Saskatoon real estate week in review: February 21-27, 2016

Saskatoon real estate week in review: February 21-27, 2016

Saskatoon real estate sales and listing activity both picked up over the past week. Local agents reported a total of 54 firm residential sales to the Saskatoon multiple listing service® for a weekly increase of six, to fall short of sales recorded for the same week last year by two properties. That’s five consecutive weeks during which sales fell short of those generated over the same period a year ago. It’s a small decline, but down just the same. With just one more business day remaining in February, month-to date sales are at 214, with 242 being the number recorded for the whole month last year.

New Saskatoon real estate listings surged higher as REALTORS brought 181 new listings to the MLS® for a weekly increase of 51, and topping numbers posted for the same week last year by 25.

The database of available MLS® listings moved higher again reaching 1,750 homes by this morning to record growth of 35 units from last week, up by 198 homes a year ago. Looking to specific housing categories we can see that there are now 918 singe family homes offered for sale on the system. That’s up from 839 at this time last year. Condo inventory is up more sharply having reached 676 today, for an annual increase of 142 units.

Even with seven sales above the $500,000 mark, a fairly active market for entry level homes helped usher the weekly average lower to $317, 750 while the average sale price of a Saskatoon home edged higher to reach $336,330. The longer measures that we follow both slipped lower. The six-week average fell just over a thousand dollars from last week to $340,796 to find itself down on an annual basis by roughly twenty thousand dollars. Meanwhile, the four-week median price slipped more losing about five thousand dollars from last week to settle at $324,750. That’s roughly thirteen thousand dollars lower than it was a year ago.

There was one overbid sale this week which occurred in area 4 and resulted in a $2,200 bonus being paid to the seller. On the other hand, 45 buyers closed a deal that involved a discount averaging $15,619 (the largest I recall seeing this year) and another eight buyers paid full asking price.

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

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