Saskatoon real estate week in review: August 3-9, 2014

Saskatoon real estate week in review: August 3-9, 2014

Saskatoon real estate sales softened compared to last week but made some small gains on an annual basis for the second consecutive week. Local REALTORS® reported 86 firm house and condo sales to the multiple listing service®, down 28 sales from an exceptional performance last week to finish 17 ahead of reported sales for the same period a year ago.

The flow of new listings added to the MLS®slowed as well. Total new listings (houses and condominiums) came in at 161, 42 fewer than were listed last week, but again, well up over the same period last year when just 131 Saskatoon homes hit the market.

The total number of residential listings displaying an active status on the Saskatoon multiple listing service® continued to sit at near peak levels for 2014. Today there are 1565 properties for sale, up just three from last week for a year-over-year increase of 244 units. The inventory of single-family detached homes increased ten from last week to 971 for a year-over-year increase of 168. Condo inventory actually inched lower dropping nine from the inventory over the course of the week to close the week ahead of last year by just 26 homes.

In spite of a couple of sales that passed the $800,000 mark, a good showing of entry level buyers added nine sales below $200K to this week’s number causing both the median and the average price paid for a Saskatoon home to fall lower to $327,400 and $351,540 respectively. Still, the six-week average price managed to inch up gaining about $500 from last week to reach $360,910 and finish ahead of last year’s number by 18K. Meanwhile, the four-week median took a solid slide losing eleven thousand dollars compared against last week  to close about twelve thousand dollars ahead of the same week last year.

While the number of buyers willing to pay more than asking price remained low at just five, they paid a strong bonus to their seller that averaged $10,870. On the flip said, 70 Saskatoon real estate buyers made off with a discount averaging $11,050. The remaining 11 sales closed at the seller’s full asking price.

Other notable real estate activity this past week included 74 cancelled and withdrawn listings (51 and 23), four expired listings and 52 price changes.

Highlights from the news this week

Saskatoon housing inventory at six year high: Realtors - Star Phoenix
Should your home’s selling price be public information? - The Star
High home prices send 35-44 aged cohort to top spot for debt - Globe and Mail

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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