Saskatoon real estate week in review: February 15-21, 2015

The number of local homes to trade hands over the course of a week reached its highest point this year as Saskatoon real estate agents reported 67 firm residential sales to the multiple listing service®. While not a large gain from the previous week which saw 63 sales, this was the first week this year where sales met numbers generated during the same week of the last year. Every other week has seen a drop in sales when compared against the same period during 2014.

The number of new residential listings to hit the MLS® systemmoderated a bit slipping to 150 homes, down ten from last week but ahead of listings generated during the same period a year ago by nearly 40 properties.

Inventory levels pushed higher again making small weekly gains from 1500 to 1514 by week’s end for an annual increase of 311 properties. Once again, condo inventory levels show the greatest year-over-year increases having climbed from 391 a year ago to 518 today (growth of 32 percent year-over-year). Meanwhile, the number single-family homes that buyers have to chose from has grown from 697 at this time last year to 824 today (an increase of 18 percent).

Saskatoon home prices continued to show pretty remarkable resilience, even as new listings sat at levels nearly twice those of sales. A bit more activity at the lower end of the market saw the median sale price of a Saskatoon home fall lower to $330,000. The average sale price moved in the same direction slipping to $361,469 to lose about four thousand dollars from last week. The longer term measures both moved marginally lower as the six-week average price of a Saskatoon home slipped by less than two thousand dollars to $359,523 and recorded an annual increase of roughly five thousand dollars. The four-week median price fell a bit more losing $3,000 on the week to settle at $335,000 slipping below numbers recorded for the same week last year by twenty four hundred dollars.

Conditions were right for 55 of 67 home buyers this week as they negotiated a discount averaging $12,223. Just three buyers came in with an above asking price offer. Those deals wrapped up with an average bonus of $2,357 being paid to the seller. The remaining nine sales were reported to have sold at the seller’s asking price.

Other notable real estate activity this past week included 41 cancelled and withdrawn listings (34 and seven respectively), 21 expired listings and 35 price changes.

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Norm Fisher Royal LePage Vidorra