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Saskatoon real estate week in review: November 18-24, 2012

Saskatoon real estate week in review: November 18-24, 2012

Saskatoon real estate sales fell further this week taking their fifth consecutive weekly slide to reach their lowest point since January of this year. Local REALTORS® reported just 50 house and condo sales to the multiple listing service® for a weekly decline of 13 units and a drop of 20 when compared against sales recorded during the same period last year. New listings edged higher as 91 houses and condominiums were added to the  Saskatoon MLS® inventory, up 11 from the previous week and ahead of last year’s number by 20 homes.


A fairly high number of cancelled listings kept the inventory of Saskatoon MLS® listings from reversing its six week trend of moving lower. The declines were kept to a loss of just four units from the totals. At the close of the week there were 1062 active MLS® listings in the residential category. That’s roughly 60 fewer units than could be found on the system a year ago. At this time there are 625 single-family homes and 337 condominiums for sale in Saskatoon. Last year at this time, single-family homes stood at 668 and condo inventory was at 383.


A near absence of luxury home sales brought the median sale price for a Saskatoon home lower this week by about eighty-five hundred dollars to just $314,000. The average sale price of a home fell further dropping more than 40K from the previous week to just $319,354. The six-week average sale price slipped about fifteen hundred dollars from last week to close the week at $336,065 for an annual gain of about eleven thousand dollars. The four-week median actually finished ahead of last week by two thousand dollars. It closed the week at $324,500 up nineteen thousand dollars from the same week a year ago.


Overbid sales fell to just one home. The seller netted an additional $1,100 on top of their asking price. Another ten buyers paid full price to close a deal on the home that they wanted. Meanwhile, 39 buyers ground their seller for a bit of a deal and picked up a discount averaging $9,265.


Other notable MLS® activity this week included 43 cancelled and withdrawn listings, 20 expired listings and 20 price adjustments.


Highlights from the news this past week

Mortgage crackdown threatens economy - CBC News 

What happens when the buyer backs out of a home sale - CTV News

Canadian homes are getting more affordable - 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.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now.


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 Vidorra

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