Saskatoon real estate week in review: April 20-26, 2014

Saskatoon real estate week in review: April 20-26, 2014

Following a short week that caused Saskatoon home sales to fall shy of meeting the previous year’s numbers, those deals that may have been missing from that week flowed into this one to bring sales to their highest weekly total so far this year. Saskatoon real estate agents reported 111 firm house and condo sales to the multiple listing service®, up from 91 last weekto beat production for the same week last year by 18 home sales. In the past two years weekly totals have only topped that number twice.

At the same time, new listingsof houses and condos moved to their lowest point in five weeks as just 162 homes were added to the MLS®, 27 fewer than last week but still ahead of numbers recorded for the same period of 2013 by seven homes.

Strong sales and a slower week for new listings brought the inventory of active MLS® listings in the residential category lower for the first time in eight weeks. Inventory dropped lower by 15 homes this week falling back below 1400 to 1391. That still leaves it at its highest point for this time of year in five years time. It’s 228 more Saskatoon homes than could be found on the MLS® system at this time last year. A year ago there were 697 single-family homes showing an active status. Today, buyers can find a selection of 847 houses on the MLS®. Over the same period of time condo inventory has grown from 375 to 434 available units.

More deals at the entry level and fewer at the upper end brought the median sale price of a Saskatoon home sharply lower to $324,000. A lack of sales over the 600’s and a good handful of deals below $150K helped usher the average sale price for the week down to just $329,343. Both of our longer term price measures saw declines as well. The six-week average price slipped lower for the third consecutive week as it lost more than three thousand dollars from the previous week to reach $350,639 and claimed one of its smallest annual gains in weeks, just seven thousand dollars. The four-week median price of a Saskatoon home dropped twice as much from last week to $341,000 but maintained annual gains of eight thousand dollars.

Overbid sales saw some gains again as seven Saskatoon home sellers completed a deal above their asking price by an average of $4,872. On the flip side, 91 buyers ground a deal that netted an average discount of $8,972. The other 13 transactions closed at asking price.

Other notable MLS® activity this week included 67 cancelled and withdrawn listings, 6 expired listings and 58 price adjustments.

Highlights from the news this week

Housing market ‘extremely discouraging’ for first time buyers - CBC
Timeline: A look through the years of Canadian housing bubble fears - Buzzbuzzhome
How did Canada’s middle class get so rich? - The Atlantic
Give yourself a real estate reality check - GlobeAdvisor
Canadian home buyers putting down larger down payments: Lenders - Globe and Mail
CMHC tightens insurance rules again - Canadian Press via the Star Phoenix

Cash back mortgages: A deal from your bank that regulators aren’t keen on- National Post

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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