Saskatoon real estate week in review: November 17-23, 2013

Saskatoon real estate week in review: November 17-23, 2013
On the heels of a couple of seasonally soft weeks for Saskatoon real estate sales the tide turned as unit sales surged higher. Local real estate agents reported 82 house and condominium sales to the Saskatoon multiple listing service® this week for a weekly gain of 27 sales and a year-over-year increase of 32 properties.

New residential listings also showed increased activity moving higher than last week’s total by six to finish to week at 100 homes, even. That number is also up on an annual basis. During the sale week last yearSaskatoon real estate agents processed just 94 new home listings on the Saskatoon MLS®.

Active Saskatoon real estate listings stayed fairly stable slipping just 16 units from the close of the previous week to settle at 1281, about 220 more homes than were available at this time last year. By week’s end buyers could find 786 single-family homes and 381 condos showing an active status on the Saskatoon MLS® system. Last year at this time, those two categories of homes sat at 625 and 337 respectively.

You may recall that last week a handful of high end property sales pushed the average sale price of a Saskatoon home to its highest weekly number for the year. Absent that skewing factor the average corrected itself and fell sharply lower to $330,216 this week to reach its lowest point since September. Far more activity at the lower end of the pricing spectrum saw the median sale price of a local home drop nearly $30,000 to close the week at $310,220. The six-week average dropped about thirty-seven hundred dollars from last week to finish at $353,130 which was enough to bring a year-over-year increase of seventeen thousand dollars. Meanwhile, the four-week median price of a Saskatoon home slid for the third consecutive week reaching $327,500 for an annual increase of just three thousand dollars.

This week’s sales included two that sold above the seller’s asking price. Those deals netted the seller an average overbid of $7,650. Another 14 buyers paid full asking price to lock up a contract while 66 of this week’s 82 closed transactions went below list price by an average of $15,553. This discount was skewed significantly by a dozen or so area 4 condo sales that all went to one buyer who was able to negotiate discounts as high as 75K on a few of those units.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 3 expired listings and 32 price adjustments.

Highlights from the news this past week

Urban dream looks promising - Star Phoenix
October home sales up from a year ago, but down from September: CREA - MacLean’s
House sales slow after buyer’s rush in to lock up rates - Globe and Mail
Canadian home prices in for a soft land, rating agency predicts - Economy at risk as demand cools for new homes - Globe and Mail
Rates to stay low: Mortgage brokers - Winnipeg Free Press
Bank of Canada chief says Canadian housing is not in a bubble - Financial Post

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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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