Saskatoon real estate week in review: November 24-30, 2013

Following a week that was unusually strong for this time of year Saskatoon real estate sales simmered down as the total number of houses and condominiums reported firmly sold slipped lower by 18 from last week to just 64. That was enough volume to finish ahead of the same week last yearby one.

The number of new residential listingsthat were added to the Saskatoon multiple listing service® database also slipped lower from the previous week. Saskatoon real estate agents brought in just 81 new house and condo listings, down 19 from last week and falling short of the number added for the same week last year by nine homes. That’s just the second time that new listings have been lower than the previous year in about four months time.

The total number of residential properties that are offered for sale on the Saskatoon MLS® system fell lower for the second week in a row. Today’s totals show 1246 active listings, lower than the final numbers at the close of the previous week by 35 homes but still well ahead of available inventory for the sale time in 2012 when just 1063 showed an active status. Today, buyers seeking homes can find a selection of 768 single-family homes, up from the 603 properties that were available at this time last year, and 370 condos, 50 more than could be found a year ago.

The average sale price of a Saskatoon home stayed remarkably stable this week at $329,612. The median price was also pretty firm increasing about three thousand dollars from last week to reach $313,250. Both of the longer-term measures took a slight dip. The six-week average fell lower by almost six thousand dollars when compared against the previous week’s numbers. It closed this week at $347,581 for an annual increase of less than three thousand dollars, the lowest gain we’ve seen in some time. The four-week median slipped seventy five hundred dollars on a weekly basis to reach $319,920 which is the lowest it’s been since late March of this year, and lower than it was for the same week last year by fifteen thousand dollars. Perhaps the lower number of sales and the higher number of listings is finally giving buyers a bit more clout.

Only one of this week’s 64 sales closed above the seller’s asking price. That sale was reported with an overbid of $5,100. Another six deals wrapped up at the full asking price while 57 buyers managed to negotiate a discount averaging $10,355.

Other notable MLS® activity this week included 53 cancelled and withdrawn listings, 14 expired listings and 25 price adjustments.

Highlights from the news this past week

The danger of being stuck in a low interest rate trap - Toronto Star
Why Canadian homes are more unaffordable than ever - Globe and Mail
OSFI says Canada housing market still needs monitoring - Bloomberg
IMF wants CMHC to scale back on mortgage insurance - Globe and Mail
Could CMHC disappear over time? - Financial Post
Higher prices, mortgage rates affecting home affordability: RBC - CTV News
Canadians feeling the pinch of rising prices and mortgage rates - Financial Post
ICR report says local office market remains healthy - 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