Saskatoon real estate week in review: February 16-22, 2014

Firm sales of Saskatoon homes continued to track last year’s numbers fairly closely this week as agents reported 67 deals to the local MLS® system, a drop of 11 from the previous week to finish ahead of the same week last year by two sales.

New listings also slipped lower as Saskatoon real estate agents added just 111 houses and condos to the multiple listing service® database to bring us the slowest week for new listings since the first week in January.  This week’s listing numbers are down by 18 homes on a weekly basis and lower than they were for the same period in 2013 by just one property.

Click the image for a larger version of the graph.

A reasonably strong sales week combined with a drop in new listings brought the total inventory of Saskatoon homes for sale on the multiple listing service® lower. By the close of the week the total number of residential listings sat at 1203, down just nine from last week and still well ahead of levels recorded at the same time list year when home buyers had 1027 properties to choose from. This coming week may bring a bit more relief to inventory numbers. At present, 66 properties are set to expire from the system over the next week. Today, buyers can find 697 single-family homes for sale, up from 609 a year ago. Condominium numbers sit at 391 up from 326 last year.

Click the image for a larger version of the graph.

Click the image for a larger version of the graph.

Sales at the upper end of the Saskatoon real estate market performed strongly again. The median sale price of a home grew by more than twenty thousand dollars to $360,000 while the average jumped a more modest eleven thousand dollars to $369,209. The average price of a Saskatoon home over the last six weeks continued on an upward trend. That number has increased for six of seven weeks this year pushing to $354,319 for a weekly increase of about thirty-five hundred dollars and an annual bump of nearly 24K. Meanwhile, the four-week average price, after sitting rather flat for the first two months of the year, moved higher. It gained almost thirteen thousand dollars over last week to finish up from levels recorded at this time last year by about sixteen thousand dollars.

Two lucky sellers completed a deal with a buyer willing to pay more than list but both overbids were modest at just $100 each. Fifty of the Saskatoon real estate sales recorded this week were completed below the list price to net the buyer an average discount of $8,436. The remaining 15 sales were reported to have sold at the full listed price.

Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 9 expired listings and 38 price adjustments.

Click the image for a larger version of the chart.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Comments

  1. Norm Fisher says:

    Hi Rick,

    All companies set their own fees and there is a wide range of options available in the marketplace. I dropped you an email with our seller package and our fee schedule.

  2. Hi Norm,
    When selling a home in Saskatoon what is the most common compensation arrangement payable to the listing agent and the buyers agent? At a selling price under 200K
    Rick

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  1. […] real estate sales moved slightly higher increasing by just three sales from the previous week to a total of 70 properties. Still, numbers fell short of sales for the same week last year by […]