Saskatoon real estate week in review: July 28 - August 3, 2013

By Norm Fisher August 3, 2013 - Coming off of a record July for unit sales it’s no surprise that the Saskatoon real estate market performed at elevated levels again this week with local agents reporting a total of 98 house and condo sales to the multiple listing service®. That matches last week’s numbers and amounts to an increase of 10 homes when compared against the same week last year. New listings spiked to reach levels not seen since the first week of June as 187 Saskatoon home sellers listed their house or condominium for sale, an increase of 43 listings compared to the previous week, and ahead of the same week in 2012 by 44. Some of those “new listings” could be accounted for as re-listings. Agents continue to use the cancel/re-list trick to bounce a stale listing back to the forefront. The end of July also produced 44 expired listings, some of which were re-listed the same week.

The total inventory of residential properties listed for sale on the Saskatoon multiple listing service® took an upward turn and increased by six this week to 1315 to record a year-over-year increase of 81 homes., about a seven percent annual increase. Today, there are 765 single-family homes (houses) showing an active status on the MLS®, pretty much even with the 759 that were available at the close of the same week last year. Condo options sit at 440 today, up from 406 a year ago. The balance of the increased inventory is in categories that include semi-detached homes, duplexes and vacant lots.

A huge amount of activity in the entry level price ranges, combined with a bit of a slowdown in upper end sales caused the average sale price of a Saskatoon home to plummet towards record lows for the year as it lost nearly 30K from the previous week to settle at $316,414. Of course, the median price for the week also edged lower slipping 13.5 thousand dollars to $316,500.  The six-week average price took its biggest downward turn in a couple of months as it fell close to seventy five hundred dollars to $347,180 to hold onto a pretty narrow year-over-year increase of about twelve thousand dollars. The four-week median dropped about two thousand dollars this week to settle at $324,000 for an annual increase of just fifteen hundred dollars.

In spite of increased options in the listings arena overbid sales more than doubled compared to the previous week as nine lucky sellers closed  a deal above their asking price by an average of $6,650, one of our largest average overbids for some time. Another 11 buyers offered to close at the full asking price while 78 stood firm for a discount averaging $7,727. Other MLS® activity this week included 39 cancelled and withdrawn listings, 44 expired listing and 52 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate