Saskatoon real estate week in review: August 30 - September 5, 2015

Saskatoon real estate agents reported a total of 85 residential sales to the local multiple listing service® this week, down three from the previous week but topping sales for the same seven day period a year ago by 17 properties. This week saw the largest number of new listings for any week since early June as many of the listings that expired at the end of August, returned for another go at the market. Agents added 256 Saskatoon homes to the MLS® this week, up from 212 last week for an increase of 90 homes when compared to the same period in 2014.

Following three weeks of growth to the total number of active MLS® listings, inventory took a small dip to 2033, a drop of 26, to close the week up on levels recorded at this time last year when there were 1553 Saskatoon homes available in the MLS® database. Single-family homes inventory slipped lower this week to 1168 units, but finished well up from 984 at this time last year. Condo inventory fell by about 25 units over the past seven days bringing our total to 663, about 220 ahead of levels recorded a year ago.

The weekly median price remained stable at $335,000 an indication that the levels of activity at both the upper end of the market, and the lower end remained constant. By every other measure that we track, prices slipped lower this week. The average sale price of a Saskatoon home fell to just $329,019 and reached its lowest point since early April. The six-week average price slid about seven thousand dollars to settle at $350,194 reaching a low not seen since early May. It closes the week down from where it sat a year ago, again by about seven thousand. Finally, the four-week median price declined by more than four thousand dollars compared to last week. It comes in at $344,500 which amounts to an annual increase of roughly seven thousand dollars.

Four sellers reported a deal for more than the asking price, and another four got all that they were asking for. Meanwhile 77 deals closed with a discount averaging $9,728.

Other notable real estate activity this past week included 101 cancelled and withdrawn listings (96 and five respectively), 121 expired listings and 80 price changes.

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 Vidorra