Saskatoon real estate week in review: February 22-28, 2015

Saskatoon real estate week in review: February 22-28, 2015
After showing some promising signs last week when sales finally rose to meet levels recorded a year ago, softer activity prevailed this week and Saskatoon real estate agents managed to complete just 56 firm residential deals, 11 fewer than were reported last week, down 14 on an annual basis.

The number of new residential listingsrose marginally but stayed well below levels seen early in the year when they ripped onto the market like the starting flag to for the Grand Prix had been waved. This week saw 156 residential properties added to the multiple listing service®, up six from the previous week to top numbers recorded during the same week of 2014 by 21 properties.

The inventory of active MLS® listings in the residential category pushed higher once again and reached 1552 by week’s end to finish up by 38 homes from the last week’s close. That’s a year-over-year increase of 31 percent, for 369 more Saskatoon homes for sale than there were a year ago. Condominiums continued to show the greater gains (37 percent year-over-year) as the number of available units headed from 390 at this time last year to 534 today. Single-family homes options faired a bit better but still increased 22 percent from a year ago when 688 houses were for sale in Saskatoon. Today there are 839 houses available on the MLS®.

An increase in activity at the upper end of the market with a $1.1 million sale in the mix saw both the average and median price of a Saskatoon home head higher this week to $375,369 and $340,000 respectively. The longer term number showed remarkable stickiness for a market that is seeing fewer sales and a higher number of listings, in fact, they both grew this week to finish at, or near annual peaks. The six-week average price edged higher rising just a bit more than a thousand dollars from last week to reach $360,566 for a year-over-year increase of roughly eight thousand dollars. The four-week median price rose a little more growing $2,500 from last week to hit $337,500 for an annual loss of $2,700.

Five lucky Saskatoon home sellers managed to generate some love and close a deal above their asking price by an average of $2,630. Another 43 gave up some equity to close a deal below the asking price with an average discount of $9,607. The remaining eight sales were reportedly sold for the seller’s full asking price.

Other notable real estate activity this past week included 48 cancelled and withdrawn listings (45 and three respectively), 16 expired listings and 43 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

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