Saskatoon real estate week in review: July 15-21 2012

Winding down its second full week operating under new mortgage guidelines introduced on July 9, the Saskatoon real estate market saw another steady and solid week of trades. Agents reported 95 firm house and condominium sales to the Saskatoon multiple listing service® this week, up just one from last week’s numbers and ahead of the same week last year by just two sales.

New listings of Saskatoon houses and condominiums fell to their lowest level in four weeks time with just 146 new listings being brought to the market. That represents a decline of 21 homes compared to last week’s listing volume, but it’s sharply higher than it was a year ago when just 106 new listings were added to the Saskatoon MLS® system.

Click the image for a larger version of the graph.

The total inventory of residential listings on the multiple listing service® took an upward turn that is somewhat unusual at this time of year. The database grew in size by 19 properties over the course of the week to reach a total of 1233 homes, down from 1422 at the same time a year ago. Still, today’s totals are at their lowest point for this week in five years. Today, there are 752 single-family homes and 408 condos showing an active status. Last year at this time, those two categories sat at 814 and 512 respectively.

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Stronger sales activity at the upper end of the market including three home sales that pushed the $800,000 mark moved the average sale price of a Saskatoon home higher to $330,284. The weekly median went in the same direction gaining a little more than 15K compared to last week as it reached $327,000. The six-week average price inched up a little more than two thousand dollars on a weekly basis finishing at $335,264 to claim an annual gain of just over thirty thousand dollars. The four-week median price saw weekly gains that matched that of the six-week average. It finished the week at $318,250 for a year-over-year gain of just about twenty two thousand dollars.

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There were some stories of multiple offers being received on a few properties. For the most part, buyers stayed away from offering more than the seller’s list price. Just one sale closed above that mark. That overbid was $2,600. Another 15 deals closed with a sale price that matched the asking price while 79 of this week’s 95 sales were completed for less than asking price with an average discount of $9,233.

In other MLS® activity this week, there were 28 cancelled and withdrawn listings, 10 listings that came to the end of their term and expired without a sale and 52 sellers who adjusted their asking price.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian home sales drop in June in what could be a cooling market – Star Phoenix
Is Canada’s housing market finally starting to cool – Globe and Mail
Will Canada’s housing boom end with a whimper or a bang – Financial Post
Real estate market softens – Star Phoenix
Carney hints at higher rates –
River Landing project approved – Star Phoenix
Mortgage rule changes will hurt Sask. markets – Star Phoenix

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.

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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