Saskatoon real estate week in review: April 13-19, 2014

Saskatoon real estate week in review: April 13-19, 2014
On the heels of a four week winning streak during which Saskatoon real estate sales handily topped last year’s numbers, sales slipped lower this week, largely due to a four day work week. This past week Saskatoon REALTORS® reported 91 house and condo sales to the local MLS® for a weekly decline of nine units to fall below sales recorded for the same week a year agoby 11 homes.

New listings of houses and condos moved in the opposite direction growing by 16 when compared against numbers recorded over the previous week. Local agents added 189 properties to the Saskatoon MLS® system this week eclipsing units listed over the same period a year ago when just 160 Saskatoon homes were added to the system.

The inventory of active residential real estate listings on the Saskatoon multiple listing service® headed higher once again growing by 37 units to 1406. As you know, if you’ve been following our weekly reviews, that’s as high as it has been at this time of the year since 2009 when listings hit 1472 during this particular week. That year, listings continued to grow until mid-May when they peeked and began their descent. This year’s numbers are well up from where they were one year ago when they were at just 1150. Today’s totals show 860 single-family homes showing as active on the system, up from 685 last year. Condo inventory is at 437 today, up from 370 a year ago.

A little more activity at the upper end of the Saskatoon real estate market brought the median sale price of a local home back up to $347,500 after it fell below $330K last week. The average sale price for the week moved in the same direction, though much more modestly as it fell just short of $350,000. Meanwhile, both of our longer term measures slipped lower this week. The six-week average price slid just over a thousand dollars to $353,720 to finish ahead of the same week last year by about eight thousand dollars. The four-week median price dropped fourteen hundred from last week to settle at $347,500 for an annual increase of a bit more than 15K.

Overbid sales were recorded on five of this week’s transactions. Each seller averaged an additional $2,620 on top of what they were asking. At the other end of the negotiating table, 70 buyers managed to get a discount off of the seller’s asking price that averaged $10,405. The remaining 16 deals closed at the list price.

Other notable MLS® activity this week included 61 cancelled and withdrawn listings, 11 expired listings and 42 price adjustments.

Highlights from the news this week

Remax forecasts six percent rise in Saskatoon - Star Phoenix
Three key questions about Canada’s new mortgage rules - Globe and Mail
New mortgage guidelines push CMHC to embrace insurance basics - Financial Post
Be careful before you break that mortgage - Financial Post
Housing market off to a sluggish start as spring selling season begins - Globe and Mail
Real estate sector applauds new mortgage rules - Globe and Mail
Canadian home sales up 5% from a year ago but below 10-year average-

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


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