Saskatoon real estate week in review: September 29 – October 5, 2013

By Norm Fisher October 5, 2013 - It was a fairly brisk week for Saskatoon real estate agents who reported a total of 87 house and condo sales to the multiple listing service® for a weekly gain of 11 to finish ahead of sales for the same week last year by 20 properties. If they weren’t busy processing sales, chances were good that your agent may have been busy taking one of 198 new residential listings that hit the market this week. The final few days of the month often see a good number of homes expire without a sale. Many of those came back for another crack at the market. New listings increased by 36 on a weekly basis to finish higher than the same week last year by 58 homes.

The total number of residential listing available on Saskatoon’s MLS® system today settled at 1389 after the week’s business wrapped up, pretty much even with last week and up by just over 200 units from the close of the same week in 2012. The active MLS® listings chart tells a story that’s a bit out of the ordinary with the number of homes for sale in Saskatoon continuing to grow at a time of year when they can almost always be counted on to fall, causing some to suggest that a buyer’s market may be just around the corner. This morning’s tallies show a total of 864 single-family homes available to buyers, up from 741 at this time last year, and 414 condominiums for sale, up from just 382 a year ago.

Still, prices moved higher for three of the four measures we track. While the median price of a Saskatoon home slipped lower by about twelve thousand dollars to $325,900 the average sale price pushed higher by almost as much to finish the week at $361,646. Meanwhile, the six-week average sale price advanced nearly three thousand dollars from last week to reach $344,740 and finished up on the same week last year by roughly nine thousand dollars. The four-week median price pushed higher by 3K to claim a year-over-year increase of twenty-one thousand dollars.

Overbid sales increased two-fold to a whopping four homes. Those four lucky sellers picked up a bonus of $4,175 more than they had asked. An additional 13 sellers received a full price offer on their property. Finally, 70 of this week’s 87 sales were reported to have closed below the seller’s asking price by an average of $11,175.

Other notable MLS® activity this week included 62 cancelled and withdrawn listings,  65 expired listings and 66 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate