Saskatoon real estate sales continued to trend lower as is typical at this time of year. Home sales slowed to see just 63 houses and condos trade through the Saskatoon multiple listing service®, down six from the previous week to handily beat sales for the same period a year ago by 13. New listings followed along and slipped to their lowest point for any week this year as just 80 propertied were added to the MLS® system. That number is lower than last week by 19 but ahead of the same week last year when just 73 homes were brought to the market.
At the same time, the inventory of Saskatoon MLS® listings in the residential category continued to lighten modestly as it fell just nine units compared to its close one week ago and reached 1066, its lowest level since April. That number is down about nine percent from where it sat at this point in 2011 when 1149 properties displayed an active status on the Saskatoon multiple listing service®. Today there are 634 single-family home listings and 343 condominiums available to home buyers. Those two categories of residential real estate stood at 686 and 397 respectively, exactly one year ago.
Encouraged by some big sales at the upper end of the market, the average sale price of a Saskatoon home took a big jump this week and reached $360,436. The median price moved in the same direction but strong activity (unit sale numbers) at the entry to mid-level of the market kept it from catapulting like the average. It crept up just four thousand dollars to $322,500. Meanwhile, the six-week average selling price of a Saskatoon home saw its first downturn in a few weeks as it slipped by nearly three thousand dollars to $337,574 to finish about twelve thousand dollars higher than it did at the close of the same week last year. The four-week median price edged up about twenty-five hundred dollars from a week ago to finish this week at $322,500. At the same point in 2011 the four-week median was at $300K even. That’s the largest year-over-year gain we’ve seen in several weeks now.
Overbid sales remained steady with the previous week at just two, but the average overbid slipped lower to just $100. Another ten home buyers stepped up with an offer of full list price while 51 of this week’s 63 deals closed below the asking price by an average of $10,560.
Other notable MLS® activity this week included 30 cancelled and withdrawn listings, 10 expired listings and 31 price adjustments.
Highlights from the news this past week
Remax predicts modest increase for house prices in 2013 - Star Phoenix
Canada’s home sales cool: How bad is your market? - Financial Post
Home sales slow but market expected to remain stable - Globe and Mail
Housing market remains stable in Saskatoon - Star Phoenix
Home sales dip slightly in October - 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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