks at five. Those deals were reported to have closed at an average of $4,700 above the asking price. Another 12 buyers paid full asking price to wrap up their purchase. Meanwhile, 54 of this week’s 71 house and condo sales came in below the asking price with an average discount of $7,824.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 19 expired listings and 36 price adjustments, twice the number recorded last week.

Highlights from the news this past week

When buying a home leave emotion at the door - Star Phoenix

Canada’s housing market overvalued by 20%: Fitch - Financial Post

Market View: No crash ahead for Canada’s real estate market - Globe and Mail

Real estate sales slow in province - Star Phoenix

Will nervous first time buyers make this spring’s housing market bloom? - Globe and Mail

Most frequently used words on listings show us a bit about our priorities - National Post

Flaherty thanks banks for holding rates steady after BMO cut - Globe and Mail

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.

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Norm Fisher

Royal LePage Vidorra

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