Saskatoon real estate week in review: September 8-14, 2013

By Norm Fisher September 15, 2013 - On the heels of one the slowest sales week since late February, the Saskatoon real estate market bounced back to record 90 house and condo sales this week. That’s an increase of 23 homes over the previous week and a year-over-year gain of just two properties. New MLS® listings came on the market at a faster pace as 178 Saskatoon home sellers offered their home for sale on the Saskatoon multiple listing service®, eclipsing last week’s strong numbers by two dozen and finishing ahead of the same week last year by 26 listings.

After slipping slightly for two consecutive weeks, the total inventory of MLS® listings available to Saskatoon home buyers changed directions and increased by 20 units to 1362, closing higher compared to the same week last year by roughly 14 percent or 162 homes. A closer look, by category, shows 851 single-family homes (houses) and 415 condominiums displaying an active status on the Saskatoon MLS®. At this time last year, there were 741 houses and 388 condos for sale on the MLS®.

A little more activity at the upper end of the Saskatoon real estate market brought the average sale price of a home higher by more than thirty thousand to $353,711. The median price of a Saskatoon home recovered a good portion of the huge drop it saw last week and finished the week at $336,500. Following along, the six-week average price of a Saskatoon home moved higher by seven thousand dollars to reach $342,845 but showed a year-over-year decline of nearly three thousand dollars. The four-week median price moved in the opposite direction slipping lower by about fifteen hundred dollars to close the week at $333,000. That’s an increase of eight thousand dollars when compared against sales that closed during the same week last year.

Overbid sales cooled slightly as just three local home buyers offered a price that exceeded the seller’s asking price. The average overbid was much higher than we’ve seen recently at $11,900. That number was largely impacted by one sale that was recorded at $35,000 more than the asking price.

Other MLS® activity this week included 85 cancelled and withdrawn listings, many of which flowed back on the market as a “new listing” contributing to the bloated number we saw in that category, just three expired listing and 53 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate