Saskatoon real estate week in review: May 12-18, 2013

Saskatoon real estate week in review: May 12-18, 2013
Saskatoon homes continued to trade at a steady pace compared to recent weeks as local agents reported 95 firm deals of houses and condominiums to the multiple listing service®, up just two from the previous week, and ten fewer sales than were recorded during the same period last year.

On the heels of the year’s two strongest weeks for new listings, activity cooled some as Saskatoon real estate agents added 165 properties (houses and condos) to the MLS® system. That number is down 20 homes from the previous week but up by 11 from the same week a year ago.

The total inventory of residential MLS® listings took its second spring dip, somewhat unusual for this time of year, slipping just one unit from the previous week to finish at 1183 homes and falling below levels recorded at this time in 2012 by 20 properties. Today’s inventory numbers show 729 single family homes and 377 condominiums with an active status. Single-family home inventory nearly matches last year’s numbers when buyers could find 726 homes to choose from. Condo numbers are down a bit from the previous year when just over 400 units were available on the Saskatoon multiple listing service®.

Another residential sale above the million dollar mark pushed the average sale price of a Saskatoon home higher again this week. It moved up nearly 15K from the previous week to reach $364,578. Fewer low end sales helped the median price increase as well. It grew by about ten thousand dollars from last week to $347,500. The six-week average price failed to take any significant gains inching up just a few hundred dollars from last week to $353,656 to claim an annual gain of more than eleven thousand dollars. The four-week median price went up five thousand dollars from the previous week and reached $340,000, it’s highest point since early January. That number is about twenty-two thousand dollars higher than it was at the same time last year.

The number of Saskatoon home sales that were reported to have sold above the seller’s asking price plummeted, falling from nine last week to just three this week. Those sales produced an average overbid of just $1400. Another 14 transactions closed at full list price while 78 of the week’s 95 sales had the seller sharpening their pencil for a below list sale with an average discount of $9,335.

Other MLS® activity this week included 50 cancelled and withdrawn listings, 5 expired listings and 45 price adjustments.

Highlights from the news this past week

Thousands of immigrants flock to Saskatoon - Star Phoenix
Canada’s banks could be on the hook to bail out CMHC if disaster strikes - Financial Post
Canadian housing market not that bad for banks - Financial Post
House price gains expected to dip to lowest since 2009 - Globe and Mail
Flaherty says Canada real estate income trust wave no concern - Financial Post
Would shorter amortizations make the housing market safer? - Globe and Mail
Canada’s housing meltdown? Must’ve missed that - Financial Post
Signs of spring - and a soft landing - in Canadian real estate - Globe and Mail
Canadian home sales edge up in April, price gains least in two years - Financial Post
Are all of our eggs in the housing basket- Financial Post

Children and condos can go together with careful planning - Star Phoenix

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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

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