Saskatoon real estate week in review: May 5 - 11, 2013

Saskatoon real estate week in review: May 5 - 11, 2013

Saskatoon real estate sales took a small dip on both a weekly and an annual basis this week. Agents reported a total of 93 firm house and condo sales to the multiple listing service®, down five from last week to finish three shy of sales recorded for the same period last year.

New listings continued to flow into the MLS® system at a fairly rapid pace as REALTORS® had their second busiest listing week this year adding 185 houses and condominiums to the inventory, down 11 properties from last week and roughly on par with numbers seen over the same week of 2012.

Following a bit of an unusual decline last week, the inventory of active MLS® listings once again began to increase growing by 32 units over the course of the week to reach 1184 and find itself lower on a year-over-year basis for the first time in eight weeks. Last year at this time residential inventory levels had reached 1190 properties.  By category, this year’s inventory nearly matches last year’s with 714 active house listings, compared to 715 last year and 381 condos, compared to 397 a year ago.

You’ll recall that last week’s price numbers were significantly skewed by a large number of upper end sales including a “handful of pretty pricey homes that traded above $600K” and one that went for more than one million dollars. With fewer of those types of sales in this week’s mix, both the average price and the median price of those Saskatoon homes that sold tumbled lower to $350,334 and $337,000, respectively. Still, both of the longer term measures that we track and share here continued to modestly trend higher. The six-week average price of a Saskatoon home increased by two thousand dollars compared to the previous week to find itself up over the previous year by roughly seven thousand dollars. Meanwhile, the four-week average price gained fifteen hundred dollars from last week’s close to finish at $335,000 and claim an annual increase of eleven thousand and five hundred dollars. These are some of the smaller yearly price increases that we’ve seen in the spring months for some time.

Overbid activity was pretty consistent with last week as a total of nine Saskatoon home buyers closed a deal above the seller’s asking price. The average overbid was $5,569 this week. Another 14 sellers managed to close at their full asking price while 70 of this week’s 93 sales recorded a below list price sale with an average discount of $8,375. Other notable MLS® activity this week included 75 cancelled and withdrawn listings (many re-listed at a new price and pumping up the new listing numbers), 8 expired listings and 44 price adjustments.

Highlights from the news this past week

Canadian banks: Safe as houses? - Financial Post

Renting your home can be lucrative but are you ready for tenants from hell? - Financial Post Why is the man who bet against U.S. housing worried about Canada? - Globe and Mail

CMHC takes first steps towards new identity - Financial Post

What housing crisis? Many homeowners would be spared in a correction - 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.

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ll of my contact info is here. Please feel free to call or email. 

Norm Fisher

Royal LePage Vidorra

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