Saskatoon real estate week in review: August 12-18, 2012

This week, the Saskatoon residential real estate market experienced its quietest week since early spring as the number of houses and condos reported sold to the MLS® by local agents slipped to just 74. That’s down seven homes from the previous week but behind sales recorded during the same week last year by 23 properties. While year-over-year gains were quite typical throughout the second quarter, and most of the third, the last six weeks have seen sales fall below last year’s strong levels three times. Looking at MLS® sales totals for those six weeks we see an overall decline of four percent compared to total Saskatoon home sales (houses and condos) during the same period last year.

After dropping sharply last week, new listings spiked higher to 144 homes for a weekly gain of 42 and a year-over-year increase of 43 properties.  By contrast to sales, new listings added to the multiple listing service® have increased over the previous year in 12 of the past 13 weeks.

Click the image for a larger version of the graph.

Still, the total number of active residential listings on the Saskatoon multiple listing service® grew by just 11 properties this week to settle at 1238 by today. That’s down from 1368 at the same point in 2011. Active residential listing have remained quite stable, fluctuating between 1200 and 1250 for about 15 weeks now. Looking at more specific housing categories, we have 406 condominiums available today on the MLS®, down from 475 at the same time last year. There are 767 single-family homes showing an active status on the system today compared to 810 at this point during 2011.

Click the image for a larger version of the graph.

The average price of a Saskatoon home sold this past week managed to slip about seven thousand dollars to $342,237 in spite of the fact that a single house sale at more than $1.3 million skewed the numbers higher. The weekly median also slid lower dropping eighty-five hundred dollars from last week to $321,500. The six-week average sale price followed and shed seven thousand dollars from last week to settle at $337,945 for a year-over-year increase exceeding thirty thousand dollars. Meanwhile, the four-week median price fell lower by just one thousand dollars on a weekly basis to $326,000 for an annual increase of 26K.

Click the image for a larger version of the graph.

Overbid sales were a near non-factor with just three buyers offering to pay more than the seller’s list price by an average of $2,067. Another nine offered all that the seller was asking while 62 of 74 completed sales fell short of the listed price by an average of $10,318.

Other notable MLS® activity this week includes 48 cancelled and withdrawn listings,  just seven expired listings and 42 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

CMHC forecasts slowdown in housing market – Globe and Mail
Housing market crash not in the cards for Canada: CMHC – Financial Post
Drop in listings points to calmer Canadian housing market – Globe and Mail
Canadian home prices falling steadily – Financial Post
How to avoid home buyer’s regret – Financial Post
Home sales steady, but prices down – Canadian Press in Star Phoenix
When renting is an appetizing option – Globe and Mail
Home ownership in Canada reaching new heights – 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 Saskatoon Real Estate