Saskatoon real estate week in review June 23-29, 2013

By Norm Fisher June 29, 2013 - On the heels of what turned out to be the busiest week for the sale of Saskatoon houses and condos in more than five years, it happened again. That’s right, this past week stole that honour from the previous week as sales moved higher by just one unit reaching 123 to record an annual increase of 19 homes. Saskatoon real estate agents also kept busy writing new listings this week. Over the course of the week 156 houses and condos were added to the MLS® inventory, down seven from the previous week to fall below the 158 homes listed during the same week a year ago. This is the first week in ten where new listings actually came in lower than what was recorded the previous year.

The little inventory bubble that began to grow a few weeks back continued to deflate as the total number of residential listings on the Saskatoon multiple listing service® slid lower by 16 properties this week and settled at 1289. That’s still 70 units higher than levels recorded one year ago but total numbers do seem to be headed lower. Single-family inventory is up 20 units on a year-over-year basis to 770 homes. Meanwhile, condo inventory has grown by 25 homes compared to last year reaching 429.

The average sale price of a Saskatoon home moved higher this week to $363,200 while the median price slipped lower to $333,000. The six-week average price inched up a little under five hundred dollars to $351,834 and posted an annual gain of nearly twelve thousand dollars. Meanwhile, the four-week median price held steady on a weekly basis at $320,000 to maintain a year-over-year increase of less then five thousand dollars.

The number of sales reported to the Saskatoon multiple listing service® with a price that exceeded the seller’s asking price slipped to seven this week. The buyers involved in those transactions paid an extra $4,668 on average to close their deal. Another 100 buyers managed to negotiate a discount averaging $10,412. Meanwhile, 16 transactions closed at the full asking price. Other MLS® activity this week included 50 cancelled and withdrawn listings, 16 expired listings and 52 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate