Saskatoon real estate week in review: May 13-19, 2012

Residential unit sales continued to move along at a brisk pace last week as Saskatoon real estate agents reported a total of 105 firm deals to the local MLS®. That number brings an increase of nine sales compared against the previous week and growth of seven when compared against sales activity from the same week a year ago.

New listings added to the inventory of the Saskatoon multiple listing service® slid from the lofty levels recorded the previous week, falling by 30 properties to 154 to finish just slightly lower than the same week from the previous year when 157 Saskatoon homes were introduced to the system.

Click the image for a larger version of the graph.

Following a week that saw a needed bump to the total inventory of active MLS® listings in the residential category, inventory growth sputtered but inched higher growing by just 13 units over the week to reach 1203 properties, down from 1380 at the close of the same week in 2011. Today’s totals show 726 single-family homes and 403 condominiums available to Saskatoon real estate buyers. At this time last year, those numbers stood at 804 and 502 respectively. This would be the first time that the inventory of available Saskatoon condos has been above the 400 mark this year but it’s still twenty percent lower than it was a year ago.

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The average selling price of a Saskatoon home moved higher once again reaching $349,414 this week. The median sale price for the week moved in the opposite direction slipping nearly eight thousand dollars to settle at $311,250. After five consecutive weeks of growth at record levels, the six-week average selling price of a Saskatoon home slipped lower falling a bit more than four thousand dollars from the previous week to $342,038 for an annual gain of about twenty-three thousand dollars. The four-week median price slipped a little more falling fifty-three hundred dollars from last week to $317,900 for annual growth of about eleven thousand dollars. Over the past few weeks the annual gains to the four-week median have been moderating, coming in at about half the amount that we’d been seeing through most of the first few months of the year.

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The number of Saskatoon homes that traded for more than the asking price moved higher again reaching 11 this week. On average, the buyers involved in those deals paid the seller an extra $4,777 to walk away with the home they wanted. By contrast, 86 of the 105 closed transactions recorded on Saskatoon’s MLS system this week reported a price that was below the list price by an average of $10,823. Another eight home sellers made off with their full asking price.

Other notable Saskatoon real estate activity this week includes 39 cancelled and withdrawn listings, just 9 properties that expired from the system without a sale and 45 price changes.

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Highlights from the news this past week

Why now might be a good time to sell your home – Globe and Mail
Average Canadian home prices edge higher – Globe and Mail
Canadian banks not immune to housing bubble: OSFI official – Financial Post
Luxury home sales up in first quarter: Remax – Financial Post
Privatized CMHC doable: Flaherty – Canadian Real Estate Magazine
Plans submitted for megaproject – Star Phoenix
When does it make sense to pay more for a mortgage? – Globe and Mail
Canadian Recreational Property Buyers Looking To Renters To Make Dream Of Ownership A Reality – Royal LePage Recreation Property Report
In a hot, hot housing market, what’s fair and what’s foul – Globe and Mail
Half of Canadians plan to retire with a mortgage – Financial Post
Don’t count on your home to fund your retirement – Globe and Mail

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