Saskatoon real estate week in review: November 25 - December 1, 2012

Saskatoon real estate week in review: November 25 - December 1, 2012

Saskatoon home sales saw a strong increase from last week’s totals but finished lower compared to the same week last year for the second week in a row. Real estate agents reported 63 firm house and condo sales to the Saskatoon multiple listing service® this week, up 13 from the previous week but falling short of last year’s numbers, also by 13. New listings remained stable on a weekly basis as 91 homes were added to The MLS® inventory, up just one from the previous week and behind the number of listings generated over the same period of 2011 by 13 properties.

The inventory of Saskatoon MLS® listings took its biggest hit in a month’s time as 46 residential listings expired from the market on the final day of November. As of this morning buyers had a choice of 1023 residential properties, down 40 properties from the close of business last week and lower than inventory at this time last year by 39. Today there are 603 single-family homes and 320 condos showing an active status on the MLS®. Last year at this time those two categories of Saskatoon housing stood at 637 and 387, respectively.

Luxury home sales missed in last week’s numbers were back in full force and pushed the median sale price of a Saskatoon home sharply higher to a whopping $367,250. That’s up more than $50K from last week. At the same time, the average sale price of a home blasted ahead and reached a new weekly high of $382,456. The longer term measures that we track both followed along making substantial weekly gains. The six-week average sale price of a Saskatoon home jumped almost nine thousand dollars ahead of last week’s number to claim a thirty thousand dollar annual gain. The four-week median price picked up even more to finish up more than ten thousand dollars on a weekly basis and thirty-five thousand dollars annually.

Overbid sales once again disappeared from the numbers this week. Thirteen lucky sellers did manage to receive an offer for the full asking price. Meanwhile, 50 of this week’s 63 sales were reported to have sold for less than the asking price with an average discount of $13,484, one of the largest average underbids we’ve seen in recent weeks.

Other notable MLS® activity this week included 37 cancelled and withdrawn listings, 46 expired listings and 22 price adjustments.

Highlights from the news this past week

As tougher mortgage rule slow housing, critics call for reversal - Financial Post

Saskatoon’s commercial retail sector robust - Star Phoenix

CMHC’s business shrinks amid Ottawa’s insurance cap - Globe and Mail

Hard or soft landing? Canada’s housing market from boom to... - Financial Post

Cooling housing market not all bad news, says CIBC - 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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