Saskatoon real estate week in review: December 14-20, 2014

Saskatoon real estate week in review: December 14-20, 2014

Saskatoon real estate agents kept unusually busy this week, given that Christmas is almost upon us. A total of 67 residential sales were reported to the multiple listing service® this week, up 26 from last week, and up 23 on an annual basis.

The number of new listings added to the MLS® kept a strong pace as well, with 80 Saskatoon homes being added to the database, up just three from last week and ahead of numbers posted during the same week last year by 18.

The MLS® inventory of active listings continued to fall as pre-Christmas expired listings fell out of the system. By week’s end, the total number of Saskatoon homes available to buyers had slipped to 1298, down from last week by 53 properties, but still ahead of levels recorded a year ago when just 1158 active residential listings could be found. With another 147 listings set to expire between now and the end of the year, it’s looking like annual gains in active listings will be considerably smaller by year end than they have been for months.

Today, single-family homes inventory sits at 764, up from 707 during the same week last year. Condo listings are at 393, up from 351 a year ago.

This week’s sales were largely driven by entry level product.  Consequently, the average sale price of a Saskatoon home fell sharply to just $332,943 to hit its lowest point since April, in spite of the fact that a $1.2 million sale was included in the mis this week. The median fell even more to just $279,000. The six-week average price edged lower by three thousand dollars from last week to $358,178 to claim an annual gain of about 16K. Meanwhile, the four-week median slipped to its lowest point in nine weeks, $339,000. That’s a $10,000 drop for last week, just thirteen thousand dollars ahead of where it was a year ago.

Late December almost always presents the most favourable conditions for buyers, as the market quietens considerably and sellers get a bit antsy. Buyers had their way this week at the negotiating table as sellers showed some motivation to wrap up a deal for Christmas. 56 of 67 sales closed below the seller’s asking price with an average discount of $12,637. Another ten buyers paid the full asking price for the home they bought. Just one seller bagged a deal above their asking price scoring a $6,000 bonus.

Other notable real estate activity this past week included 28 cancelled and withdrawn listings (23 and five respectively), 43 expired listings and 21 price changes.

A map displaying the boundaries of Saskatoon real estate areas is here.

An overview of data collection and calculation practices for our statistical reports is here.

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Norm Fisher Royal LePage Vidorra

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