Saskatoon real estate week in review: December 22-28, 2013

By Norm Fisher December 29, 2013 - Saskatoon real estate agents had another quiet week as expected at this time of year. With just two business days to count, a total of 30 houses and condos were reported having been firmly sold, down 14 from the previous week, and just one sale fewer than we saw during the same week a year ago. One other notable happening from this week’s activity was that the total number of residential sales for the year moved ahead of the closing numbers for 2012, making this year the second busiest for the number of homes sold in Saskatoon’s history. The number of new MLS® listings remained steady on a week-over-week basis as local agents added 62 properties to the Saskatoon multiple listing service®, well ahead of the 26 Saskatoon homes that were offered for sale during the same week last year.

The total number of residential properties listed for sale on the Saskatoon MLS® continued to trend lower as the week closed with 33 fewer units than we had at the end of last week. Today’s total sits at 1125 for a year-over-year increase of 190 Saskatoon homes. The close of this month may see those numbers fall lower as 110 of our active listings are set to expire in the next week, provided they’re not sold or extended for a longer period of time. Taking a closer look by property type, today’s buyers can find a selection of 681 single-family homes, up from 567 at this time last year, and 344 condominiums, up from 274 a year ago.

The average sale price of a Saskatoon home surged higher this week, skewed by one sale that was processed at just under $1.5 million dollars. That sale pushed the average very close to $375,000. At the same time, a bit more activity in the entry level market saw the weekly median price slip fifteen thousand dollars to $310,000. Still, the six-week average sale price of a Saskatoon home continued to trend lower as it dropped for the sixth week in a row to $336,835. That’s almost eight thousand dollars lower than it was for the same week last year. Meanwhile, the four-week median price managed to gain about 5K on the week to close at $330,900 for an annual loss of $5,600.

Two eager buyers made an offer above the seller’s asking price this week with an average overbid of just $325. Another four offered the full asking price to close the deal. Meanwhile, 24 of this week’s 30 sales recorded a sale price that was below the list price. The average discount on those sales was $12,888.

Other notable MLS® activity this week included just 4 cancelled and withdrawn listings, 23 expired listings and 7 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate