April brought a pretty good little run for the Saskatoon real estate market, one like we hadn’t experienced in a number of months. In fact, for the first time in six months sales in the residential category came in higher than they had during the same month the previous year. It feels like spring in Saskatoon, finally!
That said, this week’s sales didn’t quite measure up on a year-over-year basis. Local agents reported a total of 98 house and condominium sales to the Saskatoon multiple listing service®, up five from last week but falling short of numbers hit during the same week a year ago when 109 homes traded hands.
New listings where through the roof strong as 198 properties were added to the MLS®, the largest number added during any single week since May of 2009. New listings were up over the previous week by 41 and ahead of the same period last year by 17.
A seven week streak of gains to the total residential inventory on the Saskatoon multiple listing service® came to an end as levels softened slightly compared to the previous week. As of this morning, 1152 Saskatoon homes display an active status, down from 1163 at the close of the previous week, but ahead of last year’s level by twenty properties. As has been the case for a number of months now, single-family home inventory is up slightly on an annual basis while condo inventory is down just marginally. Today there are 704 active listings of single family homes compared to 677 at the same time a year ago. A condo search shows 360 active listings, down from 383 a year ago.
Saskatoon’s fourth sale of the year, with a price above one million dollars and a handful of pretty pricey homes that traded above $600K skewed the average price paid for a Saskatoon home substantially higher than the previous week to a new record high for the year at $374,857. While upper end buyers showed a willingness to close offers, entry level sales had a weaker showing so the median price for the week also headed a fair bit higher to $364,075. The six-week average selling price of a Saskatoon home gained eight thousand dollars from last week to hit $351,363 and finished higher than the same week last year by roughly the same gain. The four-week median changed just slightly gaining five hundred dollars on the week to reach $333,500 for an annual bump of eighty-five hundred dollars. You may recall that over the previous two weeks the four-week median price had been showing year-over-year declines.
The number of buyers who were willing to pay a price higher than the seller’s asking price came in a ten. Those ten deals averaged a price that exceeded list by $2,490. Another 11 sellers closed a deal at their full list price while 72 of 98 sales reported this week produced a price below asking by an average of $7,712. Other notable MLS® activity this week included 42 cancelled and withdrawn listings, 10 expired listings and 26 price adjustments.
Highlights from the news this past week
Saskatoon real estate activity rebounds in April - Star Phoenix
Property value assessments skyrocket - Star Phoenix
Saskatchewan economy on solid footing - Star Phoenix
Hard to plan for city of a million - Star Phoenix
Canadian housing: Bursting bubble or gentle landing? - Financial Post
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Norm Fisher Royal LePage Vidorra