Saskatoon real estate week in review: October 7-13, 2012

Saskatoon real estate week in review: October 7-13, 2012

Following three consecutive weeks of declines Saskatoon real estate sales sprang back this week as local agents reported 78 firm sales of single-family homes and condominiums to the multiple listing service® for an increase of nine compared against last week and up twelve sales from the same week a year ago. Meanwhile, the number of new listings added to the MLS® slipped lower this week to 115, a drop of 25 from the previous week but well up from the same week last year when just 65 Saskatoon homes were added to the inventory. 

Active residential listings continued to do what they’ve been doing lately; pretty much nothing. Over the course of the week, numbers of active listings on the Saskatoon multiple listing service® grew by 12 to reach 1199. At the close of the same week in 2012 that total stood at 1234. Today’s inventory count shows 729 single-family homes and 374 condominiums. A year ago, the system offered 744 active single-family homes and 416 condos.

The median sale price for the week moved higher by eleven thousand dollars this week to finish at $336,000 while the weekly average plunged lower by almost $45K to $331,888. Last week,  the average had hit an new all time high, skewed by a handful of big sales spread across fewer sales. This week’s average sale price nearly matched the six-week average which came in at $331,825. That’s about four thousand dollars lower than it was last week and up by just over ten thousand from the same week a year ago. Meanwhile, the four-week median edged up six thousand dollars this week to $315K, finishing up over the close of the same week last year by twelve thousand dollars. These are some of the narrowest year-over-year gains that we’ve seen in some time.

Overbid sales saw a bit of a resurgence increasing from two last week to six this week. On average, those buyers paid an additional $6,134 to firm up a deal. Another 11 buyers paid full asking price to close up their home purchase while 60 of the week’s 78 sales were reported to have sold below the asking price by an average of $8,146, a much smaller number than last week’s $12,410.

Other notable MLS® activity this week included 45 cancelled and withdrawn listings, 22 expired listings and just 33 price adjustments.

Highlights from the news this past week

Saskatoon housing starts jump: CMHC - Star Phoenix
Potentially flawed data used by banks and lenders bump up house prices - Globe and Mail
New housing price index rises 0.2 percent in August - Globe and Mail
Why TD Bank thinks Canada is overbuilt- Globe and Mail

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

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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